NEW YORK–(BUSINESS WIRE)–Property/casualty insurance analytics provider Valen Technologies and Willis Re, the reinsurance broking arm of Willis Group Holdings (NYSE:WSH), the global insurance broker, today announced a joint marketing relationship for two predictive analytics solutions for workers’ compensation insurers in the United States. Effective immediately, Willis Re will offer its clients the opportunity to license Valen’s InsureRight® and AuditRight® products at discounted rates.
Valen Technologies, Inc, provides turnkey predictive analytic solutions to the Property and Casualty insurance market in Cloud-based computing environments. The InsureRight solution provides workers’ compensation insurers with two robust predictive models – a risk model that helps underwriters price risks more accurately and a misclassification model that helps carriers identify policies with misclassified exposure.
The AuditRight product helps workers’ compensation insurers improve premium to exposure accuracy. AuditRight facilitates the efficient use of premium audit resources by identifying policies with the greatest risk of premium deviation at policy expiration.
Alice Underwood, Executive Vice President and the head of Analytics for Willis Re North America, said, “Companies are recognizing that predictive analytics are rapidly becoming mandatory in order to stay competitive. Valen’s products can help level the playing field for smaller companies by putting extremely competitive tools into their hands.”
Bret Shroyer, Senior Vice President of Willis Re, said, “InsureRight fills a vital gap in the predictive modeling space. It’s an incredibly effective workers’ compensation model, leveraging a large industry database to bring real value at a competitive price to small- and medium-sized carriers.”
“Valen and Willis Re are aligned in our efforts to bring cutting-edge predictive analytics to property/casualty insurance clients,” said Dax Craig, Valen CEO. “Valen is thrilled to develop an alliance with Willis Re because we both share an unwavering commitment to our customers’ success.”