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 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 latest example of Insurity’s aggressive acquisition strategy, Valen will operate autonomously under its existing management team, led by CEO Dax Craig.
Only 11 percent report fully realizing the analytics opportunity—with soft ROI and concerns data quality concerns slowing progress—but insurers are on the verge of significant benefits.
Marr, who spent over six years as CMO, replaces founder Dax Craig who will remain with Valen in an advisory role.
The Sheboygan, Mich.-based carrier will use the Predict and Manage Applications for its largest line of business, enabling real-time decision support.
The latest addition to the vendor’s suite of predictive models enables accurate scoring of insurance policies that have no information on loss history.
The Mississippi-based workers’ comp insurer implemented the solution within 45 days, giving its underwriters better visibility into risk selection and pricing on new and renewal policies.
Incorporating analytics helps hone an insurer’s strategy, drive innovation, and new core competencies to protect and grow competitive.
The carrier expects increased visibility into risk selection and pricing to protect its business from adverse selection, improve profitability and loss ratio performance.