All year, we’ve continually asked ourselves the same question: “On New Year’s Eve, what will we be celebrating at the stroke of midnight?”
2017 has been full of opportunity, growth, challenge and new trajectories and gives us much to be proud of. And so much of it is thanks to you.
Here are a few of Valen’s 2017 greatest hits:
The Insurity Acquisition
The Insurity acquisition happened in January and represents the start of an exciting new chapter for Valen. This provides Valen with more depth and breadth, to service both our/ Insurity clients as well as prospective ones. As we look to 2018, product innovation is at the forefront for Insurity and there will be several key announcements in the coming months.
Insurance Careers Movement
Valen is an original founder, and one of the biggest supporters, of the Insurance Careers Movement. The movement is exploding! And gaining interest at a rapid speed, with nearly 850 organizations currently involved. If you haven’t seen it yet, it was even covered on the front page of the Wall Street Journal!
The third annual Insurance Careers Month in February 2018 is being launched with another CEO Town Hall featuring Brian Duperreault, Inga Beale, Dan Glaser, Pina Albo and many more. A.M. Best is hosting this global event on Feb. 1st at noon EST. Registration opens next week, so please sign up on the website to receive the invite.
The fourth annual Valen Summit, held in beautiful Vail, Colorado was a rousing success. The Summit helps executives lead their organizations in the cultural revolution happening within insurance, as the industry moves toward becoming analytically-driven and making better-informed decisions by leveraging advanced data analytics. We look forward to the end of February when we will be holding the fifth annual Summit in Winter Park, Colorado.
Valen Client Success
Over the year we’ve seen lots of exciting client developments. The most important yardstick for us is delivering measurable outcomes for our clients. Each year, we publicly release a 5-year ROI study. This year, 16 work comp carriers were included, representing over $1.76 billion in premium. While the overall work comp market has been improving, Valen clients crush the industry average in both loss ratio improvement and premium growth. Our clients’ accident year loss ratio improved 1.9x compared to the industry, while their direct written premium grew 2.9x (53% vs 19% growth for the industry overall.)
We also continued to grow and serve more clients in work comp and commercial auto. We’ve entered new markets including medical stop loss, claims, data, and we’ve begun offering our InsureRight platform to support clients who are deploying their own models. We helped launch Pie Insurance at InsureTech Connect which was an incredibly dynamic experience.
In light of all these exciting events, it’s important to look forward and we would be remiss to not mention some of the more difficult aspects of the year. 2017 brought a series of natural disasters that devastated communities and left people to rebuild their lives. This poses a challenge for insurers moving forward, who provide an important service allowing businesses and consumers to thrive and take risks with a safety net when they need it.
2017 was certainly busy, but we look forward to 2018 and what the year will bring. We’ve already released our 2018 Outlook Report which discusses the divide that exists in the Industry. What is the divide in our industry and why does it matter? Check out the report for yourself!
Overall, at midnight, we will be clinking our glasses to you. Thank you for your support. Thank you for looking to Valen in 2017 to not only support your business initiatives, but also as a thought leader. As a trusted partner, and as a friend. We wish you and your families a happy, healthy 2018!