BrickStreet Mutual Insurance, a West Virginia-based workers' compensation insurance provider, has selected Valen Technologies' InsureRight Risk Report as a strategic tool to improve accuracy when pricing workers' compensation policies.
Valen said that the InsureRight solution will help the insurance carrier in identifying the policy risk in advance of pricing its workers’ compensation policies.
It also enables the insurer to take corrective actions on new or renewal policies that the solution identifies as likely to have misclassified exposure.
Valen is already working with the the team of BrickStreet on the implementation of InsureRight solution and likely to have the product available for BrickStreet’s next round of policy renewals.
BrickStreet Mutual Insurance SVP Jeff Benintendi said as a mutual insurance company writing business in West Virginia and other target states, it is important BrickStreet manage the business with a high degree of precision.
"We must understand the risks we are writing, price for the risk we are accepting, and be able to decline business outside of BrickStreet’s risk appetite. We believe that Valen’s InsureRight will help us better understand the exposure of the policies we write," Benintendi said.