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DMS helps complete the entire analytic cycle by providing support in two key areas. One is a new program to be launched soon called TEST/DRIVE™ which will allow companies to easily evaluate new data sources through a unique approach that is both cost-effective and risk-averse.
To support implementation testing, DMS offers a solution called DMS TestLab™. Currently in beta release, DMS TestLab will enable financial services and insurance companies to test their applicant loan or insurance rate decisions via access to customized populations of test credit reports. Specific data content, attribute, scorecard, and regression testing are augmented with throughput volume and peak load tests. From a compliance standpoint, DMS ensures that clients’ data is handled and stored in with all applicable regulations in mind. In addition, the company maintains industry security certifications and monitors compliance requirements on behalf of clients.
Clients rely on DMS for gaining connectivity to the data sources they need and building custom models that will help them competitively and effectively price insurance policies. A top 10 property and casualty insurer wanted to shift from a third-party model for insurance scoring to building their own custom model to remain competitive. The client embarked on a project with DMS and benefitted in several ways, including data security. Personally Identifiable Information (PII) was being stored on the client’s systems, where it was accessible by many employees. DMS worked with the client to customize the response, suppressing the sensitive data and returning only the elements needed for rating. All data was stored on the DMS Data Warehouse™ allowing the client to secure their systems and supported enterprise PCI compliance, in addition to meeting their updated segmentation goals.
Being uniquely positioned to help insurance companies understand their customers and more effectively predict and manage risk, DMS is constantly adding new data sources in North America across all its verticals. At the same time, the company is expanding its footprint internationally including Mexico and the U.K. These international expansion efforts will deliver credit and potentially provide support of small commercial carriers and lenders in these countries.