bestestimates

Highlight Stories

Swiss Re bestestimates

Boost the robustness and accuracy of your forecasts using behavioural and decision science.

Why use Swiss Re bestestimates?

  • Are you trying to predict the impact of COVID-19 on mortality rates?
  • Are you predicting the number of traffic fatalities in view of a shift to autonomous driving?
  • Do you wonder whether high inflation will be temporary or persistent?

Many forecasting questions require more than good data and strong statistical models, they also require expert judgment. But as much as we benefit from expert judgement, we must guard against two types of errors - unwanted variability ('noise') and systematic divergence ('bias'). 

Don't worry - we have the methodology to help you!

Swiss Re bestestimates boosts expert judgement in predictions, founded on academic research, refined and adapted through our internal applications at Swiss Re measurable improvements in the methodology with accuracy gains exceeding 5%. The 7-step approach will bring you towards improved situational awareness and error reduction.

Bespoke Experience

To get you started, we offer a fundamental training of best practices for boosting expert judgment, including a practical application of the Swiss Re bestestimates methodology. Going a step further, deep-dive sessions provide you the opportunity to be trained on the application of the methodology on specific parameters that are most relevant to your particular business needs.

Tangible Results

How do you know it works? We tested it intensively! At Swiss Re we have seen measurable improvement in the decision making of insurance professionals trained in methodology with an accuracy gain in parameters estimation larger than 5%. Reach out to explore how we can bring forecasting to the next level!

Don't rely on luck, rely on Swiss Re bestestimates.

SUCCESS STORIES How to ensure your underwriters are trained to approach high uncertainty and volatility of complex cases?

  • The challenge

    How to ensure P&C underwriters are best equipped when evaluating highly volatile, highly uncertain and complex cases. 

    Cognitive biases influencing expert judgement and forecasting performance play a key role in such situations.

    A robust human expert judgement can beat modelled outcomes.​

  • Our solution

    Customised training delivered to underwriters from around the globe to dig into the world of behavioural and decision science, as well as relevant cognitive biases.

    Interactive example using the Swiss Re bestestimates tool applied to a concrete case to validate learnings and usefulness. ​

  • The results

    • 17% reduction in the range around the actual
    • 33% reduction of absolute median error​

From my work with insurers across the globe I see biases and noise as a major trap for insurers hindering them from accurate expert-driven forecasts. Swiss Re bestestimates with its structured approach leveraging behavioural and decision science has proven to be able to help overcome these issues.
Default profile image
Christian Elsasser, Head P&C Analytics Strategy & Technology, Reinsurance Solutions

SEE FURTHER RELEVANT CONTENT FOR YOU HERE

SEE FURTHER RELEVANT CONTENT FOR YOU HERE

Get in touch with us

Contact: Get in touch with our experts