Release Date: Jun-19-2013
Care West to Use Valen’s InsureRight® Platform for Competitive Advantage in Underwriting and Risk Selection in Workers Compensation
DENVER – June 19, 2013 – Today, Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help all insurance carriers manage and drive underwriting profitability, has announced a new customer engagement with Care West Insurance Company. The workers compensation insurance provider for healthcare, agriculture, hospitality and other employers in California will be utilizing Valen’s Predict component of the InsureRight Platform in their underwriting practices for workers compensation services.
Predict transforms how underwriters interact with predictive scores by providing transparency and context for how policies are scored that enables better risk selection and improved pricing accuracy. As a carrier with a specialized book of business that includes large premium accounts, Care West can leverage both Valen’s proprietary industry data and loss ratio predictions across their own policies. This provides a better understanding of risk, new business quotes in existing segments, in addition to supporting their growth initiative into new areas.
“InsureRight will help us to profitably grow more into our core segments of business and better serve our customers,” said John Grush, President and CEO of Care West Insurance Company. “Valen gives us the ability to more confidently analyze risk utilizing their predictive tools and broad database.”
The InsureRight Platform is an industry first that brings together predictive modeling, industry data, portfolio management and business intelligence tools that allow carriers’ to proactively spot trends in their in-force book using leading indicators. 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.
“When Care West was looking to grow into new markets, they looked to us to provide a distinct advantage built on contributory data from the industry,” said Dax Craig, President and CEO of Valen Analytics. “We’re in a new era in workers compensation and specialty carriers can now turn to advanced analytics for a better understanding of the industry as a whole.”
Currently available to property and casualty insurers, the InsureRight Platform is a full-featured solution that 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.
About Care West Insurance Company
Care West Insurance Company was formed to insure healthcare workers’ compensation needs in 1989, and in 1996 became an admitted California insurance carrier licensed to write Workers Compensation. Today, Care West provides workers’ compensation insurance to safety-minded California employers specializing in healthcare facilities, the hospitality industry, and the agriculture/farming industry, among others. Learn more about Care West at www.carewestins.com.