(Montgomery Museum of Fine Arts. Photo credit: Ralph Daily.)
AlaCOMP, a Montgomery, Ala.-based workers’ compensation self-insurance fund has selected the Predict application of Valen Analytics’ (Denver) InsureRight Platform to support underwriting decisions with increased business intelligence to create a competitive advantage in the markets it does business in, according to a vendor statement.
“In the complex market of workers’ compensation, companies look for every valuable tool to make an educated decision on pricing policies, therefore maximizing profits,” comments Stephen Marino, President, AlaCOMP. “Implementing a proven, robust analytics platform like InsureRight gives us a leg up on our competition and enables us to grow in the markets we serve.”
Valen reports that it will provide AlaCOMP with a predictive model customized to its unique needs. The model, built and hosted on Valen’s InsureRight Platform, combines AlaCOMP’s data with Valen’s contributory database, the largest and most robust purpose-built consortium for predictive analytics. Risk quality insights are provided to underwriters at the point of decision, offering increased visibility into risk selection and pricing, and additional support in instances of uncertainty, according to Valen.
New Ways to Validate Underwriters’ Decisions
“As insurance businesses grow in size and complexity, it becomes imperative to find ways to support and validate the decisions made by underwriters,” comments Dax Craig, CEO, Valen Analytics. “AlaCOMP now has access to a powerful tool set that offers assurance and maximizes profitability.”