Denver, CO – Valen Technologies recently announced a new customer engagement with insurance carrier Farm Bureau Financial Services. In an effort to make loss ratio improvements and enhance risk-based pricing, Farm Bureau will utilize Valen’s flagship predictive analytics product, InsureRight, in their underwriting practices for workers’ compensation services. Additionally, Farm Bureau is employing Valen’s portfolio management and production monitoring reporting, one of the newest features made available with the launch of InsureRight 2.0 in September 2012.
“Valen provides the real-time analytical insights we need to improve our risk assessment processes,” said Steve Wittmuss, Commercial Vice President of Farm Bureau. “We understand the value of being quick-to-market in a constantly evolving environment. Valen’s fully hosted solutions required very few resources from our IT team, so we are able to leverage the benefits of predictive analytics immediately to better serve our customers.”
InsureRight was created for workers’ compensation carriers to leverage advanced decision-making capabilities. With InsureRight, underwriters at Farm Bureau can easily access predictive analytics data to better analyze risk and achieve better results.
Additionally, Valen’s new Portfolio Management Reporting functionality delivers a first-to-market suite of reports to identify trends, opportunities, and threats in the marketplace in as close to real-time as possible. This information allows Farm Bureau’s team of underwriters, managers, and executives to make more proactive, actionable decisions to capitalize on market position strengths and opportunities and allocate resources more effectively.
“With workers’ compensation being one of the most difficult and unpredictable lines of business, we applaud Farm Bureau’s dedication to utilizing tools that help the company compete and grow in a crowded marketplace,” said Dax Craig, President and CEO of Valen Technologies. “We’re honored to have this opportunity to work with Farm Bureau and provide real-time insights and analyses that can inform its underwriting practices for workers compensation services.