Valen Technologies, a data and analytics provider for property& casualty insurers, announces the latest in its suite ofpredictive analytics solutions with InsureRight 2.0. Buildingon InsureRight 1.0, a product that made predictive analyticsaccessible for small and mid-size carriers, InsureRight 2.0introduces advanced capabilities including a premium impact model,portfolio management and production monitoring reporting.

Also included are improved class fit analysis and multi-statescoring capabilities. With InsureRight, Valen's predictiveanalytics product, workers' compensation underwriters can make lossratio improvements and set risk-based pricing with a quickturnaround time.

“Workers' compensation is one of the most difficult lines ofbusiness to predict accurately, and Valen provides a scientific wayfor underwriters to predict future policy risk correctly,” says DaxCraig, president and CEO of Valen. “With InsureRight 2.0, wetook our product and made critical advancements to continueassisting our customers' ability to improve underwritingperformance. It is important for work comp carriers to baseunderwriting decisions on objective evidence rather thanunderwriter judgment alone.”

With the average combined ratio of 115 percent in the workers'compensation market, Valen's solution addresses carriers' need forproven tools to improve their bottom line. InsureRight makespredictive data easily accessible to underwriters so they canbetter assess and price risk on each policy in their book ofbusiness. Valen provides a proof of concept benchmark thatdemonstrates to carriers how predictive analytics will perform ontheir book of business, in advance of making a purchasing decision.InsureRight delivers on average a 5.4 loss point reduction forValen customers.

New InsureRight 2.0 features include:

Premium Impact Model

Powered by two Valen predictive models, InsureRight 1.0 provideda risk score and a misclassification score. Now withInsureRight 2.0, an additional score has emerged with the premiumimpact model, a first-to-market model built from ValenNetworkscontributory database, comprised of more than 4 million recentpolicies. Valen's proprietary premium impact model allowsunderwriters to identify policies with a high likelihood ofexposure misclassification, that leads directly to additionalpremium or return premium associated with exposure shifts acrossclasses from pre- to post- audit. This new model can also help toincrease the accuracy and actionable rate of insurers' decisions toperform physical audits during a policy term or at policyexpiration.

Portfolio Management Reporting

Valen's portfolio management and production monitoring reportingfunctionality delivers a first-to-market suite of reports designedto give underwriters, managers, and executives deeper insights intotheir overall portfolio risk. With this insight, they arearmed to make more proactive, actionable decisions to defendagainst adverse selection, capitalize on market position strengthsand opportunities, and allocate resources more effectively andefficiently.

Portfolio management reporting uses Valen's InsureRightpredictions to identify trends, opportunities, and threats in themarketplace in as close to real-time as possible. It alsoallows carriers to spot deviations from the historic norm, andassess the impact of these deviations on overarching business needsand strategic goals. Portfolio management reports provideInsureRight customers with advanced intelligence, including trendanalysis, governing class insights, distribution analysis andmonitoring, and market analysis.

Class Fit Analysis

With InsureRight 2.0, Valen is enhancing its class fit reportingby providing underwriters with greater insight into the impact ofvarious misclassification challenges. With an increased focus onthe most relevant questions and potential risks associated withmisclassification, this upgrade enforces consistency inunderwriting questions related to class fit and establishes aconsistent baseline for underwriting to class fit.

Multi-State Scoring

Carriers can now use Valen's InsureRight solution to moreefficiently score multi-state policies. With the option ofscoring a policy with a single multi-state score or scoring singlestate versions of multi-state policies, carriers' preferences cannow more effectively fit their needs.