Utah-based Workers’ Compensation Insurer will leverage Valen’s InsureRight Platform to Bolster Risk Selection and Pricing
DENVER, CO – January 23, 2018 – Valen Analytics®, an Insurity company, and provider of proprietary data, analytics and predictive modeling for P/C insurers, today announced that workers’ compensation insurer, Utah Business Insurance Co. (UBIC), selected their InsureRight® Platform to modernize underwriting capabilities. UBIC will utilize the Predict application of Valen’s platform to provide underwriters with increased visibility in risk selection and pricing, allowing them to make improved policy decisions with more efficiency.
“As a growing workers’ compensation company, it is imperative that UBIC be in the forefront of InsurTech,” said Ron Nielsen, CEO of UBIC. “We chose Valen as our partner because we believe Valen Analytics’ principles align with our own. It will help us to achieve profitable growth, and to avoid the pitfalls of traditional class underwriting.”
Valen’s predictive model, built on the InsureRight Platform, will enable the insurer to increase profitability, improve bind ratios, and target new business opportunities. The platform is powered by Valen’s contributory database, representing the most robust purpose-built data consortium for predictive analytics.
“UBIC selected Valen Analytics as our predictive model provider because of their industry experience, knowledge, and customer service,” said Tyler Nielsen, Vice President of Operations at UBIC. “Using our customized predictive model will further improve our underwriting process by helping UBIC to more quickly and accurately respond to our customers’ needs.”
“Workers’ Compensation remains a highly competitive line that requires insurers to innovate their underwriting processes to maintain and grow profitability,” said Dax Craig, CEO of Valen Analytics. “By providing analytically-driven tools to their underwriters, UBIC is in an excellent position to adequately price the policies that suit their risk appetite.”
For more information on Valen Analytics’ InsureRight Platform, visit www.valen.com.
About Utah Business Insurance Company (UBIC)
UBIC is committed to providing a long-term stable solution for workers’ compensation insurance. Solutions include much more than just providing insurance. We also focus on safety, training, and personalized service. We strive to maximize value, promote safety, and provide education to our customers and their employees. Founded by business professionals and friends, we seek to better the insurance environment by offering innovative products and participating actively in governmental affairs. Learn more about UBIC at https://www.utahbic.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.