Collaboration Helps Insurer Identify Claims Severity, Make Timely Intervention to Curb Losses, and Improve Claimant Outcomes
DENVER, June 25, 2019 – Valen Analytics®, an Insurity company, and provider of proprietary data, analytics and predictive modeling for P/C insurers, today announced that Missouri Employers Mutual (MEM), an insurer specializing in workers compensation, is leveraging Valen’s ClaimsRight® solution to develop a claims model that employs data science and predictive analytics to identify insurance claims with the potential to escalate in severity. The model generates a claims risk score enabling MEM’s claims team to drive the best intervention protocols, with insights that improve decision-making throughout the claims lifecycle.
With better predictive indicators into potential problematic claims, the MEM claims team can now ensure efficient handling of claims, better management of anticipated losses, and improved claim outcomes through optimal resource assignment. The solution presents MEM’s claims team with an alternative to reliance on business rules built around triggers that are only accessible well into the development of a claim.
“After successful innovations in underwriting, we were looking to make an impact on the claims side of our business,” said Ted Jeffries, Director of Claims at MEM. “Our partnership with Valen allows us to equip claims staff with a metric they can use to identify potential high-loss claims early in the life cycle, then add our expertise to make real-time decisions that mitigate losses quickly and effectively.”
“Our extensive background in data, analytics and predictive insights aligns perfectly with MEM’s data-driven vision,” said Kirstin Marr, President at Valen. “Our collaboration not only ensures effectiveness for their seasoned claims team, but also delivers insights on underwriting that create a feedback cycle for a better-informed end-to-end process.”
Valen’s ClaimsRight solution stems claims severity by offering insights into the complexity of the claims to predict cost, length and overall implications of the claim. For more information, visit www.valen.com.
Missouri Employers Mutual provides cost-effective work comp insurance to companies of all sizes. Across Missouri, more than 17,500 employers turn to MEM for our personalized approach and comprehensive safety programs. We protect employees, save lives and help organizations move forward with confidence. Learn more at www.mem-ins.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. Valen integrates with several Insurity products and solutions, including DataHouse and Policy Decisions platforms, enabling improved data management and data-driven decision making. Learn more about Valen at www.valen.com.
Insurity, Inc. enables property & casualty insurers to transform their enterprise and achieve their business goals. Insurity’s core processing applications and data integration and analytics solutions are backed by rich insurance expertise and are in production with over 200 insurers, processing billions of dollars of premium each month. Insurity’s solutions address the needs of all carriers – from the Top 20 insurers to small or regional commercial, personal, or specialty lines writers, as well as MGAs. For more information, visit www.insurity.com.