New Customer Adopts both Predict and Manage Applications of Valen’s InsureRight Platform
DENVER – December 15, 2015 – Valen Analytics, a provider of proprietary data, analytics and predictive modeling for property and casualty insurers, today announced a new customer engagement with LUBA Workers’ Comp, one of the largest providers of workers’ compensation insurance in Louisiana with approximately $80 million in direct written premium. LUBA will integrate the Manage and Predict applications of Valen’s InsureRight Platform, allowing for better risk insight of workers’ compensation polices and a greater purview of the market.
“We wanted a way for our underwriters to gain a broader perspective on risk assessment and improve consistency in decision-making for risk selection and pricing,” said Mike DePaul, COO of LUBA Workers’ Comp. “Valen’s platform grants us this ability, and provides a way to manage our underwriting performance in real-time that will help us stay competitive and maintain our position in the industry.”
The InsureRight Platform is powered by Valen’s contributory database, which represents the largest and most robust data consortium specifically built for predictive analytics. Predict gives underwriters the ability to score individual risks with greater precision, as well as the ability to analyze historically loss-free policies for the first time. Manage provides insurers with state-of-the-art visual analytics for real-time model monitoring and performance, allowing them to quantify and forecast which profitable segments of the market should be pursued.
“We are honored to be partnering with LUBA Workers’ Comp to continue the innovative leadership they’ve already demonstrated in the state of Louisiana and the Southeast U.S. for workers’ compensation,” said Dax Craig, CEO of Valen 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 Month. 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 LUBA Workers Comp
Founded in 1991, LUBA Workers’ Comp is a casualty insurance company covering businesses in Louisiana, Mississippi, Arkansas and Texas through select, independent insurance agencies. Specializing in workers’ comp for over two decades, LUBA Workers’ Comp strives to deliver Genuine Dependability with superior customer service and complete claims support. LUBA Workers’ Comp has been rated “A- Excellent” by A.M. Best Co., the world’s leading insurance rating service, since 2003. Learn more about the LUBA difference by visiting lubawc.com.