Guidewire Software has agreed to acquire EagleEye Analytics, which provides SaaS-based predictive analytics products for property/casualty insurers.
Terms of the deal have not been disclosed. Guidewire said the transaction is expected to close imminently.
Based in Columbia of South Carolina, EagleEye provides services to around 30 insurance customers in North America and Europe.
The acquisition allows Guidewire to provide its customers with complete predictive analytics process, including data preparation, model building, operational deployment, performance monitoring, and analytic feedback.
The acquired products will be renamed as Guidewire Predictive Analytics and will be part of the firm’s data and analytics product family.
Two predictive analytics products will be provided for the customers. Guidewire predictive analytics for claims will address claims management decisions like claim severity potential, claim routing and assignment, and identifying claims with litigation/subrogation potential.
Guidewire predictive analytics for profitability is claimed to address underwriting and distribution objectives, including accurate ratemaking and risk selection, underwriting cost reduction, maximizing customer lifetime value, and portfolio optimization.
Guidewire Software CEO Marcus Ryu said: "We welcome the EagleEye team to Guidewire, where their expertise in Property/Casualty processes and data science will advance our mission of enabling insurers to adapt and succeed in a time of significant change.
"Their products, as with the others built by our Data and Analytics team, will leverage and further differentiate the capabilities of Guidewire’s insurance platform, the most broadly adopted in the industry."
Image: Guidewire Software to acquire South Carolina-based EagleEye Analytics. Photo: courtesy of Chaiwat / FreeDigitalPhotos.net.