(Image source: Columbia Insurance Group homepage.)
Columbia Insurance Group (Columbia, Mo.) has selected Valen Analytics’ (Denver; a subsidiary of Hartford-based Insurity) InsureRight Platform to enhance underwriting capabilities. The insurer plans to use the Predict application of Valen’s platform to increase visibility and efficiency in risk selection and pricing for its workers’ compensation underwriting teams, according to a vendor statement.
“Valen’s platform will greatly benefit our market intentions for both the near and intermediate future regarding workers’ compensation,” comments Terry Gechter, Commercial Lines Underwriting Manager, Columbia. “This is primarily due to the company’s ability to build custom models that perfectly suit our needs and the knowledge set that brings to the table. With Valen’s in-depth knowledge and analytics platform, our teams will have increased confidence in matching risks and rates.”
Valen reports that the predictive solution for Columbia will enable the insurance group to enhance underwriter understanding of risks, increase awareness of class-code trends driven by governing classes, build confidence for pricing risks, and allow underwriters to better manage potential audit issues. The platform is powered by Valen’s contributory database, which the vendor describes as one of the most robust purpose-built data consortium for predictive analytics.
Hitting the Risk Profile Target
“By partnering with our team, Columbia will equip their underwriters with the technology they need to accurately price risks in an efficient manner and enhance the quality of their insurance services,” comments Dax Craig, CEO, Valen Analytics. “This enables the company to identify and write more of the policies that fall into their targeted risk profile.”