(Image source: Volvo.)
Canal Insurance Company (Greenville, S.C), a provider of commercial truck insurance, has implemented Valen Analytics’ (Denver) InsureRight Platform to host predictive analytics initiatives built by the insurer’s product team. The InsureRight Platform provides Canal an actionable and streamlined means of managing its predictive models and the underlying data to make real-time underwriting decisions, according to a vendor announcement.
Valen reports that prior to deployment, Canal’s product team spent significant time processing data and maintaining their model infrastructure. Using the InsureRight Platform, Canal enjoys monthly updates to the source data used to create models are automatically incorporated, limiting the time required for system maintenance, and allowing the insurer’s team to focus on future modeling efforts.
“We built the InsureRight Platform to empower insurers to easily deploy predictive analytics initiatives that will have meaningful results on their business,” comments Kirstin Marr, President, Valen Analytics. “By using the platform, Canal can help its underwriters make the decisions that align the carrier’s risk appetite with the policies it writes, while also quantifying the financial impact.”
The InsureRight Platform also allows Canal to track usage of the model, identifying instances where underwriters have incorporated a model suggestion into a quote, and maintaining a record of the information used to quote a policy. This automated feature helps Canal explain model decisions to regulators and creates a registry of how their analysis has shifted over time, according to Valen.
Seamless Integration of Modeling Insights
“Valen’s extensive experience in the insurance industry allows us to provide a seamless integration of modeling insights into our underwriters’ daily workflow, and proactively address use cases and considerations when using predictive analytics in decision-making,” comments John DiBlanda, CFO, Canal Insurance Company. “Our partnership with the company enables us to be more efficient with the handling of our predictive analytics initiatives and gain more value as a result.”