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GoodData Goes for Insurtech

Data analytics and insights company GoodData expanded into the insurance industry this week to simplify claims and underwriting. 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 and 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.

In a press release, Roman Stanek, founder and CEO of GoodData said, “While most Business Intelligence 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 a Customer Acquisition Optimization tool.

GoodData 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, including 8 of the 10 largest brands. The company’s business intelligence solutions reach more than 1 million end users. At FinovateFall 2017, GoodData showcased its Insights PaaS. Earlier this spring, Carol Lee joined the company as chief financial officer and last December, GoodData added James Smith as chief marketing officer.