P&C insurance predictive analytics provider Valen Technologies will provide its InsureRight product to Donegal Insurance Group. InsureRight is described as a foundation upon which Donegal can more accurately price its current book of business.
“We like the collaborative approach Valen uses in working with their clients," said Chet Szczepanski, VP and Chief Actuary, Donegal Insurance. "Better yet, this is not a drawn out engagement that keeps us reliant on expensive consulting engagements. Rather, Valen provides strategic tools we can incorporate into our core underwriting processes for the long-term.”
InsureRight allows underwriters to score policies on two fronts. First, carriers can more efficiently identify risks for new and renewed policies and price according to risk in order to improve loss ratio performance. Second, they can identify policies that are likely misclassified and provide agents and underwriters with the ability to correct exposure misclassification prior to providing final pricing. Both of these scores, according to Valen, facilitate a quick turnaround time and the ability to positively impact a carrier’s overall pricing accuracy.
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