(Image source: UBIC.)
Utah Business Insurance Co. (UBIC; South Jordan, Utah), selected Valen Analytics’ (Denver, a subsidiary of Hartford-based Insurity) InsureRight Platform to modernize its underwriting capabilities. UBIC will utilize the Predict application of Valen’s platform to provide underwriters with increased visibility in risk selection and pricing, allowing them to make improved policy decisions with more efficiency.
“As a growing workers’ compensation company, it is imperative that UBIC be in the forefront of InsurTech,” comments Ron Nielsen, CEO, UBIC. “We chose Valen as our partner because we believe Valen Analytics’ principles align with our own. It will help us to achieve profitable growth, and to avoid the pitfalls of traditional class underwriting.”
Valen’s predictive model, built on the InsureRight Platform, will enable the insurer to increase profitability, improve bind ratios, and target new business opportunities, the vendor asserts. The platform is powered by Valen’s contributory database, which the vendor assets is the most robust purpose-built data consortium for predictive analytics.
Industry Experience, Knowledge and Customer Service
“UBIC selected Valen Analytics as our predictive model provider because of their industry experience, knowledge, and customer service,” comments Tyler Nielsen, VP, Operations, UBIC. “Using our customized predictive model will further improve our underwriting process by helping UBIC to more quickly and accurately respond to our customers’ needs.”
“Workers’ Compensation remains a highly competitive line that requires insurers to innovate their underwriting processes to maintain and grow profitability,” comments Dax Craig, CEO, Valen Analytics. “By providing analytically-driven tools to their underwriters, UBIC is in an excellent position to adequately price the policies that suit their risk appetite.”