Thumbs Up for Forward Analytics: Print Preview
- Farmers Insurance Group FCU and technology company, Portfolio 360, develop a new predictive modeling software solution.
- The solution uses forward-looking analytics based on statistical probabilities rather than look-back analysis.
- Farmers Insurance Group FCU leverage Mosaic to uncover marketing opportunities to grow loans.
Soon after starting his new job as chief lending officer at the $614 million Farmers Insurance Group Federal Credit Union in Los Angeles, Brian Leonard began his search for his dream software solution that would enable him to actively manage and grow the credit union’s diverse portfolio of 31,000 consumer, residential and commercial loans.
“We are used to analyzing 1,500 to 1,800 data fields per loan,” Meiswinkel said. “Our competitors will look at 30, 40, 50 pieces of data, while others will look at 80 pieces of data. We believe that the more information you have the more probability you have for visibility and accessibility. The more pieces of data you are able to put together, the clearer the picture is. That’s how our technology is designed.”
Farmers Insurance Group FCU also has used Mosaic to spot marketing opportunities to grow its loans portfolio.