General Insurance Article - Insurtech firm to lead Governments machine learning project


A technology firm based in Exeter has been selected by the Government’s innovation research programme to lead a two-year study into machine learning and advanced data analytics for the insuance sector.

 Software Solved has been selected by Innovate UK to run a major two-year research programme into machine learning and advanced data analytics in partnership with Plymouth University. Leading insurers including RSA are also going to be involved.

 With the company’s expertise in data, the firm will work with the university to research and develop ways to use machine learning to intelligently automate the integration of large volumes of data, predict future risks using open data, and to analyse data to model the interactions between implementing risk mitigation programs and reduced ongoing claims.

 Jon Stace, Principal Technical Consultant at Software Solved, said: “This is a fantastic opportunity to explore how machine learning can be applied to predict future risks at a level of precision that was unthinkable just a few years ago. Focusing on how we understand, measure and predict future risks, by applying machine learning, has the potential to improve how we assess, carry out and automate risk assessment across the insurance sector.

 “We’re really looking forward to teaming up with Plymouth University and some of the key insurance brands, including RSA who will work with us on the project. It will feed into ongoing ‘risk’ work by the insurance industry and we will be reporting back to the Government via Innovate UK as we progress.”

 Plymouth University is providing research expertise for the project, including a dedicated associate working alongside teams at Software Solved.

 Ian Howard, Associate Professor at the University of Plymouth, said: “We’re excited to be collaborating on this challenging Knowledge Transfer Partnership project with Software Solved. The university is providing research expertise in the areas of machine learning and pattern recognition, data modelling, statistics and predictive analytics.”
 
 The research project gets underway in the coming days, with Software Solved also keen to involve the South West’s business community. There are plans for workshops to be held, during the project, to help key regional companies understand the implications and applications of machine learning in their work. Interested companies are invited to contact Software Solved.
 
 Martin Turner, Risk Consulting Director at RSA Insurance, said: “Having the ability to use machine learning to automate the assimilation of significant volumes of valuable data at our disposal enables us to forecast risk with a far greater degree of confidence. This allows us to more accurately deploy our risk management tools and resources to help reduce the probability of future claims and further complement our customers’ own risk management efforts. This is the future for our industry and at RSA we are delighted to be involved in this ground-breaking project.”
 
 The project announcement comes after a successful 2018 for Software Solved, which saw key new client acquisitions in sectors including insurance, retail, local government and energy. A Microsoft Gold partner, Software Solved, which also operates from offices in London and Bristol, has worked on over 1000 software development and data visualisation projects in 20 years.
 
 The company is already working with six of the top 10 insurance companies, including RSA, AXA XL and AVIVA, and with key clients including Save the Children, The National Trust and Devon County Council. It is also continuing to diversify into emerging technologies including machine learning, augmented reality and data visualisation.
 
 Jon Stace, of Software Solved, added: “This is about collaboration and shared learning that will put Software Solved and our partners at the forefront of machine learning and risk. It is also an opportunity to build on our already strong national offering of custom software development, data and integration solutions and online customer portals, as we continue with our ambitious growth plans.”
  

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