Valen® Analytics Expands Partnership With HEMIC to Include Portfolio Management and Industry Benchmarking

HEMIC Utilizes Valen’s InsureRight® Platform for Greater Underwriting Performance, Customer Service in Workers’ Compensation.

DENVER – December 11, 2013 – Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help all insurance carriers manage and drive underwriting profitability, has announced an expanded partnership with HEMIC, Hawaii Employers’ Mutual Insurance Company, Inc. The member-owned carrier will leverage Valen’s full-featured InsureRight Platform to further enhance underwriting performance and improve efficiency.

“We want to provide the best customer service – at the right price – to support Hawaii businesses,” said Martin J. Welch, Chief Executive Officer of HEMIC. “By adding portfolio management capabilities, Valen’s analytics systems will enable us to make better informed underwriting decisions, driving an even better result for us and our policyholder members.”

Launched earlier this year, the InsureRight Platform is an industry first that combines predictive modeling, industry data, portfolio management and business intelligence tools to proactively spot trends in carriers’ book of business. As part of the expanded engagement, HEMIC will be utilizing the two components of the InsureRight Platform – Predict and Manage.

  • The Manage component of the InsureRight Platform provides carriers analytics and portfolio management features to assess performance and leverage proprietary industry data from Valen’s contributory and anonymized database. HEMIC can use this empirical industry data to react quickly on trends in risk quality by comparing actual quotes and bound price levels, and better understand both market positioning and market needs.
  • Predict offers an improved experience for underwriters as they interact with predictive scores. It provides enhanced visibility into individual risks and reduces data input requirements, making workflow more efficient. In addition to the Risk Model, HEMIC is adding the two additional predictive models available in Predict, Valen’s proprietary Misclassification Model and Premium Impact Model. The addition of these two models supports their underwriting and audit processes by identifying, early in risk assessment, the potential for exposure misclassification. And, it allows underwriters to identify policies that need premium adjustments for better coverage, whether that means lowering premium or adding coverage if necessary.

“HEMIC is a customer-centric organization with a long-standing commitment to meeting the needs of its members,” said Dax Craig, CEO of Valen Analytics. “In the many years we’ve worked together, HEMIC has consistently shown leadership in leveraging advanced tools to gain market insights for superior risk analysis and to drive profitable growth.”

The Valen Analytics database includes more than 20 million policies scored using robust predictive models, presenting an industry standard platform uniquely built to help carriers achieve underwriting profitability.

Currently available to property and casualty insurers, 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. 

About HEMIC

Since 1997, Hawaii Employers’ Mutual Insurance Company, Inc. (HEMIC) has provided competitive pricing and superior service to both the guaranteed and voluntary workers’ compensation marketplace. Focusing exclusively on workers’ compensation coverage in Hawaii, HEMIC is the only member owned private mutual insurance company and is the largest provider of workers’ compensation insurance in Hawaii. Covering over 5,000 businesses that collectively employ nearly 50,000 workers statewide, HEMIC has paid over $20 million in policyholder dividends to qualifying members over the last seven years. Learn more about HEMIC at www.hemic.com.