(Columbia, Mo. cityscape. Photo credit: Jason Griffin.)
Missouri Employers Mutual (MEM; Columbia, Mo.) has selected the Predict application of Valen Analytics’ (Denver) InsureRight Platform, with the aim of empowering its underwriters to make quicker and more informed decisions on risk selection and pricing for new and renewal policies, according to a vendor statement.
MEM is currently using a rule-based process to enable straight-through processing (STP) for certain policies. Through the insights gained from model-backed decision making, MEM will be able to increase STP, improving turnaround time for producers and customers and allowing experienced underwriters to focus on higher level risks, a Valen statement asserts.
“Predictive analytics doesn’t just provide an opportunity to write better business, it also allows us to extend improvements to our customers in many ways,” comments Jim Owen, President and CEO of Missouri Employers Mutual. “We consider ourselves a safety company first and foremost, and improvements to our operations like this can be used to fund safety programs for our clients. Additionally, we will use the model to insure more Missouri companies.”
MEM’s custom-built predictive model will be hosted on the InsureRight platform, which leverages the largest data consortium available in workers’ compensation, Valen. The vendor says this data will allow MEM to take a holistic approach to pricing and selection, improving loss ratio and overall company performance.
Improved Competitive Advantage
“Missouri Employers Mutual understands that the value of analytics extends beyond improving risk selection and pricing, and can significantly impact how a company operates,” comments Dax Craig, CEO of Valen Analytics. “Through our partnership, MEM will improve their competitive advantage and provide better services to their customers.”