Denver, CO – Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help all insurance carriers manage and drive underwriting profitability, recently announced that it has re‐branded and also unveiled the first of its new products, the InsureRight Platform.
Originally launched in 2011, Valen Analytics is now expanding InsureRight into a full‐featured solution, made up of two components – Manage and Predict. Carriers will gain statistically valid portfolio insights that they can distribute to individual underwriters in simple, easy‐to understand language. For the first time, performance metrics and portfolio risk characteristics can be derived using a carrier’s own data coupled with Valen’s contributory data set, reducing selection bias inherent in making decisions solely on their own experience.
The Manage suite of the InsureRight Platform is currently being rolled out and offers comprehensive portfolio management capabilities. The Predict component of the platform continues to provide carriers with transactional model deployment for risk selection and pricing accuracy,transforming how underwriters will interact with predictive scores.
Carriers utilize the InsureRight Platform to identify pockets of pricing inadequacy and redundancy, enabling them to leverage both Valen’s proprietary industry data and loss ratio predictions across their own book of business. This industry first allows carriers’ to spot trends proactively occurring in their in‐force book and make adjustments to market positioning, schedule rating, underwriting appetite, and risk selection. The Valen Analytics database includes more than 20 million policies scored using robust predictive models, presenting an industry standard platform uniquely built to help carriers achieve underwriting profitability.
“We have a proprietary data set built from information which carriers do not have access to on their own,” said Dax Craig, President and CEO of Valen Analytics. “By opening up our contributory and anonymous database to the industry, we’re helping carriers avoid the selection bias that can occur when they use their own data for analysis purposes. No single carrier, no matter how large, has detailed policy and claims data on the policies they did not write. As a result, it has been very difficult for underwriters to be both consistent and accurate in pricing and risk selection.”
“Implementing the InsureRight Platform company‐wide allows us to use data, analysis and systematic reasoning to reduce risks, decrease selection bias, improve efficiency and increase our underwriting profitability,” said Craig Menzl, President & CEO of FFVA Mutual Insurance Company.
With the InsureRight Platform, Valen is also solving a problem that carriers of all sizes face – not being able to fully access and analyze their own data. Carriers can now take advantage of a wide breadth of analytics and portfolio management features as part of the Manage component of InsureRight, which includes the following:
- Actionable Data – Carriers can now use a rich industry data set to act on trendsin risk quality by comparing actual quotes and bound price levels, and better understand market positioning
- Searchable Inputs – Allows production efficiency to be measured over time and against historical benchmarks
- Enhanced Portfolio Management – High level trend analysis allows carriers to reach ongoing portfolio profitability goals by geography, business unit, agency, underwriter, or other dimensions of interest; carriers have the ability to manage portfolio performance across segments of interest such as territory, class of business, policy size, and more
- Dynamic Reporting and Executive Dashboards – This new analytical tool provides automatically‐updated routine data feeds, giving carrier executives a comprehensive view into their overall market position, portfolio risk, and prediction‐indicated profit and loss; InsureRight Platform is highly flexible, configurable, and provides a richness of data and interactive drill‐throughs,from summary information down to individual policy term information
- Predictive Analytics – The InsureRight Platform continues Valen’s predictive analytics and scoring functionality and provides users with detailed context on individual predictive scores and performance indicators against actual results
- Visualization – Carriers leveraging predictive scores at the transactional level will have access to state‐of‐the‐art visual analytics for model monitoring and performance, model usage, and adoption metrics
“As insurance carriers seek to profitably grow their business in today’s challenging marketplace, predictive analytics is becoming more widely accepted as a key strategic tool for integrating advanced data, risk selection and pricing,” said Donna Grier, Vice President of Underwriting for FFVA Mutual Insurance Company.