HEMIC Expands Relationship with Valen Analytics to Enhance Underwriting Performance

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.

(Honolulu, home of HEMIC. Photo credit: Rytut.) 

HEMIC (Hawaii Employers’ Mutual Insurance Company, Inc.; Honolulu) has expanded its relationship with Valen Analytics to include the Predict  and Manage  components of the vendor’s InsureRight Platform. HEMIC, which had previously licensed Valen’s Risk Score capability, will use the portfolio management and industry benchmarking capabilities within the full version of InsureRight 2.0 to further enhance underwriting performance and improve efficiency, according to a vendor statement.

Martin J. Welch, HEMIC.

Martin J. Welch, HEMIC.

“We want to provide the best customer service – at the right price – to support Hawaii businesses,” comments Martin J. Welch, CEO, HEMIC. “By adding portfolio management capabilities, Valen’s analytics systems will enable us to make better informed underwriting decisions, driving an even better result for us and our policyholder members.”

Valen characterizes the InsureRight Platform as combining predictive modeling, industry data, portfolio management and business intelligence tools to proactively spot trends in carriers’ book of business. The vendor describes the new components licensed by HEMIC as follows.

·         The Manage  component of the InsureRight Platform provides carriers analytics and portfolio management features to assess performance and leverage proprietary industry data from Valen’s contributory and anonymized database. HEMIC can use this empirical industry data to react quickly on trends in risk quality by comparing actual quotes and bound price levels, and better understand both market positioning and market needs.

·         Predict  offers an improved experience for underwriters as they interact with predictive scores. It provides enhanced visibility into individual risks and reduces data input requirements, making workflow more efficient. In addition to the Risk Model, HEMIC is adding the two additional predictive models available in Predict, Valen’s proprietary Misclassification Model and Premium Impact Model. The addition of these two models supports their underwriting and audit processes by identifying, early in risk assessment, the potential for exposure misclassification.And, it allows underwriters to identify policies that need premium adjustments for better coverage, whether that means lowering premium or adding coverage if necessary.

“HEMIC is a customer-centric organization with a long-standing commitment to meeting the needs of its members,” comments Dax Craig, CEO, Valen Analytics. “In the many years we’ve worked together, HEMIC has consistently shown leadership in leveraging advanced tools to gain market insights for superior risk analysis and to drive profitable growth.”

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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