New Mexico’s largest Workers’ Compensation Insurer to implement Valen’s AuditRight® Predictive Analytics Solution to ensure premium accuracy
DENVER–(BUSINESS WIRE)–Valen Technologies, Inc. today announced that New Mexico Mutual, the largest writer of workers’ compensation insurance in New Mexico, has selected Valen’s AuditRight® predictive analytics solution to ensure premium to exposure accuracy. Valen, a provider of turnkey predictive analytics solutions to the insurance industry, will work with New Mexico Mutual to implement AuditRight to support New Mexico Mutual’s efficient use of premium audit resources through identification of policies with the greatest risk of premium deviation.
New Mexico’s selection of AuditRight is an expansion of the insurer’s use of Valen’s predictive analytics, with Valen’s UnderRight previously selected and currently being implemented. Delivered as a SaaS solution, the addition of AuditRight will further support New Mexico Mutual in their goal to maximize the value from the efforts and resources directed at conducting premium audits within their book of business.
Lou Volk, Chief Operating Officer of New Mexico Mutual, commented, “Given our early experience with UnderRight, expanding our use of Valen’s solutions with the addition of AuditRight was a logical next step. We anticipate that AuditRight will better enable us to identify those policies with the highest likelihood of additional premium recovery as well as those appropriate for premium return to our policyholders.”
Bill Kexel, Director of Premium Audit for New Mexico Mutual, added, “AuditRight will decrease the cost of additional premium collected and/or premium returned to our clients. This decrease in cost is a direct result of AuditRight being able to predict and identify those policies that will have no discernable premium change and schedule the appropriate audit type. New Mexico Mutual will be getting the correct premium for each risk, and maximizing the effectiveness of audit resources.”
“We are excited for the opportunity to continue to expand our relationship with New Mexico Mutual,” said Dax Craig, President and CEO of Valen Technologies. “On behalf of the Valen team, I would like to thank New Mexico Mutual for selecting Valen a second time. We have enjoyed a great relationship and look forward to working together on a successful implementation effort.”
About New Mexico Mutual
New Mexico Mutual was created to stabilize the workers’ compensation market by offering New Mexico employers affordable and competitive workers’ compensation coverage. Since its founding in 1991, New Mexico Mutual has become the largest provider of workers’ compensation insurance in the state, insuring close to 30% of the insured company market in New Mexico. Insuring all types of business, with special attention to small and medium sized businesses, New Mexico Mutual enjoys a strong and loyal partnership with over 300 agents across the state and strives to provide access to quality, cost-effective workers’ compensation insurance and services for our customers. Visit New Mexico Mutual online to learn more: www.newmexicomutual.com.
About Valen Technologies, Inc.
Valen Technologies, Inc. enables insurers to improve underwriting and premium audit results through our hosted predictive analytics solutions, UnderRight® and AuditRight®. Our experts combine our clients’ data with historical risk, firmographic and econometric information in our XData® and ValenNetworks® databases and use that data to build, deploy and monitor models for improving underwriting and optimizing premium audit processes. The combination of our data and our modeling expertise gives us the unique ability to create the industry’s most effective predictive models. To learn more about Valen and Valen products call 1-800-280-3304 or visit website at www.valen.com.
Susan Douglas, 847.895.2634