Valen Technologies, a data and predictive analytics provider for P&C insurance companies, has partnered with Farm Bureau Financial Services. Farm Bureau will use InsureRight in its underwriting practices for workers’ compensation services in an effort to make loss ratio improvements and enhance risk-based pricing.
Valen says InsureRight was created for workers’ compensation carriers to leverage advanced decision-making capabilities. With InsureRight, underwriters at Farm Bureau can access predictive analytics data to better analyze risk and achieve better results.
Additionally, Farm Bureau is employing Valen’s portfolio management and production monitoring reporting, one of the newest features made available with the launch of InsureRight 2.0 in September 2012, says Valen. The Portfolio Management Reporting functionality delivers a first-to-market suite of reports to identify trends, opportunities and threats in the marketplace in as close to real time as possible. This information allows underwriters, managers and executives to capitalize on market position strengths and opportunities and allocate resources more effectively.
