Alternative Data Sources for Modeling

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Alternative Data Sources for Modeling. Presented by John Wilson CAS Special Interest Seminar – October 5, 2004. Presentation Overview. Issues to consider when appending data What about legal / privacy concerns Considerations for data applicability / use What data is available?
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Alternative Data Sources for ModelingPresented by John Wilson CAS Special Interest Seminar – October 5, 2004Presentation Overview
  • Issues to consider when appending data
  • What about legal / privacy concerns
  • Considerations for data applicability / use
  • What data is available?
  • How to find matches?
  • Legal / Privacy Concerns
  • Are we accessing FCRA database?
  • FCRA requires permissible purpose, or
  • Aggregated, de-personalized research files
  • If not FCRA data now, will it be?
  • Use of non-FCRA data for FCRA purpose can taint the database and create new obligations
  • Data Applicability
  • Access - if not on-line now, can it be?
  • Coverage - full & complete, or “spotty”?
  • Reliability
  • Can it be pragmatically applied in workflow?
  • Is it subject to manipulation (“gaming”)?
  • Affordability (cost vs. benefit)
  • What property data is available?
  • Data on the subject property
  • geography, construction, prior losses
  • Data on the insured
  • consumer credit data
  • prior losses
  • household profile
  • What else?
  • Types of Data
  • Homeowners - Underwriting Report Data
  • Consumer Credit data
  • Loss History (CLUE)
  • Real Property data
  • Geographic data
  • Inspection Results data
  • Types of Data
  • Consumer Credit
  • as a pre-developed score or scores
  • as a set of pre-aggregated characteristics
  • in “raw” form which must be aggregated
  • Prior Coverage Information
  • Types of Data
  • Loss History data
  • as a set of pre-aggregated characteristics
  • losses at property, and / or
  • associated with consumer
  • exclude Cats
  • examine just property losses, or
  • examine prior auto losses as well?
  • Types of Data
  • Real Property Data
  • County tax assessment information
  • Court records
  • Physical characteristics
  • Sale price
  • Other financial transactions
  • Flood Zone Determination (FEMA / NFIP)
  • Types of Data
  • Geographic Data
  • Latitude / Longitude
  • Spatial Analysis
  • Satellite Images
  • Distance to _________
  • Others?
  • Types of Data
  • Inspection result data (internally captured)
  • Const. Style / type / stories / replacement cost
  • Slab / crawl / basement / daylight / finished
  • Number of BR, BA, Kitchens, total rooms
  • HVAC details, presence of pool, fence, etc.
  • Underwriting hazards? Remediation?
  • Types of Data
  • “Demographics”
  • ages, number in household, education level
  • home business, est. income, occupation, etc.
  • “Psychographics”
  • magazines, TV shows, catalog purchases
  • survey results extended to all via geography
  • Coverage / Individual / Reliable / OK?
  • Types of Data
  • Internal appends
  • past premium payment history
  • time with carrier, other coverages
  • experience on companion policy
  • deductibles, protection devices, etc.
  • Consider potential before ruling it out
  • What auto data is available?
  • Data on the vehicle(s)
  • Data on the insured
  • consumer credit data
  • prior losses
  • household profile
  • driving practices / places
  • What else?
  • Types of Data
  • Automobile - Underwriting Report Data
  • Consumer credit
  • Loss History - both lines!
  • MVR? - company captured
  • violations must be normalized
  • application may need to be state-specific
  • Prior Coverage Information
  • Types of Data
  • Automobile - Underwriting Report Data
  • Vehicle Data
  • Home Ownership Verification
  • Household Composition
  • Demo / Psychographics
  • Internal appends
  • How to find matches
  • Use consumer ID data to match
  • Full name
  • Address
  • SSN
  • DOB
  • DL #
  • ID must be removed prior to analysis
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