Insurance solutions provider AmFed has chosen Valen Analytics, a data, analytics and predictive modeling provider for P/C insurers, for improving its underwriting results with unprecedented speed-to-market.
AmFed will utilize the Predict application of Valen’s InsureRight Platform for workers’ compensation, providing their underwriters with better visibility into risk selection and pricing on new and renewal policies.
Valen’s custom-built predictive model is hosted entirely on the InsureRight Platform and integrated directly into the underwriter’s workflow, allowing for real-time decision support.
Since AmFed customers are primarily construction related, Valen’s platform has been crucial in providing data and performance indicators on high hazard class codes.
The implementation allows expansion into other areas of business while enabling faster and more informed decisions on those policies.
AmFed president and CEO Billy Roberts said: “At AmFed, we pride ourselves as being a leader in our field and bringing innovative ideas to our customers and clients. We decided that in order to remain competitive in the current insurance environment, we needed a robust predictive analytics tool to help our underwriters analyze risk and project the potential profit.
“This was a big investment for us, but we are confident that by partnering with Valen, we can bring our customers even greater value and help us identify the right opportunities in states we are not currently writing coverage.”
As a result of Valen’s consultation and AmFed’s commitment to predictive analytics, completion of the project happened just 45 days after contract signing, compared to internal or consultant-built models that can take nearly 18 months.
Valen Analytics CEO Dax Craig said: “AmFed identified a real need for predictive analytics and was extremely proactive about finding the right partners with which to build a model.
“Not only will AmFed improve their competitive advantage through the use of analytics, but the implementation will protect their existing business as well. The market and competitors are becoming more savvy with every passing day, and if traditional carriers hope to follow suit, they must adopt a data-driven mindset.”