December 10, 2014
The Fund is pleased to announce a new partnership with Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help insurers manage and drive underwriting profitability. The Fund will use the Predict features in Valen’s InsureRight Platform to give underwriters an additional tool when pricing policies, and maintain a competitive edge.
“In order to grow and remain competitive, we must price risks accurately,” said Freda Bacon, Fund Administrator. “Predictive analytics helps us achieve that. Workers’ compensation is a long tail line of business, and we value Valen as a partner for providing the insights to make profitable decisions at the critical point of underwriting. This success has allowed us to stay proactive in the market while retaining our best business.”
The Predict application in the InsureRight Platform allows The Fund to analyze individual policies with superior accuracy, providing real-time insights to underwriters when they are pricing new and renewal policies. Because Predict is built using a diverse and robust data set, the predictive models also help insurers protect their market share with forward-looking analytics.
“The Fund is an innovative leader in the workers’ compensation space, and we are proud that they are taking the necessary steps to improve results and inform their future growth,” said Dax Craig, CEO and President of Valen Analytics. “In addition to greatly improving their underwriting results, The Fund is ‘future-proofing’ their business by combining the knowledge of their most tenured underwriters with analytics, allowing the entire organization to leverage their best data on individual risks.”