Valen Analytics has unveiled a new, expanded version of the InsureRight Platform.
According to the company, the system is designed to offer statistically valid portfolio insights that insurers can distribute to individual underwriters in simple, easy-to understand language, Valen said. Performance metrics and portfolio risk characteristics can be derived using a carrier’s own data in combination with Valen’s contributory data set, reducing selection bias inherent in making decisions solely on their own experience.
“We have a proprietary data set built from information which carriers do not have access to on their own,” said Dax Craig, president and CEO of Valen Analytics. “By opening up our contributory and anonymous database to the industry, we’re helping carriers avoid the selection bias that can occur when they use their own data for analysis purposes. No single carrier, no matter how large, has detailed policy and claims data on the policies they did not write. As a result, it has been very difficult for underwriters to be both consistent and accurate in pricing and risk selection.”
The InsureRight Platform is comprised to two halves, according to Valen: The Manage suite offers comprehensive portfolio management capabilities, while the Predict component continues to offer transactional model deployment for risk selection and pricing accuracy, transforming how underwriters interact with predictive scores.
The InsureRight Platform is designed to help insurers identify pockets of pricing inadequacy and redundancy, enabling them to leverage Valen’s proprietary industry data and loss-ratio predictions across their own book of business, and spot trends in their in-force book and make adjustments to market positioning, schedule rating, underwriting appetite and risk selection, Valen said. The Valen Analytics database includes more than 20 million policies scored using predictive models, presenting a platform to help carriers achieve underwriting profitability.
“Implementing the InsureRight Platform company-wide allows us to use data, analysis and systematic reasoning to reduce risks, decrease selection bias, improve efficiency and increase our underwriting profitability,” said Craig Menzl, president and CEO of FFVA Mutual Insurance Company.
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