Workers’ Compensation Carrier Adopts Predictive Analytics Solution to Focus on Risk Selection and Pricing for Underwriters
DENVER – November 19, 2013 – Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help insurance carriers manage and drive underwriting profitability, today announced a new customer engagement with FHM Insurance Company (FHM), a property and casualty (P&C) insurance company focusing on workers’ compensation insurance coverage in the Southeast region of the U.S. FHM is leveraging the Predict features of Valen’s InsureRight Platform to make predictive analytics more accessible to underwriters and to provide more insight into the potential risk associated with workers’ compensation policies.
By adopting this component of the InsureRight Platform, FHM will gain access to transactional model deployment for risk selection and pricing accuracy. Predict empowers underwriters with enhanced visibility into individual risks, transforming how they interact with predictive scores.
“We commend FHM’s desire to augment their underwriting expertise with advanced data and analytics to improve underwriting profitability,” said Dax Craig, President and CEO of Valen Analytics. “FHM now has the solution in place to help underwriters, managers, and executives take specific actions to improve their overall risk quality.”
Supported by Valen’s contributory database, the InsureRight Platform continues to be recognized as an industry standard, and has seen tremendous momentum in the workers’ compensation industry.
“Incorporating sophisticated analytical tools provides a competitive advantage for commercial lines carriers,” said Matt Whisenant, Director of Underwriting at FHM Insurance Company. “Valen’s InsureRight Platform enables our underwriters to better leverage their expertise when evaluating policies and make more consistent decisions on risk selection and pricing.”
The InsureRight Platform offers comprehensive portfolio management capabilities and transactional model deployment for risk selection and pricing accuracy. More information can be found online at www.valen.com.
About Valen Analytics
Valen Analytics helps carriers manage and segment their portfolios in order to drive underwriting profitability. Valen’s InsureRight Platform is the only solution with proprietary insight into portfolio metrics and risk characteristics to identify pockets of pricing inadequacy and redundancy. A dynamic portfolio management tool provides access to Valen’s contributory database containing policy level analysis not available elsewhere. The Valen contributory database is anonymized and has scored over 20 million policies using robust predictive models in Homeowners, Workers’ Compensation, Commercial Auto, Telematics, Commercial Package, and BOP. Learn more about Valen at www.valen.com.
FHM is a mutual insurance company formed in 1954 that is known as an industry leader in workers’ compensation insurance in the Southeast, with licenses in Florida, Georgia, North Carolina, South Carolina, Virginia, Alabama and Kentucky. FHM is dedicated to delivering the highest quality of service through a philosophy of “A Policy To Do More.”