Denver, CO – Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help insurance carriers manage and drive underwriting profitability, has been sought out by seven insurers within just eight weeks following the launch of InsureRight Platform. These new and expanded customer engagements total $2 billion in workers’ compensation premium being added to Valen’s contributory database. This activity shows substantial momentum in the adoption of analytics with commercial lines and an industry-wide investment in solutions to increase underwriting profitability.
The speed with which these carriers have adopted Valen’s solution is a key indicator of the rapid uptake in the use of advanced data and analytics in commercial lines – an area that has historically lagged behind personal lines. This level of collaboration from the industry to build a contributory database clearly demonstrates that Valen’s analytical offerings are increasingly recognized as an industry standard in workers’ compensation underwriting. Individual customer announcements will follow, highlighting how carriers leverage InsureRight Platform to lower loss ratios.
At its launch in May 2013, the InsureRight Platform was recognized as the first solution to combine predictive modeling, industry data, portfolio management and business intelligence tools to proactively spot trends in carriers’ book of business. 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.
“Just as an average credit score on a portfolio of loans is an indicator of that portfolio’s overall health, carriers can now evaluate their portfolio with Valen’s industry standard measure of risk quality,” said Dax Craig, President and CEO of Valen Analytics. “Our portfolio management tools combined with predictive scores and contributory data provides a common language around risk quality for underwriters, actuaries and agents.”
The InsureRight Platform is made up of two components – Manage and Predict. The Manage component provides carriers analytics and portfolio management features to assess performance and leverage proprietary industry data from Valen’s contributory and anonymized database. Predict offers an improved experience for underwriters as they interact with predictive scores. It provides enhanced visibility into individual risks and reduces data input requirements, making workflow more efficient.
The new portfolio and industry visibility provided by the addition of the Manage component helps underwriters, managers and executives find tangible proof of the return on investment in using predictive analytics, along with specific actions they can take to improve their overall risk quality.
“We’ve taken the ‘black box’ out of predictive analytics by providing the appropriate context and additional insights that make using these sophisticated tools more real and actionable for carriers,” adds Craig.