Denver, CO -(BusinessWire)- Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help all insurance carriers manage and drive underwriting profitability, has announced an expanded partnership with KESA, The Kentucky Workers’ Compensation Fund. The not-for-profit fund will leverage Valen’s newly announced full-featured InsureRight Platform to improve underwriting performance and ensure its customers are receiving optimal workers’ compensation coverage.
“We want our team to have the latest tools so that we can better serve our customers and make the best decisions possible,” said Gregory L. Buie, Chief Executive Officer of KESA. “By adding portfolio management capabilities, Valen has enabled us to compare our performance to the industry and maintain a competitive edge in today’s underwriting.”
Launched in April 2013, the InsureRight Platform is an industry first that combines predictive modeling, industry data, portfolio management and business intelligence tools to proactively spot trends in carriers’ book of business. As part of the expanded engagement, KESA will be utilizing the two components of the InsureRight Platform – Predict and Manage.
The Manage component of the InsureRight Platform provides carriers analytics and portfolio management features to assess performance and leverage proprietary industry data from Valen’s contributory and anonymized database. KESA can use this empirical industry data to react quickly on trends in risk quality by comparing actual quotes and bound price levels, and to better understand market positioning.
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. In addition to the Risk Model and Misclassification Model, KESA is adding the third predictive model in Predict, Valen’s proprietary Premium Impact Model, which improves customer service by allowing underwriters to identify policies that need premium adjustments for better coverage, whether that means lowering premium or adding coverage if necessary.
“In the several years we’ve worked with KESA, we’ve always been impressed with its continued commitment to innovation and leadership within the industry,” said Dax Craig, President and CEO of Valen Analytics. “They are among the leaders in commercial line carriers who are now rapidly adopting data and analytics to increase visibility into their portfolio, manage performance and inform pricing strategies.”
Source: BusinessWire