There are just nine days to go until the winners for Insurance Times’s Tech & Innovation Awards 2020 will be revealed at a virtual ceremony on 17 September
Here we feature Shepherd’s entry into Data Analytics Excellence Award
Shepherd entered its machine learning analytics proposition
What key achievement did your entry highlight?
By using machine learning analytics to identify pre-claim events, our customer BSW Sawmills Ltd can now better manage risk and reduce operating costs whilst our insurance partner Aviva has decreased loss ratios and increase retention rate within BSW. Shepherd has prevented claims by understanding risk through algorithmic monitoring. This has not only prevented fire and optimised maintenance but also improved their health and safety compliance.
Can you share data or testimonials to back up your bid to win?
Richard Thornett, engineering manager, at BSW Sawmills Ltd said: “The partnership between Aviva, Shepherd and BSW has been critical in allowing us to monitor risk across our site. We monitor all kinds of variables on site, but nothing monitors the assets to the degree that Shepherd does or provides this level of granularity.”
What sets your firm apart from the other short-listed contenders?
Its predictive power! Through our rich combined levels of insight, we learn how a building and its systems perform through trend analysis, AI and machine learning. Shepherd’s unique fusion of data is fed from unlimited sources, building management systems, sensors, public data including from the met office and police databases. This makes Shepherd ‘Parametric Ready’.
Shepherd translate data into meaningful insights for the prediction of claims for the insurer. Rich intelligence, reporting and real-time alerting provides insurance partners with a deep understanding and awareness of the probability of a predefined event happening shifting from indemnifying actual loss incurred.
How will you celebrate if you are the victor?
It would certainly be a team celebration. The Shepherd team are close knit and enjoy a real team ethos. This award would be a shared accolade. It will be a great reason to have a team celebration after spending the last several months working remotely.
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Technology & Innovation Awards finalist 2020 Q&A: Shepherd’s machine learning analytics proposition translates data to predictive claims