Farm Bureau Financial Services Recognized for Data Mastery and Analytics
NEW YORK, NY – March 25, 2015 – Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help insurers manage and drive underwriting profitability, today announced its client, Farm Bureau Financial Services, was honored with a Model Insurer Award by leading research and advisory firm Celent. Farm Bureau Financial Services was recognized as a Model Insurer within the Data Mastery and Analytics category for its compelling and innovative workers’ compensation predictive analytics initiative. The insurance carrier utilizes Valen’s flagship predictive analytics product, InsureRight, in their underwriting practices for workers’ compensation services to make loss ratio improvements and enhance risk-based pricing in order for underwriters to more accurately analyze risk and achieve better results.
“We are thrilled that Celent has recognized our innovative use of technology to improve the risk assessment processes,” said Steve Wittmuss, Commercial Vice President for Farm Bureau Financial Services. “Workers’ compensation is one of the most unpredictable lines of business, so it’s crucial that we use the most advanced predictive-analytics technology to enhance the accuracy of our risk-based pricing.”
“We are extremely proud that Farm Bureau’s acknowledgement comes as a result of our partnership,” said Dax Craig, CEO and president of Valen Analytics. “Celent’s Model Insurer award validates Farm Bureau’s forward thinking approach to adopting predictive analytics to fight adverse selection – something every insurance carrier is at risk for.”
Celent recognizes organizations that demonstrate the year’s top technology initiatives through its annual Model Insurer Awards Program. Each submission was independently reviewed for quantitative success measures, degree of innovation, technology or integration excellence and best practices.
“Predictive analytics has the potential to transform an insurance carrier and is an area with tremendous activity in the industry. With many nominations in the category this year, Celent was pleased to recognize Farm Bureau’s Workers’ Compensation initiative as a Model Insurer winner in the data and analytics category,” said Karlyn Carnahan, Research Director with Celent’s Insurance Group. “Farm Bureau’s use of predictive analytics in Workers’ Compensation stands out for the significant results they achieved using models to improve the underwriting process.”
The Model Insurer Awards winners were announced at Celent’s Innovation and Insight Day, a one-day program focused on disruptive technology in banking and insurance.
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 and Telematics, Commercial Package, Commercial Property, and BOP. Learn more about Valen at www.valen.com.
About Farm Bureau Financial Services
Through an exclusive, multi-state agent force, the companies affiliated with the Farm Bureau Financial Services brand (Farm Bureau Property & Casualty Insurance Company, Western Agricultural Insurance Company and Farm Bureau Life Insurance Company) underwrite, market and distribute a broad range of insurance and financial services products to individuals and businesses. For more information, visit www.fbfs.com.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC]. For more information, visit www.celent.com.