Farm Bureau Financial Services has been recognized with a Celent Model Insurer Award within the data mastery and analytics category for its workers’ compensation predictive analytics initiative.
Farm Bureau has made loss-ratio improvements and enhanced risk-based pricing, using Valen’s InsureRight, to help underwriters more accurately analyze risk and achieve better results.
“We are thrilled that Celent has recognized our innovative use of technology to improve the risk assessment processes,” said Steve Wittmuss, commercial VP for Farm Bureau Financial Services. “Workers’ compensation is one of the most unpredictable lines of business, so it’s crucial that we use the most advanced predictive-analytics technology to enhance the accuracy of our risk-based pricing.”
Celent recognizes organizations that demonstrate the year’s top technology initiatives through its annual Model Insurer Awards Program. Each submission was independently reviewed for quantitative success measures, degree of innovation, technology or integration excellence and best practices.
”Predictive analytics has the potential to transform an insurance carrier and is an area with tremendous activity in the industry,” said Karlyn Carnahan, Research Director with Celent’s Insurance Group. “Farm Bureau’s use of predictive analytics in Workers’ Compensation stands out for the significant results they achieved using models to improve the underwriting process.”
