FleetRisk Advisors will present Predictive Analytics: A 21st Centry Loss Control Tool at the RIMS 2011 Conference Program in Vancouver.

Description:  Predictive analytics is successfully used in actuarial science, financial services, insurance, telecommunications, retail, travel, healthcare, pharmaceuticals and other fields. The loss control and safety profession is also evolving towards the use of predictive analytics in the area of risk analysis, loss control, fatigue related incidents and workers compensation.

What is also new is the way some companies are using the words predictive and analytics to describe processes that have no basis in proven statistical processes. The core of predictive analytics relies on capturing multi-level relationships between explanatory variables and the predicted variables from past occurrences, and exploiting it to predict future outcomes. The presentation will help clearly define for the audience what predictive analytics is and how it is used and applied in the safety profession.

Presentation:  This presentation will provide a step-by-step overview of the modeling process involved in predictive analytics. We will then provide specific examples of how businesses have used their own existing data sources to predict workers comp claims, fatigue-related problems, and accidents on the job.

We'll also examine how these companies (and specifically CR England) used the results of the predictive process and developed interventions prior to the loss occurring. This discussion will include actual percentage reductions in target events (such as vehicle collisions; fatigue interventions; work comp interventions), as well as anecdotal evidence of the effectiveness of this process. We will end the presentation with guidelines for overcoming management and employee concerns about this process.

RIMS 2011 Annual Conference & Exhibition, Vancover, May 1-5, 2011

Coordinator:

James Kaletta, Fleet Risk Advisors-SMS, Sr Vice President

Speakers:

Michael Ferrara, Fleet Risk Advisors, Sr Vice President – Field Operations

Thom Pronk, CR England, Corporate Vice President

Christopher Orban, Fleet Risk Advisors, VP, Technical Services