Work Comp Carrier to Use Both Valen’s Predict and Manage Applications
DENVER – August 23, 2017 – Valen Analytics®, an Insurity company, and provider of proprietary data, analytics and predictive modeling for P/C insurers, announces a new customer engagement with Risk Administration Services (RAS), one of the largest writers of workers’ compensation in the upper Midwest. The insurer will leverage both the Predict and Manage applications of Valen’s InsureRight® Platform to improve underwriting and more accurately forecast the health of their book of business.
The Predict application provides underwriters with an analytics tool to make quicker and more informed decisions on risk selection and pricing for new and renewal policies. The Manage application provides advanced business intelligence capabilities including predictive indicators of overall performance, so that insurers can make forward-looking decisions on their portfolio and underwriting results.
“RAS selected Valen Analytics because of their expertise in the workers’ compensation business and their belief that combining underwriting expertise with predictive analytics enhances decision making,” said Robert Sobocinski, SVP Underwriting. “Utilizing this solution will help us drive profitable growth, expand distribution, and seize marketplace opportunities. Valen’s Manage application represents a significant enhancement of our data analytics capabilities to measure outcomes and drive strategies that will benefit both RAS and our customers.”
RAS’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 faster and more accurate risk assessment of individual policies, as well as speed to market. The business intelligence tool, Manage, will allow them to see the effects of their overall underwriting decisions in advance and adjust as necessary.
“The combination of both applications of the InsureRight platform puts RAS in the best possible position to underwrite business that makes sense for them and strategize for the future without needing to succumb to market pressures,” says Dax Craig, CEO of Valen Analytics. “Our platform supports two of the most important components to insurance innovation: better decisions and the ability to see the outcome of those decisions ahead of time.”
More information on the InsureRight Platform can be found online at www.valen.com.
About Valen Analytics
Valen Analytics, an Insurity company, provides 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 Risk Administration Services (RAS)
RAS is one of the largest writers of workers’ compensation insurance in the Upper Midwest, and the No. 1 writer of workers’ compensation in the state of South Dakota. RAS has a A- rating by A.M. Best and are locally owned with headquarters in Sioux Falls, SD, and an office in Eagan, MN. For more information on RAS please visit rascompanies.com.