It’s the time of year where things start to wind down. With Thanksgiving kicking off the holiday season, it’s a good time to reflect on the year and what we are grateful for.
When I look at the industry, I think of a handful of things.
There is a lot of disruption hitting insurance, much of it focused on improving the customer experience. Customer centricity means greater transparency, better touchpoints, and better methods of digesting complicated concepts.
The industry now has the chance to step up, and I’m grateful for this growing commitment to the customer. Companies listening, differentiating and delivering means a relationship that goes far beyond a claim.
Pushing the Envelope
This year, our annual ROI study found that 16 of Valen’s work comp clients have experienced 53% growth in premiums (three times better than the industry) and a 25-point reduction in loss ratio (two times better than the industry). This demonstrates our customers’ committment to being strategic, getting ahead of the curve and successfully adopting data-driven technologies.
We’ve been able to help our customers achieve these targets. But we’ve also been able to help new entrants. Pie Insurance, which Valen helped launch last month at InsureTech Connect, is one such example. While Pie is spearheading an all- digital experience for purchasing work comp insurance, they leverage the application of data driven technologies to provide transparency and to revolutionize commercial lines.
I’m grateful for the many different companies that continue to push the envelope to make a difference.
Values are important. They drive what we do, how we behave, and what we stand for. As a matter of fact, one Silicon Valley study found 100% of value-driven companies succeed.
I have always believed in values, and built Valen in the same way. When we were acquired by Insurity in January, it was natural fit because our values heavily align. For example, the commitment to move mountains – to have the courage to take on big challenges, work as a united team, overcome obstacles with urgency and satisfy the needs of customers is important. And equally, doing the right thing and being open, honest and transparent, is a golden rule for our customers, partners and co-workers.
I’m grateful that we are in business because of these values, and that we do business with those that share the same mindset.
Taking Care of People
No question, it’s been a challenging year for insurers. With the pain experienced by Harvey, Irma and Maria, getting policyholders’ lives back on track is no easy feat.
While the extent of damages has not been fully assessed, insurance exists for the sole purpose of sharing risk. This provides people with a safety net to own cars, homes, start businesses ect. When a disaster strikes, this is the most visible of insurance applications, in doing good and getting people back on their feet.
I’m grateful that insurance can sustain itself, but can also take care of people when they need it most.
I’d love to hear what you are grateful for this time of year. Feel free to find me on LinkedIn and share your thoughts. I encourage you to think of the ways that you can make a difference both this holiday season, and on to 2018. Wishing you and yours a Happy Thanksgiving!
About the Author:
Dax Craig is the CEO and president of Valen Analytics®, an Insurity company, and provider of proprietary data, analytics and predictive modeling for P/C insurers. Valen leverages its large contributory data assets to help carriers price insurance policies more accurately and achieve lower loss ratios. Prior to founding Valen in 2004, Dax was founder and CEO of Xertex Technologies, which was acquired by a global leader in the wireless antenna industry, Centurion Wireless. Dax proceeded to serve as vice president of global business development at Centurion, where he was directly responsible for global business development including sales, market definition, market segmentation, market research, strategic planning, and market development. Dax graduated from the University of Tulsa with a bachelor’s degree in business administration and marketing. He earned his MBA in finance from the University of Colorado at Boulder.
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