Denver, CO -(BusinessWire)- Property and casualty insurance predictive analytics provider Valen Technologies announced today a new customer engagement with Donegal Insurance Group. Valen will provide its InsureRight product, a predictive analytics solution as a foundation upon which Donegal can more accurately price their current book of business.
Chet Szczepanski, Vice President and Chief Actuary of Donegal Insurance Group, said, “We like the collaborative approach Valen uses in working with their clients. Because of our steadfast commitment and loyalty to our clients, we are very selective about our vendor relationships. We’re excited to have Valen’s modeling expertise allow our internal experts to make more informed business decisions. Better yet, this is not a drawn out engagement that keeps us reliant on expensive consulting engagements. Rather, Valen provides strategic tools we can incorporate into our core underwriting processes for the long-term.”
InsureRight allows underwriters to score policies on two fronts. First, carriers can more efficiently identify risks for new and renewed policies and price according to risk in order to improve loss ratio performance. Second, they can identify policies that are likely misclassified and provide agents and underwriters with the ability to correct exposure misclassification prior to providing final pricing. Both of these scores facilitate a quick turnaround time and the ability to positively impact a carrier’s overall pricing accuracy.
“We are pleased to work with Donegal, and appreciate their long-standing commitment to meet the comprehensive property and casualty insurance needs of their customers. We were able to show how InsureRight will help Donegal’s underwriters make more informed decisions, in advance of formalizing our relationship,” said Dax Craig, CEO of Valen.