Farm Bureau Financial Services has partnered with Valen Technologies to implement its predictive analytics solution to make loss ratio improvements and enhance risk-based pricing in workers' compensation services.
The company will deploy Valen’s flagship predictive analytics product, InsureRight, in its underwriting practices for workers’ compensation services.
Valen’s portfolio management and production monitoring reporting, which is one of the newest features made available with the InsureRight 2.0 launched in September 2012, is also being implemented by the company.
Farm Bureau Commercial vice president Steve Wittmuss said Valen delivers the real-time analytical insights required by the company to enhance its risk assessment processes.
”Valen’s fully hosted solutions required very few resources from our IT team, so we are able to leverage the benefits of predictive analytics immediately to better serve our customers,” Wittmuss added.
InsureRight is expected to help Farm Bureau underwriters to easily access predictive analytics data for better risk analysis and also achieve better results.
A first-to-market suite of reports provided by Portfolio Management Reporting for real time identification of trends, opportunities, and threats in the marketplace will also help the employees take more proactive, actionable decisions to capitalize on market position strengths and opportunities and effectively allocate resources.