Denver-based Valen Technologies has released a predictive analytics system, InsureRight, which the company claims helps P&C underwriters make better risk and pricing decisions.
The cloud based, web-enabled system designed for workers’ compensation insurers includes a Risk Score and a Misclassification Score.
The Risk Score predicts a new or renewal policy’s prospective term loss ratio and provides a price indication that underwriters use to select and price policies more accurately, while the Misclassification Score predicts the percentage of misclassified exposure on a policy. Both models include data from more than 2 million policies.
“InsureRight provides workers’ compensation carriers the ability to mediate underwriting and pricing errors by providing a non-biased, statistically and empirically valid indication of future policy performance," Dax Craig, president and CEO of Valen Technologies, says in a statement.
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio