Hawaii Employers’ Mutual Insurance Company Inc. will use InsureRight, a platform from Valen Analytics, a provider of proprietary data, analytics and predictive modeling.
Valen said the InsureRight Platform combines predictive modeling, industry data, portfolio management and business intelligence tools to spot trends in carriers’ books of business. HEMIC will be using the two components of the platform: “Predict” and “Manage.”
The Manage component allows carriers to assess performance and leverage proprietary industry data from Valen’s contributory and anonymized database. The Predict component allows underwriters to interact with predictive scores, providing visibility into individual risks and reducing data input requirements. Two predictive models are available in Predict Misclassification and Premium Impact which support underwriting and audit processes by identifying the potential for exposure misclassification.
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