Canal Insurance, an insurance provider for commercial trucking and specialty transportation, plans to use Guidewire Predictive Analytics for claims to complement Guidewire ClaimCenter claims management system it has been using since 2004.
The company is one of Guidewire’s earliest customers and plans to implement Predictive Analytics for Claims in early next year for its largest line of business – commercial auto liability. Canal also successfully deployed Guidewire BillingCenter in 2013.
Canal is combining ClaimCenter and Predictive Analytics for Claims to create a Smart Core system that will use advanced analytics to solve specific business problems and deliver actionable insights at the time key decisions are being made.
Canal senior vice president, chief claims officer and general counsel Christopher Greene said: “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.
“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.”
Guidewire Software chief sales officer Steve Sherry said: “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.
“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.”
Source: Company Press Release.