Release Date: Jul-09-2013
KESA Utilizes Valen’s InsureRight® Platform for Greater Underwriting Performance, Customer Service in Workers’ Compensation
DENVER – July 9, 2013 – Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help all insurance carriers manage and drive underwriting profitability, has announced an expanded partnership with KESA, The Kentucky Workers’ Compensation Fund. The not-for-profit fund will leverage Valen’s newly announced full-featured InsureRight Platform to improve underwriting performance and ensure its customers are receiving optimal workers’ compensation coverage.
“We want our team to have the latest tools so that we can better serve our customers and make the best decisions possible,” said Gregory L. Buie, Chief Executive Officer of KESA. “By adding portfolio management capabilities, Valen has enabled us to compare our performance to the industry and maintain a competitive edge in today’s underwriting.”
Launched in April 2013, the InsureRight Platform is an industry first that combines predictive modeling, industry data, portfolio management and business intelligence tools to proactively spot trends in carriers’ book of business. As part of the expanded engagement, KESA will be utilizing the two components of the InsureRight Platform – Predict and Manage. • The Manage component of the InsureRight Platform provides carriers analytics and portfolio management features to assess performance and leverage proprietary industry data from Valen’s contributory and anonymized database. KESA can use this empirical industry data to react quickly on trends in risk quality by comparing actual quotes and bound price levels, and to better understand market positioning.
• Predict offers an improved experience for underwriters as they interact with predictive scores. It provides enhanced visibility into individual risks and reduces data input requirements, making workflow more efficient. In addition to the Risk Model and Misclassification Model, KESA is adding the third predictive model in Predict, Valen’s proprietary Premium Impact Model, which improves customer service by allowing underwriters to identify policies that need premium adjustments for better coverage, whether that means lowering premium or adding coverage if necessary. “In the several years we’ve worked with KESA, we’ve always been impressed with its continued commitment to innovation and leadership within the industry,” said Dax Craig, President and CEO of Valen Analytics. “They are among the leaders in commercial line carriers who are now rapidly adopting data and analytics to increase visibility into their portfolio, manage performance and inform pricing strategies.”
The Valen Analytics database includes more than 20 million policies scored using robust predictive models, presenting an industry standard platform uniquely built to help carriers achieve underwriting profitability.
Currently available to property and casualty insurers, the InsureRight Platform offers comprehensive portfolio management capabilities and transactional model deployment for risk selection and pricing accuracy. More information can be found online at www.valen.com.
About Valen Analytics Valen Analytics helps carriers manage and segment their portfolios in order to drive underwriting profitability. Valen’s InsureRight Platform is the only solution with proprietary insight into portfolio metrics and risk characteristics to identify pockets of pricing inadequacy and redundancy. A dynamic portfolio management tool provides access to Valen’s contributory database containing policy level analysis not available elsewhere. The Valen contributory database is anonymized and has scored over 20 million policies using robust predictive models in Homeowners, Workers’ Compensation, Commercial Auto, Telematics, Commercial Package, and BOP. Learn more about Valen at www.valen.com.
KESA, The Kentucky Workers’ Compensation Fund, is a not-for-profit fund that has been writing workers’ compensation coverage for Kentucky employers for 32 years. With over 6,800 members and more than $53 million in premiums, KESA is one of the largest and most financially stable providers of workers’ compensation in the state. KESA is sponsored by the Kentucky Employers’ Safety Association. The sole purpose of the association is to promote safety and health in the workplace. Learn more about KESA at www.kesa.org.