American Family Insurance has invested in advanced analytics and artificial intelligence (AI) through acquisition of Networked Insights.
Financial terms of the transaction were not disclosed.
Networked Insights is an analytics software company headquartered in Chicago, Illinois. The company also has offices in New York City and Madison.
The deal enables the insurance firm to build on its existing advanced analytics capabilities to enhance how it serves and meets the customers’ requirements.
American Family said all 74 employees of the software firm will be retained, including Dan Neely and Gerry Komlofske, president and chief operating officer.
Madison-based American Family has significantly invested in technology platforms and analytics in the last three years.
The insurance company’s investment in AI and related technology across the organization include its data science and analytics lab, strategic data analytics division, innovation team and collaborative data-science projects with UW-Madison.
Since 2013, American Family has been a minority investor in Networked Insights. It has now become software firm’s sole owner.
American Family Insurance chief business development officer Peter Gunder said: “These investments are part of our commitment to innovation through the use of data analytics and artificial intelligence for our customers and in ways that complement and improve the personal service we deliver to them.
“The analytics capabilities we gain with Networked Insights will strengthen our ability to provide proactive protection to customers and to quickly identify and meet customer needs in new ways.”
Networked Insights will operate as a stand-alone subsidiary of the American Family Insurance enterprise.
The employees of Networked Insights and data scientists AT American Family will work together on projects using advanced analytic capabilities to enhance customer interactions and business value.
Image: American Family Insurance at Camp Randall stadium. Photo: courtesy of American Family Insurance.