As the result of an alliance with Denver-based Valen Technologies Fiserv's P&C product suite will include real-time predictive underwriting capabilities, enabling the Brookfield, Wisc.-based vendor's clients to execute more effective risk selection and pricing, according to a Fiserv source.
Valen's analytic capabilities will help insurers to more precisely match premium and risk by improve underwriting discipline, consistency and results, according to Gary Sherne, president of Fiserv's P&C Solutions division. "Rather than relying solely on subjective and intuitive underwriter judgment, Valen's underwriting solutions use proven, predictive analytics science to objectively pinpoint the expectation of loss at an individual policy level," Sherne says. "In doing so, our customers will be able to select and price risk more effectively."
The combined power of Fiserv's P&C solutions and Valen's predictive analytics capabilities "offers carriers an extremely attractive solution to enable not just a highly efficient operating environment, but one that allows them to better analyze their business and make the most informed decisions," claims Dax Craig, Valen's CEO.
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