Hawaii Employers' Mutual Insurance (HEMIC, Honolulu) has implemented Valen Technologies' UnderRight predictive analytics solution with the aim of improving pricing strategies and profitability within its workers' compensation business, according to a Valen source.
Since deploying the Valen solution, HEMIC has enjoyed an improved level of insight into its business, enabling it to better assess and assign risk, streamline the underwriting process and free up underwriters to focus on more complex risks, according to Bob Dove, the insurer's CEO.
"With the knowledge we've gained and continue to build from our predictive model, we have been able to increase our machine quoting to boost our automated underwriting," Dove says. "We will further increase machine quoting with straight-through processing, which we will implement within the next 45 days.
Valen's president and CEO Dax Craig commented, "Our team has enjoyed working side-by-side with HEMIC to build and implement the model. We are confident that HEMIC's ability to analyze its business with such precision affords them a strong competitive advantage in the Hawaii workers' compensation market."
Dove added, "With Valen's successful predictive analytics implementation, we are already evaluating other areas of our business to scope out our next predictive analytics project." He described working with Valen on the project as "a great experience, educational and beneficial."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio