COLUMBIA, S.C., July 26, 2011 /PRNewswire/ -- EagleEye Analytics, the leading provider of world class predictive analytics solutions to the property and casualty insurance industry, announced today that Oklahoma Farm Bureau Mutual Insurance Company has selected EagleEye Analytics to be its provider of predictive analytics solutions under a long term services agreement.
Oklahoma Farm Bureau will use EagleEye Analytics' Talon, a web-based, enterprise-wide, predictive analytics solution suite. Talon uses advanced machine learning technologies to naturally find patterns in data that other techniques miss or cannot find. Talon identifies risk characteristics that impact profitability in a fraction of the time and with greater ease than that of traditional market offerings.
Dave Perkins, Vice President of Actuarial and Product Development at Oklahoma Farm Bureau Mutual Insurance Company, explained, "We were at a point with our personal auto program where we had endured several Spring weather events and our decisions to increase rates were affecting the rates of every auto policyholder the same. Our charge from Senior Management was to become more nimble and more granular in our rating."
Perkins added, "We looked at some large multivariate software providers, and even licensed one of the products. The programs were complicated, difficult to run. Training was extremely expensive and after a failed attempt at getting the software to produce results specific to our company, we placed it on the shelf and finally abandoned it altogether."
After being introduced to the EagleEye Talon engine, Oklahoma Farm Bureau realized just how nimble and granular their changes could be. "Talon displayed results in a format that was easy to understand and apply to our existing rating. We had very good ongoing support from the team at EagleEye Analytics. And now we have implemented the model results and are in the beginning stages of seeing our charge from Senior Management come to fruition," remarked Perkins.
EagleEye Analytics' CEO, Terry Wade, commented, "We are deeply gratified by the confidence placed in us and are pleased having Oklahoma Farm Bureau Insurance as a respected member of our client community. We have enjoyed our collaboration and look forward to a long lasting relationship."
About Oklahoma Farm Bureau Mutual Insurance Company
Oklahoma Farm BureauMutual Insurance Companyhasoffered insurance to Oklahomans since 1946. Oklahoma Farm Bureau stakes its reputation on excellent service to policyholders all over the state, and consistent financial management. Farm Bureau insurance agents are available in all 77 counties, and offer many lines of insurance coverage to members, including: home, farm, auto, mobile home, crop, commercial, boat, life, health, disability, long term care, annuities, mutual funds, and estate planning. www.okfarminsurance.com
About EagleEye Analytics
EagleEye Analytics empowers 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