PATH
Predictive Analytical Trend History - PATH is one of Midwest Technical's integral services for Underwriting
and Risk Control, as well as allied departments such as Claims, Marketing, and Actuary; looking to maximize
profitability, retention, and growth.
Forecasting:
Analysis from statistical data provides a more accurate forecast of future losses, changes, and gains
than from human analysis alone.
Safety Compliance:
Compare recommendations submitted with insured compliance to better gauge attitudes towards inspection
hazard observations and predict future attitude and compliance patterns.
Refined Mining:
Extract a particular answer from a particular question inclusive of several variables. Which apartments,
Class 1 construction, within the states of IN and OH, do not have proper fire extinguishers? Which buildings, over a certain age,
do or do not have electrical or roof updates?
PATH can lead you to:
- Hidden data in existing books
- Trends to target profitable business
- Improve loss ratios by flagging risks with potential hazards
- Analyze historical trends
- Validate data mining models against historical data logic
- Create models for future business based on current business
- Interface departments with data already collected but not analyzed
- Identify suitable data sources for analysis