Exton, Pa. and Denver — Millbrook Inc., a provider of P&C insurance business intelligence and data services, and Valen Technologies Inc., announced that they have partnered to provide an end-to-end predictive analytics solution targeted specifically for the property/casualty industry.
Valen chose to partner with Exton, Pa.-based Millbrook due to their depth of experience in extracting, transforming and loading data from multiple sources and insurance vendor systems; rich business intelligence capabilities; and deep knowledge of P&C insurance, Valen says.
"A Millbrook and Valen partnership provides both companies an opportunity to have complete end-to-end business intelligence solutions that will help P&C insurance companies segment risk more granularly and price policies more effectively," says Dax Craig, Valen's CEO.
Millbrook found Denver-based Valen an attractive partner due to their unique subscription service approach that makes predictive modeling affordable for a broad spectrum of company size and diversity, according to Valen.
"The ability to wring every drop of knowledge from a combination of a company's internal data and external data is strategically differentiating," says Millbrook VP John Search. "It is creating a playing field of have and have-nots among insurance carriers, where those with the best business intelligence will win, and those with little to none will not survive. Millbrook knows insurance and knows how to make insurance information meaningful and actionable through our products and services. Adding predictive analytics to those through our partnership with Valen provides insurance carriers with an exciting new level of maturation at a price they can afford."
"In the rapidly changing and highly competitive soft market most insurance companies find themselves, it no longer is a question of 'if' they will adopt business analytics or even 'when,'" says Mark Gorman, principal of St. Paul, Minn.-based Mark B. Gorman & Associates LLC. "It's now a question of how fully they can commit to leveraging the data they touch every day to gain market insight and improve market positioning. Collaboration among provider organizations in order to expand the functional agility provided, streamline implementation and integration and shorten the time for adoption is clearly the wave of the future. Valen and Millbrook are riding that wave."
Source: Valen Technologies Inc.
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