Denver, CO – Insurity company Valen Analytics recently announced that Missouri Employers Mutual (MEM), an insurer specializing in workers compensation, is leveraging Valen’s ClaimsRight® solution to develop a claims model that employs data science and predictive analytics to identify insurance claims with the potential to escalate in severity. The model generates a claims risk score enabling MEM’s claims team to drive the best intervention protocols, with insights that improve decision-making throughout the claims lifecycle.
With better predictive indicators into potential problematic claims, the MEM claims team can now ensure efficient handling of claims, better management of anticipated losses, and improved claim outcomes through optimal resource assignment. The solution presents MEM’s claims team with an alternative to reliance on business rules built around triggers that are only accessible well into the development of a claim.
“After successful innovations in underwriting, we were looking to make an impact on the claims side of our business,” said Ted Jeffries, Director of Claims at MEM. “Our partnership with Valen allows us to equip claims staff with a metric they can use to identify potential high-loss claims early in the life cycle, then add our expertise to make real-time decisions that mitigate losses quickly and effectively.”
“Our extensive background in data, analytics and predictive insights aligns perfectly with MEM’s data-driven vision,” said Kirstin Marr, President at Valen. “Our collaboration not only ensures effectiveness for their seasoned claims team, but also delivers insights on underwriting that create a feedback cycle for a better-informed end-to-end process.”