(Image source; GoodData homepage.)
GoodData, a San Francisco-based vendor specialized in embedded and distributed analytics, has expanded into the insurance vertical with solutions designed to simplify the claims and underwriting business processes. The vendor has introduced two analytical solutions designed to automate data integration and rapidly deliver analytics and insights within multiple insurance workflows—Underwriting Insights and Claims Insights—which GoodData characterizes as designed to accelerate insurer’s digital transformation journey.
The vendor pitches the new solutions as addressing a critical need expressed in Forrester Research Inc.’s report, The Digital Insurance Imperative, April 2017: “To win in this changing world, digital insurance strategy leaders must reinvent their companies as fundamentally digital from underwriting to claims settlement.”
GoodData differentiates itself though a departure from typical approaches whereby analytics models are created by hand, which are resource-intensive and time-consuming. GoodData asserts that it solves these challenges by deploying models through reusable building blocks and automating multiple steps in the claims and underwriting process. The vendor says that machine learning and AI capabilities employed by its solutions provide next-best-action recommendations to reduce underwriting risk, improve accuracy of adjusting decisions and enhance customer service.
“These solutions address two of the most important and time-sensitive areas for insurance companies: claims processing and underwriting,” comments Roman Stanek, founder and CEO, GoodData. “While most business intelligence tools require a separate pane of glass to deliver static information based on historical data, we’re bringing analytics and recommendations directly into the business process so employees can determine the correct course of action within seconds.”
GoodData says that it will continue to develop additional insurance-specific offerings, such as Customer Acquisition Optimization. The vendor reports that it created a six-week production-ready solution that delivers immediate business outcome for a select number of key claims and underwriting decisions.