The Manage component of InsureRight allows insurers to leverage leading indicators of risk to understand portfolio performance, both overall and within segments, to better inform strategic decisions and achieve underwriting profitability, Valen claims.
The vendor has launched the Tomorrow’s Talent Challenge initiative to spark insurance industry involvement in Change the Equation and other efforts aimed at promoting science, technology, engineering and mathematics (STEM) education and career choices.
The latest example of Insurity’s aggressive acquisition strategy, Valen will operate autonomously under its existing management team, led by CEO Dax Craig.
The latest addition to the vendor’s suite of predictive models enables accurate scoring of insurance policies that have no information on loss history.
Marr, who spent over six years as CMO, replaces founder Dax Craig who will remain with Valen in an advisory role.
The carrier expects increased visibility into risk selection and pricing to protect its business from adverse selection, improve profitability and loss ratio performance.
Valen Analytics asserts an industry first in its new Risk Score’s ability to enable underwriters to distinguish between risks even when the policyholder is claim-free, enabling significant loss ratio improvements.
The Sheboygan, Mich.-based carrier will use the Predict and Manage Applications for its largest line of business, enabling real-time decision support.
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.
Hawaii Employers’ Mutual Insurance Company, a user of Valen Analytics’ Risk Score capability, will adopt the Predict and Manage components of the InsureRight 2.0 Platform.