AF is proud to announce our data science and advanced analytics offerings for members coming soon! What is data science at AF? Data science at AF is aimed at helping our membership make more informed and improved decisions with respect to subrogation, arbitration, and beyond.
Imagine a symphony. Hosts of different instruments are working in tandem to create a masterpiece of sound. At first, the composition may seem complex; however, when broken down, we see the role each instrument plays and how they are leveraged to create a masterpiece. Like symphonies, data holds an initial complexity at face value. Data science attempts to make sense of the noise that an overload of intricate data can create. When we understand the role of data and how to utilize it, we can use that information to make more informed decisions.
At its core, data science includes key principles such as thorough examination, testing, and cleansing of the data, trend-spotting, and the utilization of statistical models and machine learning to better understand all the directions the data can steer us. AF will apply these principles and methods to identify and better understand trends in the data over time with an initial focus on damage dispute resolution. AF seeks to empower members with more robust knowledge and insight into their own data in order to improve performance outcomes. Key performance indicators (KPIs), as captured within AF applications, will be shared so members can see how their recovery/reduction efforts are performing.
By the end of this year, AF will be launching the Analytic Insights page in the Business Intelligence portal that will showcase the industry’s KPIs with respect to damage disputes in the Auto arbitration forum. Members will see how well they have recovered or reduced damages with respect to each damage type. At times, the amount of data captured and reported can leave more questions than answers. AF’s data science initiative is aimed at consolidating and sharing what’s most important for members and the success of their recovery efforts.
As AF’s data science initiative evolves into 2022 and beyond, members will be able to look beyond the industry, evaluate their recovery efforts based on their own KPI’s, and pinpoint what’s worked for them in past negotiations. Members will be able to apply that knowledge to improve and streamline performance in the future. AF is excited to empower members with targeted knowledge and analytic insights that go beyond the numbers and deliver a message that members can build upon and embrace.