Valen Analytics, a provider of proprietary data, analytics and predictive modeling for optimizing underwriting profitability, has added the Manage portfolio management component within its InsureRight Platform for homeowners insurers. Manage allows insurers to leverage leading indicators of risk to understand portfolio performance, both overall and within segments, to better inform strategic decisions and achieve underwriting profitability, according to the vendor.
Valen Analytics’ InsureRight consists of two components: Manage and Predict, the former for portfolio management and the latter for risk selection, according to the vendor. The Manage component merges Valen’s proprietary Condition Hazard Score and Insurance-to-Value (ITV) score, available through the Predict component, with consortium data to deliver proprietary portfolio insights. Those insights help insurers determine whether their business is moving in a profitable direction and enable a proactive approach to adjust business strategy, a Valen statement says.
“Manage presents a powerful competitive advantage for homeowners carriers,” asserts Dax Craig, president and CEO of Valen Analytics. “Using advanced data and analytics, carriers will gain statistically valid portfolio insights to expose strengths and weaknesses within their own book of business, and ultimately chart a path toward profitability in this historically poorly performing line of insurance.”
The following features are now available within InsureRight for Homeowners, the vendor reports:
• Profitability Trends and Maps: Give the ability to evaluate segments of a portfolio that are not performing up to expectations using leading indicators of property condition and liability hazards, insurance-to-value issues and insurance score.
• Inspections Trends and Maps: Allow carriers to learn how effective their inspection strategy is in reducing losses and improving loss ratio.
• Risk Trends: Allows homeowners insurers to see if the policies in their portfolio are performing better or worse over time and identify where to allocate additional underwriting resources.
• Data Validation: Compares metrics in a carrier’s book of business against the same metrics obtained from the Valen consortium database, which includes 18 million homeowners policies and public data, serving as an industry standard platform uniquely built to help carriers achieve underwriting profitability.