Denver, CO – Valen Analytics® recently announced a new customer engagement with Acuity®, A Mutual Insurance Company, a nationally recognized property and casualty insurer that manages over $3.5 billion in assets. Acuity will utilize the Predict and Manage applications of Valen’s InsureRight® Platform for workers’ compensation. The Predict application provides underwriters with a predictive analytics tool to make more informed and consistent decisions surrounding risk quality, selection and pricing. The Manage application provides leading indicators of overall performance, so insurers can positively manage their portfolio and underwriting results.
“Acuity prides itself on equipping our underwriters with the best tools on the market that provide the most actionable insights,” said Pat Tures, Vice President of Acuity’s Actuarial & Strategic Information. “Valen’s InsureRight platform will be invaluable to help elevate our risk selection and pricing decisions on renewals and new business, independent from market pressures.”
Workers’ compensation is Acuity’s largest line of business, representing 31% of commercial lines total premium and nearly a quarter of total company premium, making it crucial to the company’s overall success. The implementation will enable underwriters to make faster and more informed decisions, improving the overall bottom line.
“In the process of selecting which partners to work with, we ensure that their values match our own,” said Ed Warren, Acuity’s Vice President of Commercial Lines. “We found Valen’s perspective on analytics is very aligned with ours. Decisions cannot be made by the model alone, but are optimized when model results can be paired with an underwriter’s unique insights.”
Acuity’s implementation of Valen’s custom-built predictive model on the InsureRight Platform will integrate directly into the underwriter’s workflow, allowing for real-time decision support for quicker and more accurate risk assessment of individual policies.
“Acuity understands the fundamental importance of using analytics as a means to enhance an underwriter’s ability and not replace it,” said Dax Craig, CEO of Valen Analytics. “We are excited to work together to help Acuity utilize our analytics platform and gain a competitive edge in their workers’ compensation business.”
Source: Valen