Building on InsureRight 1.0, a product that made predictive analytics accessible for small and mid-size carriers, InsureRight 2.0 introduces first-to-market capabilities, including a premium impact model, portfolio management and production monitoring reporting, says Valen. Also included are improved class fit analysis and multi-state scoring capabilities. InsureRight is designed to help workers’ compensation underwriters make dramatic loss-ratio improvements and more accurately set risk-based pricing with a quick turnaround time.
Valen says InsureRight makes predictive data accessible to underwriters, so that they can better assess and price risk on each policy in their books of business. Valen provides a proof-of-concept benchmark that demonstrates to carriers how predictive analytics will perform on their book of business, in advance of making a purchasing decision. InsureRight delivers on average a 5.4 loss-point reduction for Valen customers.
