Insurance Executives Gather to Highlight the Industry’s Data and Analytics Revolution
DENVER – October 22, 2014 – Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help insurers manage and drive underwriting profitability, has announced its 2nd annual Valen Analytics Summit for 2015. The executive-level conference will feature numerous industry leaders, including keynote speaker Patrick M. Byrne, CEO of Overstock (NASDAQ: OSTK), Robert Darby, president of Berkshire Hathaway Homestate Companies, Martin Welch, CEO of Hawaii Employers’ Mutual Insurance, and Steve Hartman, president and CEO of Falls Lake Insurance Companies. The summit is taking place in Vail, Colo. March 3 through 6, 2015.
The intimate, peer-forum event will tackle the issue of increasingly rapid adoption of data and analytics within insurance companies, combined with the potential impact from technology companies such as Overstock entering the insurance industry. “Overstock’s mission is to offer high-quality products at low prices in order to save people money, and the launch of our insurance tab fits this mission beautifully. Our insurance tab is, in effect, an insurance exchange, which lets consumers compare live quotes for insurance on residential, vehicle, and small business insurance, and bind insurance policies right from our site,” said Overstock CEO Patrick M. Byrne. “Millions of consumers are looking for more affordable insurance. We’re here to help.”
According to a recent KPMG survey, nearly 70 percent of C-level insurance executives consider data and analytics of critical importance to revenue growth, but lack the data quality or appropriate structure to do so. The Valen Summit’s expert panels aim to dispel the notion that the insurance industry can somehow ride out the storm by avoiding this technological shift.
“Insurance executives cannot simply hope for a ‘good year’ anymore,” said Dax Craig, CEO of Valen Analytics. “Implementing data and analytics is the only way to keep the insurance industry alive, especially as new data-driven technology and retail companies enter the field. Overstock recently launched an online insurance agency, which is a sign of things to come. It’s up to traditional insurance companies to evolve or get left behind.”
In a nod to the event’s “gold rush” theme, speakers will showcase how top performers are finding creative solutions using data and analytics to gain a competitive edge, finding ‘gold’ in underwriting profitability. Attendees will learn about how to address key business challenges, as well as how to recruit and retain the talent needed to continue pushing the industry forward. The speaker lineup for the 2015 Valen Analytics Summit includes:
- Patrick M. Byrne, CEO of Overstock. Forbes named Byrne as the CEO with the highest employee approval rating (92 percent) of any major corporation and his passionate stance on serving Overstock’s customers will show you why. Byrne will lay out why insurance was a natural extension for Overstock, and why other technology and e-commerce giants see opportunities to innovate in insurance.
- Robert Darby, president at Berkshire Hathaway Homestate Companies. Headquartered in San Francisco, Darby has a unique perspective on what it takes to recruit analytically-minded people in a highly competitive marketplace. He will detail the strategy his company is employing to attract and retain this talent, as well as his thoughts on how to manage the cultural challenges which occur as insurance companies move toward data-driven decision making.
- Martin Welch, CEO of Hawaii Employers’ Mutual Insurance. With over 30 years of experience leading large-scale change and building a culture of innovation for property and casualty insurers, Welch will share which critical skills leaders need to navigate today’s technology revolution.
- Steve Hartman, president and CEO of Falls Lake Insurance Companies. Hartman, who has held executive positions in the insurance and reinsurance industry for more than 20 years, will share his journey of being a change agent throughout his career. Specifically, he will detail how Falls Lake is successfully incorporating analytics within underwriting to gain a competitive edge.
For a detailed description about the event speakers or to register for the summit, visit http://valen.com/summit.
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.