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 the Government’s innovation research programme to lead a two-year study into machine learning and advanced data analytics.
The firm, which is set for a 40 per cent increase in its workforce at its Exeter headquarters this year, has been selected by Innovate UK. It is one of the UK’s market leaders for software, online customer portals and real-time data solutions in the insurtech sector.
It will work with the University of Plymouth 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 programmes 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.
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.
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.