Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to general insurers, today announced it has entered into a long-term services agreement with international specialist insurer Hiscox (LSE: HSX). Hiscox will utilise Guidewire’s SaaS-based predictive analytics system, Guidewire Predictive Analytics™, to continue to drive profitable growth in its UK and Ireland retail product lines.
"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," said Dan Bishop, Head of Pricing at 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 utilisation in other areas such as underwriting."
"In the UK and Ireland," Bishop added, "we expect to use predictive analytics to move to a data-driven portfolio underwriting approach. 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."
"We are honoured to become the predictive analytics provider of choice for Hiscox UK," says 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."