Specialist insurer will expand data-driven decision making
capabilities
Guidewire Software, Inc. (NYSE: GWRE), a provider of software products
to general insurers, today announced it has entered into a long-term
services agreement with international specialist insurer Hiscox (LSE:
HSX). Hiscox will utilise Guidewire’s SaaS-based predictive analytics
system, Guidewire Predictive Analytics™, to continue to drive profitable
growth in its UK and Ireland retail product lines.
“We were pleased that our proof of concept, in which we used predictive
analytics to analyse the health of the book, found we might expect a
significant return on our initial investment,” said Dan Bishop, Head of
Pricing at Hiscox UK. “Deploying the solution will simplify the process
of incorporating complex rates live into the business and it will set
the stage for advanced analytics utilisation in other areas such as
underwriting.”
“In the UK and Ireland,” Bishop added, “we expect to use predictive
analytics to move to a data-driven portfolio underwriting approach. At
the individual policy level, insights provided by predictive models and
displayed on Predictive Analytics’ dashboards will provide enhanced
levels of decision- making support to our underwriting and pricing
teams.”
“We are honoured to become the predictive analytics provider of choice
for Hiscox UK,” says Wade Bontrager, vice president, Predictive
Analytics, Guidewire. “Specialist insurers like Hiscox play a vital role
in protecting people, property and businesses, and the premium growth
Hiscox is experiencing proves their success at doing that. We look
forward to partnering with Hiscox to achieve and exceed their goals
through data-driven decision making.”
About Guidewire Predictive Analytics
Guidewire Predictive Analytics™ turns data into actionable insights,
empowering insurers to make data-driven decisions through-out the
insurance lifecycle. It helps general insurers adapt and succeed as they
progress along their journeys to becoming organisations driven by data
and analytics. By building predictive models from multiple data sets,
analysing model output, and deploying predictive models to provide
front-line guidance to decision makers, insurers can realise significant
reductions in loss ratio and expenses while growing the top line. Part
of Guidewire’s Data and Analytics family of products Guidewire
Predictive Analytics includes apps for addressing claims management
decisions and underwriting and distribution objectives.
About Guidewire Software
Guidewire delivers the software that general insurers need to adapt and
succeed in a time of rapid industry change. We combine three elements –
core processing, data and analytics, and digital engagement – into a
technology platform that enhances insurers’ ability to engage and
empower their customers and employees. More than 200 general insurers
around the world have selected Guidewire. For more information, please
visit www.guidewire.com.
Follow us on twitter: @Guidewire_PandC.
NOTE: Guidewire, Guidewire Software, Guidewire ClaimCenter, Guidewire
PolicyCenter, and Guidewire BillingCenter are registered trademarks of
Guidewire Software, Inc. in the United States and/or other countries.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160425005308/en/
Copyright Business Wire 2016