(South Pier district of Sheboygan, home of Acuity. Photo credit: sheboyganwi.gov/.)
Acuity (Sheboygan, Wisc.), a national property/casualty carrier managing over $3.5 billion in assets, has licensed the Predict and Manage Applications of Valen Analytics’ (Denver) InsureRight Platform for workers’ compensation, the carrier’s largest line of business.
Valen describes its Predict application as providing underwriters with a predictive analytics tool to make more informed and consistent decisions surrounding risk quality, selection and pricing. The Manage application provides leading indicators of overall performance, so insurers can positively manage their portfolio and underwriting results, according to the vendor.
“Acuity prides itself on equipping our underwriters with the best tools on the market that provide the most actionable insights,” comments Pat Tures, VP, Actuarial & Strategic Information, Acuity. “Valen’s InsureRight platform will be invaluable to help elevate our risk selection and pricing decisions on renewals and new business, independent from market pressures.”
Workers’ compensation representing 31 percent of Acuity’s commercial lines total premium and nearly a quarter of total company premium, making it crucial to the carrier’s overall success. The implementation aims at enabling underwriters to make faster and more informed decisions, improving the overall bottom line, according to a Valen statement.
“In the process of selecting which partners to work with, we ensure that their values match our own,” comments Ed Warren, VP, Commercial Lines, Acuity. “We found Valen’s perspective on analytics is very aligned with ours. Decisions cannot be made by the model alone, but are optimized when model results can be paired with an underwriter’s unique insights.”
Real-Time Decision Support
Acuity’s implementation of Valen’s custom-built predictive model on the InsureRight Platform will integrate directly into the underwriter’s workflow, which the vendor says will enable real-time decision support for quicker and more accurate risk assessment of individual policies.
“Acuity understands the fundamental importance of using analytics as a means to enhance an underwriter’s ability and not replace it,” comments Dax Craig, CEO, Valen Analytics. “We are excited to work together to help Acuity utilize our analytics platform and gain a competitive edge in their workers’ compensation business.”