Workers’ Compensation Carrier Integrates Valen’s InsureRight Platform With Unprecedented Speed-to-Market
DENVER – August 23, 2016 – Valen Analytics, a provider of proprietary data, analytics and predictive modeling for P/C insurers, today announces a new customer engagement with AmFed, a workers’ comp insurer that also provides third party administration services for self-insured groups and individual self-insureds. AmFed will utilize the Predict application of Valen’s InsureRight Platform for workers’ compensation, providing their underwriters with better visibility into risk selection and pricing on new and renewal policies.
Valen’s custom-built predictive model is hosted entirely on the InsureRight Platform and integrated directly into the underwriter’s workflow, allowing for real-time decision support. Since AmFed customers are primarily construction related, Valen’s platform has been crucial in providing data and performance indicators on high hazard class codes. The implementation allows expansion into other areas of business while enabling faster and more informed decisions on those policies.
“At AmFed, we pride ourselves as being a leader in our field and bringing innovative ideas to our customers and clients. We decided that in order to remain competitive in the current insurance environment, we needed a robust predictive analytics tool to help our underwriters analyze risk and project the potential profit,” said Billy Roberts, President and Chief Executive Officer of AmFed. “This was a big investment for us, but we are confident that by partnering with Valen, we can bring our customers even greater value and help us identify the right opportunities in states we are not currently writing coverage.”
As a result of Valen’s consultation and AmFed’s commitment to predictive analytics, completion of the project happened just 45 days after contract signing, compared to internal or consultant-built models that can take nearly 18 months.
“AmFed identified a real need for predictive analytics and was extremely proactive about finding the right partners with which to build a model,” said Dax Craig, CEO of Valen Analytics. “Not only will AmFed improve their competitive advantage through the use of analytics, but the implementation will protect their existing business as well. The market and competitors are becoming more savvy with every passing day, and if traditional carriers hope to follow suit, they must adopt a data-driven mindset.”
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.
AmFed is a leading provider of insurance solutions and has been providing Workers’ compensation coverages since 1993. As a regional, fully-insured insurance company AmFed provides solutions such as Workers’ Compensation insurance in addition to third party administration services for self-insured groups and individual self-insureds. Our managing general agency provides specialty, excess, and surplus lines coverages for personal and commercial insureds. For more information, visit www.amfed.com.