Hood Group secures government funding to help develop data and AI capabilities
Data and technology driven insurance specialist, Hood Group, today announces that it is joining forces with the University of Essex to develop its data strategy, including artificial intelligence and machine learning capabilities.
Hood Group has successfully secured support from the UK’s innovation agency, Innovate UK, to part-fund the 24 month project which represents a further step forward for Hood Group in delivering its data-driven growth strategy.
Through the partnership, Hood Group will be looking to build its capabilities to take advantage of the power of data and innovative technology. As part of the work the Group is undertaking to embed the use of data across its operations, this partnership will help the Group create a highly effective and accurate predictive modelling infrastructure to benefit its brand and underwriting partners and their customers alike.
Hood Group CEO, Simon Hood, comments: “Our goal is to transform insurance and the customer experience. This means shaping personalised customer experiences, products and pricing. Machine learning gives us the infrastructure to do this. It will help us better understand individual risk profiles to deliver fairer pricing and develop products that really meet individual needs.”
He continues: “The whole area of data, AI and machine learning has huge potential for the insurance industry as a whole and will undoubtedly change – for the better – how we can deliver outstanding propositions for our partners. We’re incredibly proud that Innovate UK has recognised our vision to innovate insurance through data. Its support and the partnership with the experts at University of Essex will help give us skills and knowledge that will take our data analysis capabilities to a new level.”
Dr Spyros Samothrakis from the School of Computer Science and Electronic Engineering at the University of Essex added: “We are delighted to be involved in this long term partnership, particularly to see how we can apply machine learning principles within the financial services domain to increase the company’s competiveness and further enrich their data strategy”.
Innovate UK is the UK’s innovation agency working with people, companies and partner organisations to find and drive the science and technology innovations that will grow the UK economy. It has committed over £1.8bn to innovation since 2007, helping more than 7,600 organisations with projects estimated to add more than £11.5bn to the UK economy and create 55,000 new jobs.