Carrier Adopts Predict Application of Valen’s InsureRight Platform
DENVER – July 26, 2016 – Valen Analytics, a provider of proprietary data, analytics and predictive modeling for P/C insurers, today announces a new customer engagement with Island Insurance, Hawaii’s largest locally-owned property and casualty insurer. Island will utilize the Predict application of Valen’s InsureRight Platform for workers’ compensation, providing their underwriters with improved visibility into risk selection and pricing on new and renewal policies.
“In order to maintain a leadership position in today’s highly competitive market, we are constantly striving to improve our underwriting performance,” said John Schapperle, President and Chief Executive Officer of Island Insurance Companies. “The analytics technology provided by Valen will be a vital tool to improving our pricing models, as well as our overall efficiency.”
Valen’s custom-built predictive model for Island’s unique portfolio and specific business needs is hosted on The InsureRight Platform. Its Predict application will allow Island Insurance to analyze individual policies with superior accuracy, providing consistency among underwriters and enabling them to make more informed decisions on which policies require the most attention. Additionally, by providing policy information at the point of decision, underwriters will improve their ability to respond to agent requests, and therefore service policyholders much faster.
“Adopting analytics to make quicker and more accurate decisions in underwriting is key to meeting the rising expectations of the policyholders and the agents that need to service them,” said Dax Craig, CEO of Valen Analytics. “As the market continues to become more sophisticated and highly competitive, we applaud Island Insurance for recognizing this momentum and providing their business with the necessary modern underwriting tools.”
The InsureRight Platform is powered by Valen’s contributory database, which represents the largest and most robust data consortium built for predictive analytics. More information about 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.
About Island Insurance
Island Insurance Company, Ltd. is Hawaii’s largest locally-owned insurance carrier, offering a full range of property and casualty protection. Founded in downtown Honolulu, Island Insurance has been serving Hawaii’s families and businesses for over 75 years and is the only Hawaii-based company to be recognized as one of the Top 50 property & casualty insurer in the nation by the Ward Group for nine consecutive years. Island Insurance holds a financial strength rating of “A” (Excellent) from A.M. Best Company. For more information, visit www.islandinsurance.com.