|By PR Newswire||
|September 27, 2012 03:00 PM EDT||
COLUMBIA, S.C., Sept. 27, 2012 /PRNewswire/ -- EagleEye Analytics, the leading provider of predictive analytics for the property and casualty industry, is expanding its Canadian business. EagleEye, which has worked with more than 40 percent of the top insurers in Canada, across all lines of P&C business, has announced that experienced insurance industry executive, Stephen Halfpenny, has joined the firm to lead business development in Canada.
Halfpenny has more than 35 years of experience in the insurance industry, with executive roles in underwriting, marketing, and claims at American Re-insurance Company, Munich Reinsurance Company of Canada and the Guarantee Company of North America, with additional underwriting experience at Allstate Insurance Company of Canada. Based in Toronto, he will lead EagleEye's initiatives in Canada to help carriers leverage the power of predictive analytics to improve operations.
"The bar is being raised for Canadian insurers to advance their analytical capabilities. We are delighted to add an executive like Steve to the team, given his deep understanding of the Canadian insurance market," said Roger Burkhardt, President and CEO of EagleEye Analytics. "We're currently working with sophisticated carriers to use predictive analytics beyond rating and underwriting; they are investing in our machine learning tools to improve decision making around customer retention and agent/broker strategies."
EagleEye's total client base in Canada includes carriers of all sizes, from large global enterprises, to small and mid-sized insurers that are looking to level the playing field by leveraging analytics. The firm has a substantial presence in personal auto insurance – EagleEye clients write 46% of total private sector auto insurance in Canada – and clients are expanding their use of solutions in both personal and commercial lines.
"Our insight into the specific needs of the Canadian market has enabled us to bring solutions that drive immediate bottom line results. For a large auto insurer, for example, we were able use analytics to apply a higher level of granularity to quoting, expanding the criteria for new business. Applying a new real-time quoting filter drove a five-point improvement in loss ratios for the carrier," explained Burkhardt.
About EagleEye Analytics
EagleEye Analytics provides transformative business solutions to the insurance industry through the application of breakthrough predictive analytics technology. The company's machine learning technology has been customized for the unique requirements of the insurance industry and has been proven to give the best predictive results in over 160 implementations. The firm's customers improve profitability and growth through enhanced real-time decision-making across their entire business; including pricing, underwriting, distribution and marketing. A privately held company, EagleEye Analytics is backed by FirstMark Capital in New York. For more information visit EagleEye Analytics' website at www.eeanalytics.com.
SOURCE EagleEye Analytics