Published July 23, 2012
Buckeye Mutual Insurance Group is partnering with Columbia-based EagleEye Analytics, a provider of predictive analytics solutions for the property and casualty insurance industry, to reconstruct its auto policy rates.
Traditional rating methods were creating a competitive disadvantage for Ohio-based Buckeye Mutual, which operates in an auto insurance market comprising rural drivers who often travel long distances, said John Brooks, the company’s COO and senior vice president.
The carrier selected EagleEye's predictive analytics solution because of the firm's expertise, technology and ability to rapidly implement a solution that would generate results, Brooks added.
Buckeye was introduced to EagleEye through Guy Carpenter & Co., a New York-based provider of risk and reinsurance intermediary services. In 2011, Carpenter and EagleEye formed an alliance, exclusive within the reinsurance industry, to help insurers optimize their risk selection and pricing.
EagleEye's predictive analytics solution will provide the foundation for Buckeye's revamped rate structure planned to start early next year, Brooks said.