September 12, 2019
Valen Analytics®, an Insurity company, and provider of proprietary data, analytics and predictive modeling for P/C insurers, today announced InsureRight Manage 2.0, a new version of the portfolio management component of the company’s InsureRight Platform. Manage 2.0 features a proprietary data model that enables a forward-looking view of portfolio performance. By combining historical, real-time and predictive data, the new version generates granular insights needed to understand both where the business is and where it is headed.
Leveraging analytics to identify the potential impact of each risk on profitability and aggregate exposure remains a key priority for insurers; yet only 14% report[i] mature capabilities in this area. With Manage 2.0, Valen is filling the void by enabling continuous access to insights on the portfolio health, performance and results of an analytics program.
The new version allows users to begin with a high-level view of their portfolio, using key indicators and measures. Insurers can then drill down from an aggregate view to hazard groups, geographies, underwriters, agents and individual policies to glean the greatest degree of actionable insights needed to improve portfolio performance.
“Today, despite substantial investments in technological, financial and human resources, insurers remain reliant on hindsight to guide the future of their business. This is due to the lack of proper data models that can produce actionable insights,” explained Kirstin Marr, President at Valen Analytics. “Manage 2.0 empowers underwriting management with next generation metrics that can help them identify opportunities for growth, uncover hidden or subtle factors contributing to the outcomes of their portfolios, and foresee potential issues.”
The solution leverages modern data visualization tools for a streamlined, adaptive user experience that enables insurers to identify trends and patterns, such as high and low performing policies, and delivers insights into predicted pricing benefits. With these insights, insurers can confidently allocate resources to correct, improve or advance portfolio performance.
Manage 2.0 is currently available to all Valen clients hosting a predictive model on the InsureRight Platform.
About Valen Analytics
Valen Analytics, an Insurity company, provides proprietary data, analytics and predictive modeling for property and casualty insurers. We work with insurers who are actively looking to utilize modern approaches to pricing, risk selection, claims triage, and premium fraud. Our customers are focused on increasing competitive pressures, leveraging data-driven decision making to build innovative solutions, and bringing new perspectives and talents to the industry with initiatives such as Insurance Careers Movement. Our customers span many lines of business including Homeowners, Personal Auto, Workers’ Compensation, Commercial Auto, Commercial Package and BOP. Valen integrates with several Insurity products and solutions, including DataHouse and Policy Decisions platforms, enabling improved data management and real-time decision making. Learn more about Valen at www.valen.com.
Insurity, Inc. enables property & casualty insurers to transform their enterprise and achieve their business goals. Insurity’s core processing applications and data integration and analytics solutions are backed by rich insurance expertise and are in production with over 200 insurers, processing billions of dollars of premium each month. Insurity’s solutions address the needs of all carriers – from the Top 20 insurers to small or regional commercial, personal, or specialty lines writers, as well as MGAs. For more information, visit www.insurity.com.
[i] Source: Novarica New Normal 100 for Property/Casualty Insurers