Missouri Employers Mutual to install new predictive modeling tool
Missouri Employers Mutual has agreed to implement Valen Analytics’ predictive modeling platform, InsureRight, to improve risk selection and pricing for new and recurring business, the companies announced.
The workers’ comp insurer will utilize its new custom-built tool to increase straight through processing, shorten turn around time for agents and improve loss ratio, it said. Valen Analytics, now a subsidiary of Insurity, will also grant MEM access to its data consortium available only to its workers’ comp clients.
“Predictive analytics doesn’t just provide an opportunity to write better business, it also allows us to extend improvements to our customers,” said Jim Owen, president and CEO of Missouri Employers Mutual, in a statement. “We consider ourselves a safety company first and foremost, and improvements to our operations like this can be used to fund safety programs for our clients. Additionally, we will use the model to insure more Missouri companies.”