Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help insurers manage and drive underwriting profitability, announced a new customer relationship with Frank Winston Crum Insurance Company (FWCI), a commercial insurance carrier that specializes in providing reliable and affordable workers' compensation and general liability for small to mid-sized businesses.
FWCI will be utilizing the Predict application of Valen’s InsureRight platform in order to make more informed risk decisions with workers’ compensation policies.
"Valen was a natural choice because of their product capabilities and their implementation approach for establishing a new underwriting norm," says Matt Crum, President of Frank Winston Crum Insurance.
"Valen worked closely with our underwriting and IT teams to explain how the Predict application of the model was developed, how it sources data to accomplish predictive modeling and addressed skepticism among our underwriters related to data integrity. They did a good job training our staff on the use of the software tool set on a day-to-day basis, showing the full value to our team."
The InsureRight Platform is powered by Valen’s contributory database, the largest and most robust data consortium specifically built for predictive analytics.
The Predict application allows FWCI’s underwriters added visibility into each risk – simplifying the underwriting process and allowing for more adequate pricing for both low and high risk policies.
"Investing in a predictive model for your business is only the first step to finding success with predictive analytics," says Dax Craig, CEO and president of Valen Analytics. "Valen is here to help make sure that FWCI is able to establish the right parameters in profiling risks with our Predict application, and assist in aligning the model with their own risk appetite and pricing guidelines."