DENVER–(BUSINESS WIRE)–Valen Technologies, Inc., the cloud computing predictive analytics experts for P&C Insurance, today announced the availability of InsureRight®, an interactive predictive analytics Risk Report. InsureRight provides enhanced policy-level risk assessment to underwriters, helping them to make more informed risk and pricing decisions in a competitive market.
Valen’s InsureRight is specifically designed for those workers’ compensation insurers who recognize the value of predictive analytics, but who have been unable to take advantage of the technology’s powerful capabilities due to data, budget, resource, or expertise constraints. As a cloud based, web-enabled predictive analytics solution, InsureRight requires no immediate carrier data, is priced with a transaction based pricing model and requires no carrier IT resources – offering carriers the ability to gain the benefits from predictive analytics immediately.
Powered by two extensively tested and proven Valen predictive models, InsureRight is an interactive report that provides underwriters both a Risk Score and a Misclassification Score.
The Risk Score predicts a new or renewal policy’s prospective term loss ratio and provides a price indication that underwriters use to select and price policies more accurately. The InsureRight Risk Score helps carriers identify pockets of profitability and gauge truly exceptional accounts with an appropriate level of competitive market pricing.
The Misclassification Score predicts the percentage of misclassified exposure on a policy. Underwriters use the Misclassification Score to prevent premium leakage proactively, ensure that classes contain accurate exposure for rating and make certain that the policy falls within underwriting appetite.
The Risk Score utilizes a predictive model built with policy and claims information from over two (2) million unique policies and the Misclassification Score utilizes a predictive model built with pre- and post-audit policy information from over two (2) million audit records.
“InsureRight democratizes the use of predictive analytics for workers’ compensation carriers by breaking down predictive analytics barriers,” said Dax Craig, President and CEO of Valen Technologies.
Mr. Craig went on to say that “InsureRight provides workers’ compensation carriers the ability to mediate underwriting and pricing errors by providing a non-biased, statistically and empirically valid indication of future policy performance.”
Source: BusinessWire