(Photo credit: Dean Franklin.)
Risk Administration Services (RAS; Sioux Falls, S.D.), a major writer of workers’ compensation in the upper Midwest has selected both the Predict and Manage applications of Valen Analytics’ (Denver) InsureRight Platform to improve underwriting and more accurately forecast the health of the company’s book of business.
“RAS selected Valen Analytics because of their expertise in the workers’ compensation business and their belief that combining underwriting expertise with predictive analytics enhances decision making,” comments Robert Sobocinski, SVP Underwriting, RAS. “Utilizing this solution will help us drive profitable growth, expand distribution, and seize marketplace opportunities. Valen’s Manage application represents a significant enhancement of our data analytics capabilities to measure outcomes and drive strategies that will benefit both RAS and our customers.”
Valen describes The Predict application as providing underwriters with an analytics tool to make quicker and more informed decisions on risk selection and pricing for new and renewal policies. The Manage application provides what the vendor characterizes as advanced business intelligence capabilities, including predictive indicators of overall performance, designed to help insurers make forward-looking decisions on their portfolio and underwriting results.
Integration into Underwriter Workflow
RAS will integrate Valen’s custom-built predictive model on the InsureRight Platform directly into its underwriter workflow, allowing for real-time decision support for faster and more accurate risk assessment of individual policies, as well as speed to market, the vendor reports. The business intelligence tool, Manage, will allow them to see the effects of their overall underwriting decisions in advance and adjust as necessary.
“The combination of both applications of the InsureRight platform puts RAS in the best possible position to underwrite business that makes sense for them and strategize for the future without needing to succumb to market pressures,” comments Dax Craig, CEO of Valen Analytics. “Our platform supports two of the most important components to insurance innovation: better decisions and the ability to see the outcome of those decisions ahead of time.”