Insurance technology company Insurity has acquired Colorado-based Valen Analytics for an undisclosed price.
Valen, founded in 2004, offers data, analytics and predictive modeling services for property and casualty insurers.
Insurity, which is based in Connecticut, provides core insurance processing and data integration as well as analytics solutions.
The Valen brand will continue to be intact although it will now operate as an Insurity company named Valen Analytics.
Insurity said Valen’s InsureRight Platform and predictive analytic solutions deliver better results that improve underwriting performance, and provide insurers the confidence to take advantage of risk selection in real-time and pricing tools required to give a digital experience for policyholders and agents alike.
Insurity CEO Jeffrey Glazer said: “Valen has pioneered a world-class approach to underwriting analytics with the development of InsureRight Platform.
“Valen’s contributory data assets, real-time deployment technology, and solid bench strength of insurance expertise, has a proven track record of successfully integrating analytics into the underwriting decision-making process. There is built-in alignment with Insurity’s unwavering commitment to deliver tangible results for customers, along with the strategic advantage resulting from our synergistic solutions.”
The acquisition will allow Insurity's customers to leverage on the data-first strategy from Valen.
Apart from the established core processing systems that are integrated to facilitate data driven processes and user experiences, the Insurance Enterprise View (IEV) from Insurity provides a holistic solution to the data collection and aggregation problems faced by several insurers.
Valen CEO and president Dax Craig said: “The evolution of the personal and small commercial insurance markets is a focal point of incumbents and new entrants alike, and a contributory approach will help propel the capabilities of insurers who want to assert their relevance in delivering a modern customer experience.”
Insurity’s acquisition of Valen comes only a month after the former’s acquisition of California based claims management software provider Systema.
Image: Insurity has acquired Valen Analytics. Photo: courtesy of adamr/ FreeDigitalPhotos.net.