Commercial Insurer Leverages the Predict Application of the InsureRight Platform
DENVER, COLORADO – May 27, 2015 – Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help insurers manage and drive underwriting profitability, today announced a new customer relationship with Frank Winston Crum Insurance Company (FWCI), a commercial insurance carrier that specializes in providing reliable and affordable workers’ compensation and general liability for small to mid-sized businesses. FWCI will be utilizing the Predict application of Valen’s InsureRight platform in order to make more informed risk decisions with workers’ compensation policies.
“Valen was a natural choice because of their product capabilities and their implementation approach for establishing a new underwriting norm”, says Matt Crum, President of Frank Winston Crum Insurance. “Valen worked closely with our underwriting and IT teams to explain how the Predict application of the model was developed, how it sources data to accomplish predictive modeling and addressed skepticism among our underwriters related to data integrity. They did a good job training our staff on the use of the software tool set on a day-to-day basis, showing the full value to our team.”
The InsureRight Platform is powered by Valen’s contributory database, the largest and most robust data consortium specifically built for predictive analytics. The Predict application allows FWCI’s underwriters added visibility into each risk – simplifying the underwriting process and allowing for more adequate pricing for both low and high risk policies.
“Investing in a predictive model for your business is only the first step to finding success with predictive analytics,” says Dax Craig, CEO and president of Valen Analytics. “Valen is here to help make sure that FWCI is able to establish the right parameters in profiling risks with our Predict application, and assist in aligning the model with their own risk appetite and pricing guidelines.”
Additional information about the InsureRight Platform can be found at www.valen.com.
About Valen Analytics
Valen Analytics is an advanced data and analytics provider for property and casualty insurance companies. We work with insurers who are actively looking to improve underwriting profits by driving growth and/or lowering their loss ratio. Our customers are focused on increasing competitive pressures, fighting adverse selection with innovative solutions, and raising awareness for the impending “experience gap” in underwriting with initiatives such as Tomorrow’s Talent Challenge. Our customers span many lines of business including Homeowners, Workers’ Compensation, Commercial Auto and Telematics, Commercial Package, Commercial Property, and BOP. Learn more about Valen at www.valen.com.
About Frank Winston Crum Insurance Company
Frank Winston Crum Insurance Company is a commercial insurance carrier that specializes in providing reliable and affordable workers’ compensation and general liability for small to mid-sized businesses. FWCI conducts business in 36 states through a network of independent agents, and through an affiliate relationship with FrankCrum, a professional employer organization. Since April 2003, FWCI has earned a reputation of integrity by adhering to a simple but deep commitment to “doing the right thing for the right reason.” This commitment is evident in FWCI’s practices in workplace safety and health, managing claims and associated costs, returning employees to work and fighting fraud and abuse. Additional information can be found at www.frankcruminsurance.com.