Specialty insurer Hiscox has selected Guidewire’s SaaS-based Guidewire Predictive Analytics as an enterprise analytics platform.
The company wants to move to a "data-driven portfolio underwriting approach" that uses predictive analytics for enhanced decision making, says Hiscox head of pricing Dan Bishop.
“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,” Bishop says. “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.”
