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. Software Solved is one of the UK’s market leaders for software, online customer portals and real-time data solutions in the insurtech sector.
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 to run a major two-year research programme into machine learning and advanced data analytics in partnership with Plymouth University.
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.”
