Denver, CO – Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help insurers manage and drive underwriting profitability, has announced a new customer engagement with Falls Lake National, a property and casualty insurer that underwrites specialty insurance products in more than 40 states in the United States. Falls Lake will utilize the Manage and Predict features of Valen’s predictive modeling solution, the InsureRight Platform, for a holistic view of the potential risk associated with workers’ compensation policies.
“Commercial lines underwriting is becoming increasingly sophisticated and competitive. It is no longer sufficient for an insurer to simply have a staff of bright people making underwriting decisions, when those decisions are guided by underwriting rules that may not be grounded in current credible data,” said Steve Hartman, CEO and president at Falls Lake National. “Valen provides us with leading edge analytics that our underwriters can use to augment their expertise, differentiate among risks within a given class code, and better match exposure to price charged on the risks we insure.”
The InsureRight Platform is powered by Valen’s contributory database, which represents the largest and most robust data consortium specifically built for predictive analytics. Predict gives underwriters enhanced visibility into individual risks with predictive scores. Manage provides insurers with a broader market view, allowing them to quantify the benefits they are seeing and forecast profitable segments of the market to pursue.
“Valen products are customizable to fit a carrier’s own history and marketplace, supplementing the insurer’s own data”, remarked Hartman. “This tool set will broaden our capability to assess policy risk on multiple levels, and to augment management of the overall portfolio including underwriting practices, rate level management, claims, loss control and even reinsurance purchasing. By putting the best available technology into the hands of our underwriters, we are better positioned to have sustainable underwriting performance throughout a market cycle.”
According to Dax Craig, CEO and President of Valen Analytics, “data and analytics help insurers understand where they are in the market today and specifically how they can improve in the future. Matching the price to the risk is key because profits can be found everywhere if you know where to look, even in higher risk business. We applaud Falls Lake for empowering their underwriters and recognizing that the human element of adopting analytics is just as important as the tools themselves.”