Valen Analytics, a provider of proprietary data, analytics and predictive modeling for property/casualty insurers, announced that Capital Insurance Group (CIG) will be leveraging Valen’s InsureRight Platform to boost underwriting performance for personal auto.
CIG, a regional P/C insurer serving the Western U.S. since 1898, will be implementing the Predict and Manage applications of Valen’s InsureRight Platform. Predict helps insurers with individual policy risk selection and pricing decisions, while the Manage application provides leading indicators of overall performance so insurers can manage their portfolio and underwriting results, Valen said in a statement.
CIG “required a more efficient and accurate means of assessing risk” in order to maintain its competitive edge, said Vice President and Chief Actuary Andrew Doll. “Valen provided us with a solution that accomplished what we needed, and their analytic ability and turn-key deployment technology provided us much quicker speed to market than if we had done this on our own. Within six months, we had a model developed and a system operational hitting all timelines established at the start of the project,” he noted.
Valen, which has been pushing into the auto space, also recently announced its Risk Score for commercial auto.
Source: Valen Analytics