International specialist insurer Hiscox has selected Guidewire Software’s predictive analytics platform to expand data-driven decision making capabilities.
Hiscox will deploy Guidewire’s SaaS-based predictive analytics system to enhance the profitable growth of retail product portfolio in the UK and Ireland.
Part of Guidewire’s data and analytics family of products, the platform comprise of apps for addressing claims management decisions and underwriting and distribution objectives.
The predictive analytics platform is said to turn data into actionable insights, helping insurers to take data-driven decisions through-out the insurance lifecycle.
Insurers can reduce loss ratio and expenses by building predictive models from multiple data sets, analysing model output and deploying predictive models.
Hiscox UK pricing head Dan Bishop said: "We were pleased that our proof of concept, in which we used predictive analytics to analyse the health of the book, found we might expect a significant return on our initial investment."
Guidewire predictive analytics vice president Wade Bontrager said: "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."