InsureRight is specifically designed for those workers’ compensation insurers that recognize the value of predictive analytics, but have been unable to take advantage of the technology’s powerful capabilities due to data, budget, resource or expertise constraints, says Valen. As a cloud based, Web-enabled predictive analytics solution, InsureRight requires no immediate carrier data, is priced with a transaction-based pricing model and requires no carrier IT resources, Valen says, enabling carriers to gain immediate benefits from predictive analytics.
InsureRight provides underwriters both a Risk Score and a Misclassification Score. The Risk Score uses a predictive model built with policy and claims information from more than 2 million unique policies, and the Misclassification Score uses a predictive model built with pre- and post-audit policy information from more than 2 million audit records, says Valen.
