The Andover Companies Selects Guidewire Predict to Enhance Underwriting and Claims Efficiencies for Business Profitability and Growth
12 June 2024 - 10:55PM
Business Wire
The Andover Companies, one of the largest and longest-standing
mutual insurance groups in the Northeast United States (U.S.), and
Guidewire (NYSE: GWRE) announced that The Andover Companies, a
Guidewire InsuranceNow customer since 2015, selected Guidewire
Predict to segment risks by their impact on loss ratio to better
compete in the Northeast U.S. insurance market.
“Our immediate goals for selecting Predict are to better
understand loss predictors and more clearly define our ideal
customer risk profiles. Predict will ultimately help us increase
profitability by driving accurate decisions while promoting
consistency and efficiency for our underwriters and claims
handlers,” said The Andover Companies Business Intelligence
Director Beau Breton. “Predict’s pre-built, seamless integration
with InsuranceNow and the ability to leverage Guidewire Analytics
Manager to control how predictive information is used appealed to
us. We’re also excited about the potential that the Tune module
presents for pricing initiatives in the future.”
“Our mission is to help insurers by offering a comprehensive
predictive analytics platform enabling them to offer more policies
and more coverage to more customers and empowering those customers
to live, work, and play with the confidence that they are covered,”
said Guidewire Senior Vice President and General Manager of Data
and Analytics Leo Tenenblat. “We applaud The Andover Companies’ 196
years of service and are excited to support their use of analytics
to further their commitment to providing the highest-quality home
and business insurance solutions to meet the requirements of
today’s property owners.”
About The Andover Companies
The Andover Companies is one of the largest and longest-standing
property and casualty mutual insurance groups in the Northeast,
writing business across Massachusetts, Maine, New Hampshire, Rhode
Island, Connecticut, New York, New Jersey, and Illinois. We are
made up of three distinct subsidiaries, Merrimack Mutual Fire,
Cambridge Mutual Fire, and Bay State, enabling us to provide a wide
range of coverage solutions and services that shield personal and
commercial properties and their owners from risk. As our company
approaches its 200th year in business, we are just as committed as
our founders were to protecting our policyholders and continuing to
build the most reliable network of local and independent insurance
agents in the region. Consistently rated “A” or higher by the AM
Best Co. for over a century, we display an unwavering ambition to
safeguard our neighbors and communities. For more information,
visit www.andovercompanies.com.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage,
innovate, and grow efficiently. We combine digital, core,
analytics, and machine learning to deliver our platform as a cloud
service. More than 540 insurers in 40 countries, from new ventures
to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable
their success. We are proud of our unparalleled implementation
track record, with more than 1,600 successful projects, supported
by the largest R&D team and partner ecosystem in the industry.
Our marketplace provides hundreds of applications that accelerate
integration, localization, and innovation.
For more information, please visit http://www.guidewire.com/ and
follow us on X (formerly known as Twitter) and LinkedIn.
NOTE: For information about Guidewire’s trademarks, visit
https://www.guidewire.com/legal-notices.
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version on businesswire.com: https://www.businesswire.com/news/home/20240612197171/en/
Diana Stott Director, Communications Guidewire Software, Inc.
+1.650.781.9955 dstott@guidewire.com
Rebecca Green Marketing Coordinator The Andover Companies
+1.978.979.9172 rgreen@andovercos.com
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