Falls Lake National Engages with Valen Analytics to Enhance Underwriting Efficiency in Commercial Lines

Valen Announces New Customer of InsureRight Platform: Manage and Predict

DENVER – February 3, 2015 – Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help insurers manage and drive underwriting profitability, today announced a new customer engagement with Falls Lake National, a property and casualty insurer that underwrites specialty insurance products in more than 40 states in the United States. Falls Lake will utilize the Manage and Predict features of Valen’s predictive modeling solution, the InsureRight Platform, for a holistic view of the potential risk associated with workers’ compensation policies.

“Commercial lines underwriting is becoming increasingly sophisticated and competitive.  It is no longer sufficient for an insurer to simply have a staff of bright people making underwriting decisions, when those decisions are guided by underwriting rules that may not be grounded in current credible data,” said Steve Hartman, CEO and president at Falls Lake National. “Valen provides us with leading edge analytics that our underwriters can use to augment their expertise, differentiate among risks within a given class code, and better match exposure to price charged on the risks we insure.”

The InsureRight Platform is powered by Valen’s contributory database, which represents the largest and most robust data consortium specifically built for predictive analytics. Predict gives underwriters enhanced visibility into individual risks with predictive scores. Manage provides insurers with a broader market view, allowing them to quantify the benefits they are seeing and forecast profitable segments of the market to pursue.

“Valen products are customizable to fit a carrier’s own history and marketplace, supplementing the insurer’s own data”, remarked Hartman.  “This tool set will broaden our capability to assess policy risk on multiple levels, and to augment management of the overall portfolio including underwriting practices, rate level management, claims, loss control and even reinsurance purchasing.  By putting the best available technology into the hands of our underwriters, we are better positioned to have sustainable underwriting performance throughout a market cycle.”

According to Dax Craig, CEO and President of Valen Analytics, “data and analytics help insurers understand where they are in the market today and specifically how they can improve in the future. Matching the price to the risk is key because profits can be found everywhere if you know where to look, even in higher risk business. We applaud Falls Lake for empowering their underwriters and recognizing that the human element of adopting analytics is just as important as the tools themselves.”

More information about the InsureRight Platform 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 and Telematics, Commercial Package, Commercial Property, and BOP. Learn more about Valen at www.valen.com.

 

About Falls Lake National

Falls Lake Insurance Companies, comprised of Falls Lake National, Falls Lake General, and Stonewood Insurance, underwrite specialty lines insurance on an admitted basis in 46 states in the U.S. As the admitted insurance platform of James River Group Holdings, Ltd., Falls Lake operates under the Group’s pooled A.M. Best rating of A-, affirmed with a positive outlook in 2014. Falls Lake focuses on underwriting specialty insurance products through limited distribution partners focused in defined industry segments. Learn more about the Company at www.fallslakeins.com.

 

Fehmida Bholat
Fusion PR on behalf of Valen Analytics
fehmida.bholat@fusionpr.com
310.481.1431, Ext. 19