Valen Technologies Partners with Mutual Insurer
FFVA Mutual Insurance buys into Valen's predictive analytics suite in an attempt to bolster its underwriting performance.
Insurance Networking News, February 8, 2013
Valen Technologies, a data and predictive analytics provider for P&C companies, has partnered with FFVA Mutual Insurance Co. FFVA has integrated Valen’s latest predictive analytics product suite, InsureRight 2.0, into its underwriting practices for workers’ compensation services, helping to make loss-ratio improvements and set risk-based pricing.
FFVA is using the Premium Impact Model, Risk Model, Misclassification Model, portfolio management and production monitoring reporting, as well as class fit analysis, says Valen. InsureRight allows organizations to leverage data and analytics to more accurately manage risk in workers’ comp.
Valen says FFVA is using the full InsureRight feature set, including the Premium Impact Model, a model built from ValenNetworks contributory database, comprised of more than 4 million recent policies. The model allows underwriters to identify policies with a high likelihood of exposure misclassification that leads directly to additional premium or return premium associated with exposure shifts across classes from pre- to post-audit.
FFVA can take advantage of Valen’s class fit reporting, which provides underwriters with an increased focus on the most relevant questions and potential risks associated with misclassification, says Valen.
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