The companies said that by combining Overland’s Underwriting Exposure Verification (UEV) services with Valen’s latest predictive analytics program, RateRight, they will offer insurers higher-quality service, better risk management, and the ability to identify fraud and collect unpaid premiums.
“Based on an analysis of 5 million premium audit results, an estimated 45% of workers’ compensation and general liability policies have some form of misclassification,” said Dan Bankson, SVP of analytics at Valen Technologies. “The estimated leakage is about 4%, or approximately $3 billion annually, which needs to be absorbed by the insurance industry.”
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