Data offers insurers the much-needed edge in today’s competitive insurance market. But what truly impacts the bottom line is how they choose to process the available data and implement it within their daily workflow. This is true for any aspect of back-end insurance operations, including predictive modeling.
Even insurers that boast in-house capabilities (and data) for building their own predictive models often spend too much time processing available data and maintaining model infrastructures — time they could have otherwise utilized in future modeling efforts. A predictive model is not a “set it and forget it” solution, but a tool that requires monitoring, maintenance and refreshing to achieve the best lift. It is entirely possible to have the right model for the specific business case and still not deliver the proper insights to the underwriters that use them.
We are pleased that Canal Insurance values the importance of real-time predictive analytics and selected our Valen Analytics InsureRight® Platform to deploy their own predictive models. By doing so, Canal has successfully equipped its underwriters with the capability to quickly and accurately assess risks at the point of decision.
In addition to hosting the model, Valen’s platform handles monthly updates to the underlying data and frees up a considerable amount of time the team used to spend on data refresh. Pricing transparency is improved as the platform tracks usage of the model, identifies how and where underwriters incorporate a model suggestion into a premium quote, and records how their analysis has shifted over time.
Forward-looking insurers appreciate that a treasure trove of data is useless if it is not being implemented within the organization correctly and placing the insights directly in the hands of the frontline employees where and when they need it. We look forward to a continued partnership with Canal and helping them leverage their data more efficiently.