Guidewire to provide predictive analytics products specifically designed for Property/Casualty insurers
Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to Property/Casualty insurers, today announced that it has agreed to acquire EagleEye Analytics, a provider of SaaS-based predictive analytics products specifically designed for Property/Casualty insurers. The transaction is expected to close imminently. With this acquisition, Guidewire will enable its customers to apply predictive analytics to make better decisions across the insurance lifecycle. Guidewire will support the complete predictive analytics process including data preparation, model building, operational deployment, performance monitoring, and analytic feedback.
EagleEye’s products will be renamed Guidewire Predictive Analytics™ and will be available as part of Guidewire’s Data and Analytics product family. Two predictive analytics products will be available:
- Guidewire Predictive Analytics for Claims addresses claims management decisions such as claim severity potential, claim routing and assignment, and identifying claims with litigation/subrogation potential.
- Guidewire Predictive Analytics for Profitability addresses underwriting and distribution objectives such as accurate ratemaking and risk selection, underwriting cost reduction, maximizing customer lifetime value, and portfolio optimization.
“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,” said Marcus Ryu, chief executive officer, Guidewire Software. “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.”
“We are excited about how this acquisition will enable us to serve our customers,” said Neil Betteridge, vice president, Strategy, Guidewire Software. “Adding advanced Property/Casualty predictive analytics functionality to our Data and Analytics products will enable carriers to make significantly better, faster decisions, leading to better outcomes for insurers and their policyholders.”
“This is a very exciting day for the EagleEye team. As a leader in providing predictive analytics for Property/Casualty insurance we see the fit with Guidewire as ideal,” said Wade Bontrager, CEO, EagleEye Analytics and incoming vice president, Predictive Analytics, Guidewire Software. “We look forward to accelerating our journey in providing insurers with a comprehensive predictive analytics system that spans the insurance lifecycle and doing so as part of the Guidewire team.”
EagleEye was selected by insurers to receive a 2015 Vanguards in Insurance Practices (VIP) award* in the Predictive Analytics category. EagleEye has more than 30 insurance customers in North America and Europe. Nine of these customers are also existing Guidewire customers. The company is headquartered in Columbia, South Carolina with offices in London, UK. A privately held company, EagleEye is backed by FirstMark Capital in New York.
Guidewire Predictive Analytics will be available to insurers in the Americas, Europe, Australia, and New Zealand, either standalone or to complement Guidewire PolicyCenter®, or ClaimCenter.
Guidewire does not expect this transaction to have a material impact on revenue or non-GAAP profitability in the third quarter or full year fiscal 2016.