Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help insurance carriers manage and drive underwriting profitability, today announced the availability of Manage within the InsureRight Platform for homeowners carriers. Manage allows insurers to leverage leading indicators of risk to understand portfolio performance overall, and within segments, to better inform strategic decisions and achieve underwriting profitability.
InsureRight Platform consists of two components, Manage and Predict. Manage is a portfolio management tool and Predict is a risk selection tool. The Manage component of the InsureRight Platform merges Valen's proprietary Condition Hazard Score and Insurance-to-Value (ITV) Score, available through the Predict feature of the product, with consortium data to deliver proprietary portfolio insights. These insights will help insurers determine if their business is headed in a profitable direction and enable a proactive approach to adjust business strategy.
"Manage presents a powerful competitive advantage for homeowners carriers," said Dax Craig, President and CEO of Valen Analytics. "Using advanced data and analytics, carriers will gain statistically valid portfolio insights to expose strengths and weaknesses within their own book of business, and ultimately chart a path toward profitability in this historically poor performing line of insurance."
Carriers of all sizes can now take advantage of a wide breadth of features to access and analyze their own data:
Portfolio Management: Provides a concise executive summary of the risk quality of a carrier's book of business, including key metrics to monitor how strategic plans are performing in practice.
Profitability Trends and Maps: Give the ability to evaluate segments of a portfolio that are not performing up to expectations using leading indicators of property condition and liability hazards, insurance-to-value issues and insurance score.
Inspections Trends and Maps: Allow carriers to learn how effective their inspection strategy is in reducing losses and improving loss ratio.
Risk Trends: Allows homeowners insurers to see if the policies in their portfolio are performing better or worse over time and identify where to allocate additional underwriting resources.
Data Validation: Compares metrics in a carrier's book of business against the same metrics obtained from the Valen consortium database, which includes 18 million homeowners policies and public data, serving as an industry standard platform uniquely built to help carriers achieve underwriting profitability.
The InsureRight Platform offers the flexibility that carriers need to incorporate predictive scores within underwriting, which allows for more visibility to understand adoption and better assess model and portfolio performance.
