Strong Global Demand Drives European Expansion by Milliman and EagleEye Analytics
SEATTLE and COLUMBIA, S.C., Sept. 20, 2012 /PRNewswire/ — Driven by the momentum of their joint work for large global insurers, including Aviva plc, Milliman, Inc., one of the premier global consulting and actuarial firms, and EagleEye Analytics, Inc., the leading provider of predictive analytics solutions for the property and casualty industry, have announced the expansion of their alliance to include all markets throughout Europe.
The alliance between Milliman and EagleEye, which began in 2008, combines Milliman’s consulting expertise and EagleEye’s powerful machine learning technology. For more than four years, the firms have worked together on client engagements in North America; in fact it is the needs of those clients for support in Europe that sparked this expansion.
Recent work for global clients in Europe has included engagements in the United Kingdom, France, Italy, Poland, and Turkey. In order to service this demand, the companies plan to focus on all lines of business across the continent starting with personal and commercial lines in general insurance, and extending into life insurance.
“EagleEye’s breakthrough technology fits European insurers’ need for robust predictive analytics and automated risk management and performance reports,” said Thomas Guidon, Principal and Consulting Actuary in the Zurich office of Milliman. “We are delighted to extend this alliance into Europe to allow us to meet the rapidly evolving needs of the European insurance market.”
“The European insurance market is the largest in the world, with many diverse markets, and with changing regulatory demands. This environment has led to valuable innovations in the use of predictive analytics,” explained Roger Burkhardt, President and CEO of EagleEye Analytics. “Our machine learning technology, proven in more than 160 insurance engagements, pairs well with Milliman’s consulting services to provide a unique capability for insurers to improve their competitive positions in the fast-moving European market.”
Aviva plc is one of those insurance clients. “We embedded EagleEye’s real-time scoring into our policy management system to rate personal motor insurance and are already seeing favorable shifts in our growth, portfolio mix, and expected profitability,” said Tom Spink, CEO of Aviva Sigorta A.S. “Not only is our rating more sophisticated using the machine learning technology, but we are able to react more quickly to market changes when necessary.”
The demand for predictive analytics in Europe is expected to continue to increase, as insurers look to identify new opportunities for growth, find underperforming segments and develop priorities for re-underwriting or rate actions. “Milliman’s proven capabilities with our technology and their global scale, including more than 2,600 employees worldwide, allows us to scale up to meet our clients’ needs,” said Burkhardt.
Milliman is the leading provider of actuarial and related products and services to insurance markets worldwide. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. For further information, visit milliman.com.
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.
Contact: Astrid Mittelhockamp Sarah Lloyd Milliman EagleEye Analytics +33 1 42 99 15 60 +1 803 726 7208 firstname.lastname@example.org email@example.com
SOURCE EagleEye Analytics