Overland Solutions Inc. and Valen Technologies announced a partnership where the companies will help workers’ compensation and general liability insurers to battle premium leakage.

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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