TransUnion, Valen Analytics Product Identifies Problem Properties

TransUnion and Valen Technologies introduce to the insurance market PropertyRight, a predictive analytics product that allows homeowners insurance carriers to identify homes with the highest likelihood of insurance-to-value (ITV) problems or condition and liability hazards. The PropertyRight predictive models, coupled with a comprehensive property inspection databases, provide a solution to help improve underwriting action rates.

Property inspections are an integral part of an insurer's risk assessment, underwriting evaluation, and rating process.  Inadequate ITV or conditions and liability hazards on uninspected properties can cause carriers to take on additional risks that can translate into higher loss ratios and reduced profitability. PropertyRight provides carriers with real-time or batch delivery of highly predictive scores, allowing them to take action on identified properties.

“PropertyRight  is actively addressing an immediate need of the property insurance industry right now,” says Kelley Buchanan, executive vice president of TransUnion's insurance business unit.  “Having additional insights on where to best leverage valuable inspection resources in the underwriting process can have a positive impact on mitigating losses, better aligning coverage and improving the bottom line.”

 PropertyRight was designed to help insurance carriers: • Decrease losses by identifying properties with potential condition or liability hazard risks • Increase premium capture by improving the level of insurance-to-value (ITV) • Lower treaty reinsurance costs by improving portfolio ITV • Improve customer satisfaction by ensuring proper ITV

“The combined strengths of TransUnion's reputation for delivering results to the insurance market and Valen's ability to deploy predictive models for insurers provide homeowner carriers with a strategic advantage,” says Dax Craig, CEO of Valen. “We're pleased to partner with TransUnion to bring PropertyRight as our first joint solution for the insurance market.”