Implements Custom-Built Predictive Model to Improve Workers’ Compensation Risk Selection and Pricing
DENVER, CO – February 6, 2018 – Valen Analytics®, an Insurity company, and provider of proprietary data, analytics and predictive modeling for P/C insurers, today announced that Columbia Insurance Group will deploy its InsureRight® Platform to enhance underwriting capabilities. Columbia will utilize the Predict application of Valen’s platform to increase visibility and efficiency in risk selection and pricing for its workers’ compensation underwriting teams.
“Valen’s platform will greatly benefit our market intentions for both the near and intermediate future regarding workers’ compensation,” said Terry Gechter, Commercial Lines Underwriting Manager at Columbia. “This is primarily due to the company’s ability to build custom models that perfectly suit our needs and the knowledge set that brings to the table. With Valen’s in-depth knowledge and analytics platform, our teams will have increased confidence in matching risks and rates.”
Valen’s predictive solution for Columbia will enable the insurance group to enhance underwriter understanding of the risk, increase awareness of class code trends driven by governing classes, build confidence for pricing risks, and allow underwriters to better manage potential audit issues. The platform is powered by Valen’s contributory database, one of the most robust purpose-built data consortium for predictive analytics.
“By partnering with our team, Columbia will equip their underwriters with the technology they need to accurately price risks in an efficient manner and enhance the quality of their insurance services,” said Dax Craig, CEO of Valen Analytics. “This enables the company to identify and write more of the policies that fall into their targeted risk profile.”
For more information on Valen Analytics’ InsureRight Platform, visit www.valen.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.
About Columbia Insurance Group
Founded in 1874, Columbia Insurance Group began as a home mutual group, insuring homeowners against fire. Columbia is rated A- “Excellent” by A.M. Best and focuses on servicing agent customers through advisory services and cutting-edge technology. Columbia has 150,000 policyholders and 19 states and provides a variety of commercial, personal and farm coverages. Learn more about Columbia at www.colinsgrp.com.