(Photo credit: Leo Gonzales.)
Atlas Financial Holdings (Elk Grove Village, Ill.) has expanded its relationship with EagleEye Analytics (Columbia, S.C.) to use advanced predictive analytics to improve claim processing. The contract follows Atlas’ signing a long-term services agreement to use EagleEye’s Talon machine learning predictive analytics suite in Feb. 2015.
Following a successful deployment the Talon Profitability Suite in 2015, Atlas will now use the Talon Claims Suite to apply the predictive analytics to Bodily Injury and PIP claims in the company’s “light” commercial auto line.
“Since last year’s Talon Profitability Suite deployment, we have been very impressed with the power of the software and the incremental insights machine-learning driven predictive models can deliver,” comments Scott D. Wollney, President and CEO, Atlas. “The best way to reduce the cost of insurance to our customers without compromising target margins is by controlling claims expense and increasing efficiency.”
“As a customer-centric organization, we believe that applying advanced analytics to our claims data will help us more quickly allocate the right resources to the right claims, drive better outcomes for our clients and reduce expenses,” Wollney adds. “We will also expect to see improvements in the speed of claims handling, ultimately leading to higher claimant satisfaction. This technology will enhance our already strong value proposition based on decades of experience in our specialty niche and add an incremental level of efficiency.”
“We commend Atlas on their expansion of advanced analytics and predictive modeling across multiple functions,” comments Wade Bontrager, CEO, EagleEye Analytics. “Our analytics tool leverages the significant amount of niche-specific data that Atlas has to optimize efficiency and the customer experience. For any company focused on bottom line execution, applying the insights gained from predictive analytics to claims as well as pricing and underwriting can deliver significant improvements in customer service, top line revenue, loss ratio and operating efficiency.”