Acquisition will help Guidewire score insurance claims in real time for the property and casualty sectors using machine learning algorithms.
California-based Guidewire Software, which provides software for the property/casualty sector of the insurance industry, announced on March 29 that they will acquire Eagle Analytics, a provider of SaaS-based predictive analytics solutions for insurers. The company’s products will be renamed Guidewire Predictive Analytics.
The acquisition adds property and casualty predictive analytics to Guidewire’s portfolio of data and analytics products. The goal is to “enable carriers to make significantly better, faster decisions, leading to better outcomes for insurers and their policyholders,” said Neil Betteridge, vice president of strategy at Guidewire, in an announcement.
The merger will produce two new products. The first, Guidewire Predictive Analytics for Claims, will provide insights on claim severity, litigation potential and claim routing. The second, Predictive Analytics for Profitability, will provide insights on rate making, risk selection, underwriting cost reduction, and portfolio optimization, the company said in its release.
With the addition of EagleEye’s products, Guidewire is now able to support the complete analytics process including data preparation, model building, operational deployment, performance monitoring, and analytic feedback, the announcement stated. EagleEye solutions use machine learning algorithms for pattern recognition and are deployable with minimal use of IT resources. They automatically analyze and score claims in real-time.
Guidewire says Guidewire Predictive Analytics will be available to insurers in the Americas, Europe, Australia, and New Zealand, either standalone or to complement Guidewire PolicyCenter®, or ClaimCenter.
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