(Nā Pali Coast State Park, in Kauai, Hawaii. Photo credit: Jeff Kubina.)
Island Insurance (Honolulu), Hawaii’s largest locally owned property/casualty insurer, has licensed the Predict application of Valen Analytics’ (Denver) InsureRight Platform for workers’ compensation, to provide the carrier’s underwriters with improved visibility into risk selection and pricing on new and renewal policies.
“In order to maintain a leadership position in today’s highly competitive market, we are constantly striving to improve our underwriting performance,” comments John Schapperle, president and CEO, Island Insurance Companies. “The analytics technology provided by Valen will be a vital tool to improving our pricing models, as well as our overall efficiency.”
Valen reports that it has custom-built a predictive model for Island’s unique portfolio and specific business needs, which is hosted on the vendor’s InsureRight Platform. Valen’s Predict application will allow Island Insurance’s underwriters to analyze individual policies with superior accuracy, providing consistency among underwriters and enabling them to make more informed decisions on which policies require the most attention, according to a vendor statement. Additionally, the statement adds, by providing policy information at the point of decision, underwriters will improve their ability to respond to agent requests, and therefore service policyholders much faster.
Meeting Rising Expectations of Policyholders and Agents
“Adopting analytics to make quicker and more accurate decisions in underwriting is key to meeting the rising expectations of the policyholders and the agents that need to service them,” comments Dax Craig, CEO, Valen Analytics. “As the market continues to become more sophisticated and highly competitive, we applaud Island Insurance for recognizing this momentum and providing their business with the necessary modern underwriting tools.”