(Frank Winston Crum Insurance headquarters in Clearwater, Fla.)
Frank Winston Crum Insurance Company (FWCI, Clearwater, Fla.), a commercial insurance carrier specializing in workers’ compensation and general liability for small to mid-sized businesses, has selected the Predict application of Valen Analytics (Denver) InsureRight platform to enable more informed risk decisions with workers’ compensation policies, according to a vendor statement.
“Valen was a natural choice because of their product capabilities and their implementation approach for establishing a new underwriting norm,” comments Matt Crum, President, Frank Winston Crum Insurance. “Valen worked closely with our underwriting and IT teams to explain how the Predict application of the model was developed, how it sources data to accomplish predictive modeling and addressed skepticism among our underwriters related to data integrity. They did a good job training our staff on the use of the software tool set on a day-to-day basis, showing the full value to our team.”
The InsureRight Platform is powered by Valen’s contributory database, which the vendor characterizes the largest and most robust data consortium specifically built for predictive analytics. The Predict application allows FWCI’s underwriters added visibility into each risk, simplifying the underwriting process and allowing for more adequate pricing for both low- and high-risk policies, the vendor asserts.
“Investing in a predictive model for your business is only the first step to finding success with predictive analytics,” says Dax Craig, CEO and president, Valen Analytics. “Valen is here to help make sure that FWCI is able to establish the right parameters in profiling risks with our Predict application, and assist in aligning the model with their own risk appetite and pricing guidelines.”