(Photo credit: Paul Keheler.)
Central Insurance Companies (Van Wert, Ohio) has selected Valen Analytics’ (Denver, an Insurity Company). InsureRight Platform for workers’ compensation to more accurately understand the health of its book of business and offer underwriters new information for writing risk.
“Central’s work with Valen Analytics supports our continued efforts to be a market leader for our independent agency partners for the workers’ compensation line of business,” comments Jana Ringwald, VP, Commercial Underwriting, Central Insurance Companies. “We look forward to the InsureRight tool helping us develop confidence in our individual risk selection, improve our pricing, and ultimately grow our workers’ compensation line responsibly and profitably.”
Valen reports that Central will utilize both the Predict and Manage applications of the vendor’s InsureRight Platform. Predict is designed to help underwriters to make more informed decisions on risk selection and pricing, by generating actionable insights at the point of decision, significantly reducing time-to-quote on new and renewal policies, according to Valen. Manage is a portfolio management analytics tool that uses real-time, leading performance indicators to create visual dashboards that enable insurance leaders to accurately forecast the impact of underwriting decisions and models in production, the vendor says.
Valen characterizes the benefits of its custom-built predictive model, hosted on the InsureRight Platform, as providing Central the lightest IT solution on the market with an industry-leading data consortium of $67 billion in premium.
“By fully leveraging the InsureRight Platform, Central will gain access to forward-looking insights into how its book of business will perform,” comments Kirstin Marr, President, Valen Analytics. “Central is improving its ability to adjust, optimize, and grow in an increasingly sophisticated competitive market.”