Yahoo Finance The Andover Companies Selects Guidewire Predict to Enhance Underwriting and Claims Efficiencies for Business Profitability and Growth
ANDOVER, Mass. & SAN MATEO, Calif., June 12, 2024--(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.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240612197171/en/
Contacts
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
