Momentum in Data & Analytics

Pursuing a better rating? How predictive analytics can help.

It’s no secret that data and predictive analytics can be powerful tools. But they’re most powerful when leadership, strategy, and training come together in alignment on their value and application.

This is especially crucial when an insurer is looking to diversify in order to receive a better independent agency rating. In 2016, Valen’s proprietary research found that nearly 47% of insurers found predictive analytics to be helpful when being evaluated by rating agencies like Fitch and AM Best.

For FHM, they needed to expand product offerings by entering new geographic territories. For 53 years, FMH was a single, monoline carrier writing work comp in Florida. When they decided to expand outside the type of business and location they knew well, they found they needed help in more ways than one.

We often discuss the delicate balance of being a data-driven organization, while managing underwriter intuition and expertise. In FHM’s case, they needed the tools to put emphasis on consistent underwriting performance, risk selection and pricing. But they had to do it in a way that underwriters retained ownership of their decisions while putting consistent processes in place.

Without the right data accessible, combined with the proper training and support, achieving positive results can be a challenge. FHM turned to Valen for help. How did FHM overcome these challenges? And what was the outcome?

To find out, read the full case study here.

 

ABOUT THE AUTHOR:

Kirstin Marr, CMO of Valen Analytics, has a passion for building companies that invent leading-edge technologies to improve customers’ lives and solve the inefficiencies that exist in traditional marketplaces. As the chief brand advocate for Valen Analytics, she helps pave the way for Valen’s clients to lead the innovation initiatives required to compete in today’s marketplace. Before Valen, she ran business-to-business marketing for internet technology pioneer and market leader, ServiceMagic.com (now HomeAdvisor).

Kirstin has a long-standing commitment to philanthropy and community leadership. Most recently, Kirstin is leading the Insurance Careers Movement coalition, a grassroots initiative of more than 850 insurance organizations raising awareness of what insurance has to offer young professionals. She has been involved in several non-profits focused on Science, Technology, Engineering and Mathematics (STEM) education, among other non-profit causes.