Denver, CO -(BUSINESS WIRE)- Property and casualty insurance predictive analytics provider Valen Technologies and Tropics Software Technologies, a national software company specializing in workers’ compensation systems, announced a partnership today to provide Tropics customers with the ability to integrate Valen’s InsureRight predictive analytics solution into the Tropics policy and claims administration suite.
Mike Mobar, President and CEO of Tropics Software Technologies, said, “Predictive analytics is a strategic initiative under consideration by many of our workers’ compensation clients. After witnessing the successful integration between Valen and Tropics for one of our long-time clients over the past year, we recognized that offering our existing and prospective clients the ability to implement a predictive analytics tool efficiently and effectively will enable them to make even better underwriting decisions on their new and renewal business.”
This product offering 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 underwriting 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’re pleased to expand our partnership by offering a complete integration of Valen’s InsureRight product into the Tropics policy and claims administration suite,” said Dax Craig, CEO of Valen. “We applaud Tropics’ industry leadership in proactively bringing relevant products to their clients with a proven track record of success.”