CompWest Insurance Co., an operating company of Accident Fund Holdings Inc., will implement InsureRight, a predictive analytics solution from Valen Technologies, a P&C insurance predictive analytics provider. CompWest will be enabled to assess new growth opportunities and more accurately price their current book of business.
According to Valen, InsureRight allows underwriters to score policies on two fronts. First, carriers can more efficiently identify risks for new policies as well as renewals, and price according to risk in order to improve loss-ratio performance. Second, they can identify policies likely to have misclassified exposure, providing agents and underwriters the ability to correct exposure misclassification prior to final pricing. These facilitate a quick turnaround time and the ability to positively impact a carrier’s overall pricing accuracy.
“As pricing firms up in the workers’ comp line, we believe the carriers best able to capitalize on the next part of the market cycle will be those who can understand loss cost trends and deploy their capital accordingly,” says Chris Folkman, managing director of CompWest Insurance Co. “We performed a blind test of InsureRight’s output against our actual loss results, and the model accurately sorted our insured risks.”
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