Carrier Integrates Valen’s InsureRight Platform into Work Comp – Acuity’s Largest Line of Business
DENVER – November 15, 2016 – Valen Analytics®, a provider of proprietary data, analytics and predictive modeling for P/C insurers, today announces a new customer engagement with Acuity®, A Mutual Insurance Company, a nationally recognized property and casualty insurer that manages over $3.5 billion in assets. Acuity will utilize the Predict and Manage applications of Valen’s InsureRight® Platform for workers’ compensation. The Predict application provides underwriters with a predictive analytics tool to make more informed and consistent decisions surrounding risk quality, selection and pricing. The Manage application provides leading indicators of overall performance, so insurers can positively manage their portfolio and underwriting results.
“Acuity prides itself on equipping our underwriters with the best tools on the market that provide the most actionable insights,” said Pat Tures, Vice President of Acuity’s Actuarial & Strategic Information. “Valen’s InsureRight platform will be invaluable to help elevate our risk selection and pricing decisions on renewals and new business, independent from market pressures.”
Workers’ compensation is Acuity’s largest line of business, representing 31% of commercial lines total premium and nearly a quarter of total company premium, making it crucial to the company’s overall success. The implementation will enable underwriters to make faster and more informed decisions, improving the overall bottom line.
“In the process of selecting which partners to work with, we ensure that their values match our own,” said Ed Warren, Acuity’s Vice President of Commercial Lines. “We found Valen’s perspective on analytics is very aligned with ours. Decisions cannot be made by the model alone, but are optimized when model results can be paired with an underwriter’s unique insights.”
Acuity’s implementation of Valen’s custom-built predictive model on the InsureRight Platform will integrate directly into the underwriter’s workflow, allowing for real-time decision support for quicker and more accurate risk assessment of individual policies.
“Acuity understands the fundamental importance of using analytics as a means to enhance an underwriter’s ability and not replace it,” said Dax Craig, CEO of Valen Analytics. “We are excited to work together to help Acuity utilize our analytics platform and gain a competitive edge in their workers’ compensation business.”
More information on the InsureRight Platform can be found online at www.valen.com.
About Valen Analytics
Valen Analytics is a provider of proprietary data, analytics and predictive modeling for property and casualty insurers. We work with insurers who are actively looking to utilize modern approaches to pricing, risk selection, claims triage, and premium fraud. Our customers are focused on increasing competitive pressures, fighting adverse selection with innovative solutions, and raising awareness for the impending “experience gap” with initiatives such as Insurance Careers Movement. Our customers span many lines of business including Homeowners, Personal Auto, Workers’ Compensation, Commercial Auto, Commercial Package, Commercial Property, and BOP. Learn more about Valen at www.valen.com.
Acuity, A Mutual Insurance Company, headquartered in Sheboygan, Wisconsin, is a property and casualty insurer that operates in 25 states, generates over $1.3 billion in revenue through 1,000 independent agencies, and manages over $3.5 billion in assets. Named the #2 large company to work for in America, Acuity employs over 1,200 people. For more information, visit www.acuity.com.