Fiserv, Inc., a provider of technology solutions, and Valen Technologies, Inc., a predictive analytics developer for the property/casualty insurance industry, have announced a strategic alliance to offer real-time predictive underwriting capabilities to Fiserv insurance carrier clients to enable more effective risk selection and pricing.
The alliance with Valen will provide Fiserv clients with a comprehensive, predictive analytics capability for their Fiserv P&C product suite. Predictive analytics provide insights into target marketing, risk selection, and producer segmentation while also facilitating straight-through processing via tier placement and micro-segmentation. Using multivariate, nonlinear modeling to offer new business insight based on past experience, predictive analytics helps carriers better predict future outcomes and make more informed decisions.
"By partnering with Valen, Fiserv brings clients the opportunity to improve underwriting discipline, consistency, and results, helping insurance carriers better match premium and risk," says Gary Sherne, president of the Fiserv P&C Solutions division. "Rather than relying solely on subjective and intuitive underwriter judgment, Valen's underwriting solutions use predictive analytics science to pinpoint objectively the expectation of loss at an individual policy level. In doing so, our customers will be able to select and price risk more effectively."
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