Brookfield, Wis. — Fiserv Inc., a Brookfield, Wis.-based provider of technology solutions, and Denver-based Valen Technologies Inc., which concentrates on predictive analytics for the P&C insurance industry, announced a strategic alliance to offer real-time predictive underwriting capabilities to Fiserv insurance carrier clients to enable more effective risk selection and pricing.
“By partnering with Valen, Fiserv brings clients the opportunity to improve underwriting discipline, consistency and results, helping insurance carriers better match premium and risk,” says Gary Sherne, president of the Fiserv P&C Solutions division. “Rather than relying solely on subjective and intuitive underwriter judgment, Valen’s underwriting solutions use proven, predictive analytics science to objectively pinpoint the expectation of loss at an individual policy level. In doing so, our customers will be able to select and price risk more effectively.”
The alliance with Valen Technologies was created to provide Fiserv clients with a comprehensive, predictive analytics capability for their Fiserv P&C product suite. Predictive analytics provide important insights into target marketing, risk selection and producer segmentation, while also facilitating straight-through processing via tier placement and micro-segmentation, according to Fiserv. Using multivariate, nonlinear modeling to provide new business insight based on past experience, predictive analytics help carriers better predict future outcomes and make more informed decisions.
“The combination of the Fiserv suite of P&C insurance products and Valen’s predictive analytics capabilities offer carriers an extremely attractive solution to enable not just a highly efficient operating environment, but one that allows them to better analyze their business and make the most informed decisions,” says Dax Craig, CEO of Valen Technologies.
Source: Fiserv Inc.
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