Canal Insurance Supports Claims Decisions with Guidewire Cloud-Based Predictive Analytics

The insurer selected the solution based on its machine-learning engine, its ability to deliver real-time predictive insights into the claims workflow, and the expertise of Guidewire Professional Services.

(Image source: Canal Insurance homepage.)

Canal Insurance Company, a Greenville, S.C.-based commercial trucking and specialty transportation insurance provider has selected Guidewire Predictive Analytics for Claims to complement its Guidewire (Foster City, Calif.) ClaimCenter claims management system, in production since 2004. Canal plans to implement the new solution in early 2019 for its largest line of business, commercial auto liability, according to a joint statement from the companies.

Christopher Greene, SVP, Chief Claims Officer & General Counsel, Canal Insurance.

The insurer selected Guidewire Predictive Analytics for Claims as its solution based on the capabilities of its machine-learning engine, the ability to deliver real-time predictive insights into Canal’s claims workflow, and the expertise of Guidewire Professional Services, according to Christopher Greene, SVP, Chief Claims Officer & General Counsel, Canal. “Our analytics team can now gather claims data, build, and implement models seamlessly compared to the policy-side models we had built and used in the past, Greene adds. “We also look forward to potentially improving our loss ratios by making sure that incoming claims are promptly assigned to the right resources as well as early detection of claims that might escalate into large losses.”

SmartCore System

Canal will combine ClaimCenter and Predictive Analytics for Claims to create a Smart Core system that will use advanced analytics to solve specific business problems and deliver actionable insights at the time key decisions are being made, the joint statement reports.

One of Guidewire’s oldest clients, Canal also deployed Guidewire BillingCenter in 2013.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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