Canal Teams Up with Guidewire on Predictive Analytics

PinIt
Risk Confusion

Guidewire Predictive Analytics is designed to help commercial transportation insurance providers create smart claim models.

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 it already uses. They also use Guidewire BillingCenter. Predictive Analytics For Claims uses machine learning to provide real-time insights.

“Canal selected Guidewire Predictive Analytics for Claims as its solution based on the capabilities of the machine-learning engine, the ability to deliver real-time predictive insights into our claims workflow, and the expertise of Guidewire Professional Services,” said Christopher Greene, Senior Vice President, Chief Claims Officer & General Counsel, Canal. “Our analytics team can now gather claims data, build, and implement models seamlessly compared to the policy-side models we had built and used in the past. 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.”

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

Canal said it plans to combine Predictive Analytics for Claims with ClaimCenter to create a Smart Core system using advanced analytics for problem-solving, decision making and actionable insights.

“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,” said 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.”

Sue Walsh

About Sue Walsh

Sue Walsh is a freelance writer and social media manager living in New York City. Her specialties include tech, security and e-commerce. You can follow her on Twitter at @girlfridaygeek.

Leave a Reply