San Diego-based multiple lines P&C carrier ICW Group has selected Valen Technologies (Denver) to develop a proof of concept, using the vendor's UnderRight predictive analytics underwriting solution for the carrier's workers' compensation line, according to a joint press release.
The proof of concept is being developed in connection with ICW Group's strategy to increase its workers' comp market footprint into new jurisdictions. The solution features Valen's Xdata external data warehouse, and data from Valen Networks —vendor's data consortium — delivered on a software-as-a-service (SaaS) basis. The solution is expected to help ICW group streamline operations through improved underwriting automation, according to the release.
"At ICW Group we are always searching for technologies that will help us meet our strategic goals," says David Hoppen, Chief Operating Officer, ICW Group. "While we have been using robust predictive analytics for some time now, Valen's UnderRight solution has the potential to offer us additional insight into our business and could help us further refine our underwriting acumen."
Upon successful completion and evaluation of the model, the Valen UnderRight predictive analytics solution may be integrated with ICW Group's existing systems and technology, including FirstBest's Underwriting Management System (UMS), which ICW Group has successfully rolled out to the marketplace under its Snap brand name, the joint source reports.
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