Baldwin & Lyons, a P&C insurer for trucking and transportation that offers workers’ compensation for all businesses, has selected the InsureRight Platform. InsureRight is a product of Valen Analytics, a company offering data, analytics and predictive modeling to help insurers manage and drive underwriting profitability.
Baldwin & Lyons will use the Predict application within InsureRight to offer underwriters insight into the potential risk associated with workers’ compensation policies. The platform offers portfolio management capabilities and transactional model deployment for risk selection and pricing accuracy.
Baldwin & Lyons selected the InsureRight Platform to assist in an upcoming initiative to extend business into new territories and use a focused approach to underwriting. As a Valen customer, Baldwin & Lyons will be able to price policies by leveraging a large workers’ compensation data consortium. Insurers must grow into new segments while maintaining an underwriting profit, Valen said.
“We recognize the benefits that Valen’s predictive models will provide us as we broaden our risk appetite and expand into new states,” said John Mitchell, SVP of underwriting. “As a growing business, we recognize the need to take a more focused and consistent approach in our underwriting, utilizing more data than just our own to help manage risks in areas where our data is limited.”
