Denver, CO -(BusinessWire)- -Valen Technologies, a data and analytics provider for property and casualty insurance leaders, recently announced two new customer engagements with insurance carriers AmeriHealth Casualty Insurance Company and the Arbella Insurance Group. As part of the partnerships, the two companies have integrated Valen’s InsureRight predictive analytics solution into each company’s underwriting practices for the workers’ compensation services. Additionally, these carriers will be utilizing features of the recently-launched InsureRight 2.0 to optimize their competitive advantage in the field and better serve their customers.
“Predictive analytics is quickly becoming a fundamental component to competitive underwriting,” said Eileen Currie, Vice President of Commercial Lines for the Arbella Insurance Group. “Leveraging advanced data and analytics incorporates science into the art of underwriting. Valen is helping our underwriters integrate predictive analytics into their decision-making to better understand how we select and price risk.”
InsureRight was designed to empower workers’ compensation carriers with advanced decision-making capabilities. With InsureRight, underwriters at AmeriHealth Casualty Insurance Company and Arbella Insurance Group can easily access predictive analytics data in order to better assess risk on each policy, and ultimately achieve better results in a fluctuating market. Powered by two Valen predictive models, InsureRight provides a Risk Score and a Misclassification Score, both of which facilitate a quick turnaround time and positively impact carrier’s overall pricing accuracy.
- The Risk Score: Identifies risks for new and renewed policies and provides a price indication that underwriters use to more accurately select and price policies.
- Misclassification Score: Recognizes policies that are likely misclassified so that underwriters can proactively prevent premium leakage.
“We’ve had great momentum with our InsureRight product since its launch, and are honored to share the advantages of predictive analytics with AmeriHealth Casualty Insurance Company and Arbella Insurance Group,” said President and CEO of Valen, Dax Craig. “Our research and development team values the collective feedback from our customers, and we use that information to continuously update our products with the capabilities that benefit carriers the most.”
New functionalities were recently added to the InsureRight product, which Valen revealed with the InsureRight 2.0 launch in September. As part of the upgrade, AmeriHealth Casualty Insurance Company and Arbella Insurance Group will be able to take advantage of a variety of unique feature sets, including:
- Multi-State Scoring: Allows customers to score multi-state policies without needing to split the policies into single state inputs.
- Class Fit Analysis: Provides greater insight into the impact of misclassification challenges and enforces consistency in underwriting questions related to class fit.
“InsureRight leverages vast amounts of data, both from our historical book and Valen’s Network Data, to provide key insights into risk selection and pricing,” said Fred Innes, Director of Underwriting for AmeriHealth Casualty Insurance Company. “Valen helps us to better predict how our underwriting decisions will impact future performance across our book of business. The InsureRight report synthesizes the information and makes it easy for underwriters to systematically incorporate predictive analytics into their decision-making process.”