Colorado workers' compensation carrier Pinnacol Assurance has selected Valen's AuditRight Predictive Analytics solution to ensure premium-to-exposure accuracy, according to a press release jointly issued by the Denver-based companies. Valen will facilitate Pinnacol's efficient use of premium audit resources by identifying policies with the greatest risk of premium deviation, the release claims.
The deal expands on Pinnacol's existing relationship with Valen, which resulted in the successful implementation of Valen's UnderRight predictive analytics solution for underwriting in October 2007.
"During the implementation of our first Valen solution, UnderRight, we learned a great deal about predictive analytics technology and how it can drive better loss ratio performance in our business," says Mark' Isakson, associate vice president and pricing committee chairman, Pinnacol. "We anticipate recognizing similar benefits with the AuditRight implementation as we have with UnderRight." Mike Nelson, the insurer's associate vice president and head of Pinnacol's premium audit department comments that "expanding our use of Valen solutions with AuditRight is a great next step for us and will enable us to optimize our premium audit process."
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