COLUMBIA, S.C., Aug. 9, 2011 /PRNewswire/ -- EagleEye Analytics, the leading provider of world class predictive analytics solutions to the property and casualty insurance industry, announced today that Celina Insurance Group has selected EagleEye Analytics to be its provider of predictive analytics solutions under a long term services agreement.
Celina is utilizing EagleEye Analytics' insurance specific machine learning solution suite, Talon, to address key business goals including expense reduction, pricing improvements, improved risk selection, and customer retention.
Vince Franz, Vice President and Chief Actuary of Celina Insurance Group, explained, "We started our search with fourteen potential partners, and selected EagleEye Analytics because their analytical tools combined with their industry expertise were an exact fit to address our key business objectives. The knowledgeable employees at EagleEye Analytics were able to take our raw data, on-level the premium, run multiple analyses, and position Celina for implementation in a very short period of time."
Franz continued, "The Talon engine provides analytical processing power that couldn't be found in other offerings. Talon is extremely fast and efficient and allows Celina to process analyses in a matter of minutes or hours. We now have the ability to quickly implement and maintain a sustainable competitive advantage."
Talon's unique Complete Segmentation segments data into mutually exclusive and exhaustive customer groups, identifying specific problem areas and opportunities. This machine learning approach allows data to interact naturally to find patterns that other techniques miss or cannot find. Talon produced crisp customer segments that allowed Celina to quickly and very easily take Underwriting and Pricing actions. Franz explained, "We're now able to concentrate on retaining our best risks while better matching the price to exposure in the other segments. A large share of our customer base is minimally impacted by the study, but the impact on the mispriced risk segments to our business is compelling."
"By using EagleEye Analytics' solution suite, our mix of business and pricing may improve, both of which position us for profitable growth. We determined, correctly, that the cost of not utilizing EagleEye's solution suite was too great to ignore. It is the most innovative, unique and powerful approach to driving profits, avoiding adverse selection, and improving our competitive advantage," noted Franz.
EagleEye Analytics' CEO, Terry Wade, commented, "We greatly value our relationship with Celina and Vince's team. They have been great to work with and have played a major role in creating a very positive outcome for Celina. Having a highly engaged and enthusiastic client always improves the results. We look forward to continuing to work closely together for many years to come."
About Celina Insurance Group
Celina Insurance Group's mission is to be a high-performing organization that is recognized as a long-term, profitable, premier insurance company by agents, policyholders, employees, the industry and the local community. Founded in 1914, Celina Insurance Group has developed into a multi-line insurance provider offering auto, non-standard auto, home, commercial auto, commercial property and casualty, umbrella and farm coverages. Celina Insurance partners with independent agents who offer various insurance products throughout Ohio, Indiana, Tennessee, Kentucky, Pennsylvania, Iowa and West Virginia. For more about Celina, visit www.celinainsurance.com.
About EagleEye Analytics
EagleEye Analytics empowers property and casualty insurance carriers to dramatically improve results using the most robust predictive analytics available in the property and casualty insurance industry. An in-depth understanding of insurance and business economics is an essential component of EagleEye's value. Combining this expertise with sophisticated multivariate, non-linear machine learning algorithms, EagleEye Analytics' solutions provide significant financial improvements and competitive advantages for clients. 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: Marlowe Leibensperger (803) 726-7219
SOURCE EagleEye Analytics