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LUBA Workers Comp (Baton Rouge, La.) has adopted Valen Analytics’ (Denver) Manage and Predict applications of the vendor’s InsureRight Platform to strengthen underwriting performance and improve market visibility.
“We wanted a way for our underwriters to gain a broader perspective on risk assessment and improve consistency in decision-making for risk selection and pricing,” comments Mike DePaul, COO, LUBA Workers’ Comp. “Valen’s platform grants us this ability, and provides a way to manage our underwriting performance in real-time that will help us stay competitive and maintain our position in the industry.”
The InsureRight Platform is powered by Valen’s contributory database, which the vendor characterizes as representing the largest and most robust data consortium specifically built for predictive analytics. Valen asserts that Predict gives underwriters the ability to score individual risks with greater precision, as well as the ability to analyze historically loss-free policies for the first time. Manage provides insurers with state-of-the-art visual analytics for real-time model monitoring and performance, allowing them to quantify and forecast which profitable segments of the market should be pursued, according to a Valen statement.
“We are honored to be partnering with LUBA Workers’ Comp to continue the innovative leadership they’ve already demonstrated in the state of Louisiana and the Southeast U.S. for workers’ compensation,” comments Dax Craig, CEO of Valen Analytics.