(Photo credit: Kotivalo.)
Pennsylvania Lumbermens Mutual Insurance Company (PLM, Philadelphia) has implemented the Valen Analytics’ (Denver) InsureRight Platform for its commercial auto business, to provide additional information to underwriters at the point of decision.
“We set out to find a partner who would help us incorporate analytics into our underwriting process as a means to elevate the collaboration between our frontline underwriters and management team,” comments Rich Hill, SVP of Underwriting & Loss Control, PLM. “We selected Valen as a company who understood that the implementation is an ongoing process, and that we needed a partner who would help us solve our unique challenges.”
Valen reports that PLM will utilize the Predict application of the InsureRight Platform, which enables underwriters to make more informed decisions on risk selection and pricing by generating actionable insights. That in turn significantly reduces time-to-quote on new and renewal policies, while also making it easier to align quotes to an insurer’s risk appetite, according to the vendor.
Blending Underwriting Art and Science
“By using our platform, PLM empowers its underwriters to utilize quantifiable data from analytics in addition to their own scrutiny of subjective content to ultimately blend the art of underwriting with the science of analytics,” comments Kirstin Marr, President, Valen Analytics. “Commercial auto insurers adopting this approach will out-perform a troubled market by using more sophisticated tools to achieve critical goals such as overall growth and loss-ratio improvement.”
Valen’s says its custom-built predictive model provides PLM the lightest IT solution on the market with an industry-leading data consortium of $67 billion in premium.