A New Cloud-Based Predictive Analytics Solution

Commercial trucking and specialty transportation insurance provider Canal Insurance Company announced it has chosen Guidewire Software to provide cloud-based predictive analytics solutions. Guidewire provides an industry platform for property and casualty insurers.

Canal will deploy its Guidewire Predictive Analytics for Claims to compliment the Guidewire ClaimCenter. This platform uses machine learning to provide real-time insights.

The insurance provider chose this solution based on:

• Capabilities of the machine learning engine
• Its ability to deliver real-time predictive insights into the claims workflow
• Expertise of the Guidewire team

The Canal analytics team will have more robust support in gathering claims data and building and implementing models more seamlessly — a big improvement over past policy-side models. The team hopes to improve loss ratios by correctly assigning incoming claims immediately to the right resources. They anticipate the platform will also more quickly detect claims that have the potential to escalate into large losses.

See also: Get ready for big data to modernize the insurance sector

Canal plans to create a Smart Core system that uses advanced analytics for problem solving, decision making, and actionable insights. It will combine its ClaimCenter and Predictive Analytics for Claims to achieve this goal.

“We are pleased that Canal has embarked on its Smart Core journey by expanding its relationship with Guidewire and selecting Predictive Analytics to complement its longtime use of ClaimCenter,” says Steve Sherry, Chief Sales Officer, Guidewire Software. “We are humbled by Canal’s confidence in our technology and look forward to continuing our partnership in helping the company adapt and succeed in its mission of insuring transportation risks.”