Valen Technologies, a predictive analytics provider for P&C insurers, released a new product for homeowners insurance carriers, called
PropertyRight is a set of highly predictive models that identify potentially problematic policies and present carriers with an insurance-to-value score, a condition and liability hazard score, and an optional inspection type recommendation. According to Valen, this policy-level information is calibrated to a carrier’s book of business and can then be used to prioritize which policies to inspect for both new and renewal business, and set optimal selection threshold rules for ordering inspections.
“With an average combined ratio of 113 percent for homeowners over the last several years, carriers need better solutions to manage risk,” says Dax Craig, president and CEO of Valen Technologies. “PropertyRight solves a fundamental issue that homeowners carriers face in not knowing with certainty, the condition or value of many of the homes they insure.”
A top-five carrier is amongst the first to use this solution, according to Valen, which is designed to better informs carriers on how to underwrite the homes they insure.
In six months, according to a release from the company, Valen has scored nearly 1.5 million policies with a current run rate of over 12,000 policies per day. That type of efficiency can enable PropertyRight’s real-time predictive analytic power to be plugged directly into a carrier’s point-of-sale web applications, enhancing a carrier’s customer service and quote accuracy.
