„Our analytics team can now gather claims data, build models, and implement models seamlessly compared to the policy-side models we had built and used in the past.”
Christopher Greene, Senior Vice President Chief Claims Officer and General Counsel
Canal Insurance
Recognized in the insurance industry as a stable, responsive, and financially strong leader, Canal Insurance Company is driven to continuous improvement—almost literally. The insurer has specialized in providing insurance to commercial trucking operations through select independent general agents for close to 80 years.
To provide comprehensive options for its customers that purchase auto liability, motor truck cargo, physical damage, and general liability for truckers, Canal has kept its finger on the pulse of the most comprehensive, tested, and proven technology available.
In 2004, Canal decided to deploy a new claims system to provide more powerful tools to its claims personnel and enhance its service to policyholders and claimants. Canal selected Guidewire ClaimCenter to support the Physical Damage, Liability, Cargo, and General Liability lines of business. The new claims system integrates with multiple external systems, including policy and accounting systems.
Following its successful Guidewire ClaimCenter deployment, Canal replaced its legacy billing system with Guidewire BillingCenter, which gave Canal more billing flexibility and receivables-processing capabilities within a single system.
With these foundational systems in place, Canal set its sights on continuous core systems improvements, this time with cloud-based predictive analytics for its commercial liability area. By combining ClaimCenter and Guidewire Predictive Analytics for Claims to create a Smart Core system, Canal can now build specific models to help solve specific business problems and to deliver actionable insights at the time that key decisions are being made.
To help Canal adapt and succeed in its mission of insuring transportation risks, the insurer is leveraging the capabilities of the machine-learning engine and the capability to deliver real-time predictive insights into its claims workflow.
“Our analytics team can now gather claims data, build models, and implement models seamlessly compared to the policy-side models we had built and used in the past,” said Christopher Greene, Senior Vice President, Chief Claims Officer and General Counsel at Canal. “We also look forward to potentially improving our loss ratios by making sure that incoming claims are promptly assigned to the right resources as well as early detection of claims that might escalate into large losses.”
