Valen’s InsureRight® Platform Improves Underwriting Profitability
Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help insurers manage and drive underwriting profitability, has announced a new customer engagement with Alabama Self-Insured Worker’s Compensation Fund (The Fund). The Fund is one of the largest workers’ compensation providers in the state, covering more than 2,750 Alabama employers with insured payrolls in excess of $6 billion. As a new customer, they will use the Predict features in Valen’s InsureRight Platform to give underwriters more confidence when pricing policies and maintain a competitive edge.
“In order to grow and remain competitive, we must price risks accurately,” said Freda Bacon, Administrator for The Fund. “Predictive analytics helps us achieve that. Workers’ compensation is a long tail line of business, and we value Valen as a partner for providing the insights to make profitable decisions at the critical point of underwriting. This success has allowed us to stay proactive in the market while retaining our best business.”
The Predict application in the InsureRight Platform allows The Fund to analyze individual policies with superior accuracy, providing real-time insights to underwriters when they are pricing new and renewal policies. Because Predict is built using a diverse and robust data set, the predictive models also help insurers protect their market share with forward-looking analytics.
“The Fund is an innovative leader in the workers’ compensation space, and we are proud that they are taking the necessary steps to improve results and inform their future growth,” said Dax Craig, CEO and President of Valen Analytics. “In addition to greatly improving their underwriting results, The Fund is ‘future-proofing’ their business by combining the knowledge of their most tenured underwriters with analytics, allowing the entire organization to leverage their best data on individual risks.”
The InsureRight Platform offers comprehensive portfolio management capabilities and transactional model deployment for risk selection and pricing accuracy. More information can be found online 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 & Telematics, Commercial Package, Commercial Property, and BOP. Learn more about Valen at www.valen.com.
About Alabama Self-Insured Worker’s Compensation Fund
Alabama Self Insured Worker’s Compensation Fund (The Fund), founded in 1978, is renowned for its excellence in workers’ compensation services. The Fund is the largest self-insured workers’ compensation group fund in Alabama and provides workers’ compensation coverage for participating members. Through an arrangement with its excess carrier, Midwest Employers Casualty Company, employer’s liability coverage is provided through an affiliate insurance company. Also through a special arrangement with Sentry Insurance Company, coverage for approved operations of member companies is provided for out of state exposures. The Fund is sponsored by the Business Council of Alabama. For more information about The Fund, visit http://www.workerscompfund.org.