(Image credit: armennano.)
Good2Go Auto Insurance, a Blue Bell, Pa.-based low-cost auto insurance distributor with a focus on ease of transaction, has adopted Guidewire (San Mateo, Calif.) Predictive Analytics for Profitability to embed predictive insights for pricing guidance and better compete. The company is currently using its approved rating model, which leverages Predictive Analytics for Profitability, in Illinois. The insurer has filed similarly-built models for approval in Alabama and Delaware, with plans to utilize Predictive Analytics for Profitability to build and file models for approval in the rest of the states where it does business.gui
“We selected Predictive Analytics for Profitability to improve our pricing capabilities,” comments Dale Debner, VP, Product Management and Agency Sales, Good2Go. “The advanced analytical insights gained have given us additional confidence in our rating models and will enable our future growth.”
Good2Go wanted a tool that would enable its in-house talent to perform predictive analytics work without the need to build a team from scratch, according to Scott Gibson, VP and chief actuary, Good2Go. “We have been able to add the rating models to our pricing plans, leading to a loss ratio benefit that is there to safeguard us so we can get more aggressive,” he adds.
Imperative for Competitiveness
“We are pleased to participate in Good2Go’s journey to becoming more analytics and data-driven to help continue its mission of providing drivers with insurance quickly, easily, and cheaply,” comments Mike Polelle, chief delivery officer, Guidewire Software. “Good2Go presents a perfect example of an insurance provider that recognizes how advanced analytics have become an imperative for competitiveness and growth.”