GoodData ventures into insurtech
GoodData goes for insurtech
Data analytics and insights company GoodData expanded into the insurance industry to simplify claims and underwriting, reports Julie Muhn at Finovate. The San Francisco-based company’s foray into insurtech is marked with the launch of two analytical solutions, Underwriting Insights and Claims Insights.
These two products aim to help insurance companies enhance the end customer experience by automating data integration. GoodData leverages machine learning (ML) and artificial intelligence (AI) to automate multiple steps in the claims and underwriting process. The solutions alert insurers of recommended actions that reduce underwriting risk and improve insurance adjusting decisions.
Roman Stanek, founder and CEO of GoodData, states: “While most business intelligence (BI) tools require a separate pane of glass to deliver static information based on historical data, we’re bringing analytics and recommendations directly into the business process so employees can determine the correct course of action within seconds.”
Underwriting Insights and Claims Insights are only the start of GoodData’s move into insurance. The company already has other insurance-specific offerings in the works, such as the Customer Acquisition Optimisation tool.
GoodData says it crafted the insurtech solutions to be quick to onboard. While most of the company’s solutions can be implemented in eight weeks, with the new insurance offerings, firms can be production-ready in six weeks.
GoodData was founded in 2007 and works with 70,000 companies across the globe, with its BI solutions reaching more than one million end users.
Earlier this spring, Carol Lee joined the company as CFO and last December, GoodData added James Smith as CMO.
