(Courtyard of Caernarfon Castle, Wales. Credit: Gdr.)
Hiscox, a London-based specialty insurer, has entered into a into a long-term services agreement to use Guidewire’s software-as-a-service based predictive analytics system Guidewire Predictive Analytics (formerly EagleEye Anallytics) to drive profitable growth in its U.K. and Ireland retail product lines, according to a vendor statement.
“We were pleased that our proof of concept, in which we used predictive analytics to analyze the health of the book, found we might expect a significant return on our initial investment,” comments Dan Bishop, Head of Pricing, Hiscox UK. “Deploying the solution will simplify the process of incorporating complex rates live into the business and it will set the stage for advanced analytics utilization in other areas such as underwriting.”
Hiscox plans to use predictive analytics to move to a data-driven portfolio underwriting approach, according to Bishop. “At the individual policy level, insights provided by predictive models and displayed on Predictive Analytics’ dashboards will provide enhanced levels of decision-making support to our underwriting and pricing teams,” he says.
Data-Driven Decision Making
“We are honored to become the predictive analytics provider of choice for Hiscox UK,” comments Wade Bontrager, vice president, Predictive Analytics, Guidewire. “Specialist insurers like Hiscox play a vital role in protecting people, property and businesses, and the premium growth Hiscox is experiencing proves their success at doing that. We look forward to partnering with Hiscox to achieve and exceed their goals through data-driven decision making.”