US-based Stonetrust Commercial Insurance has selected Valen Analytics’ InsureRight Platform to improve underwriting capabilities.
As part of the deal, Stonetrust will use the Manage and Predict applications of InsureRight Platform to deal with the potential risk associated with workers’ compensation policies.
Stonetrust Commercial Insurance CIO Sukhy Dhillon said: "The commercial lines industry is becoming increasingly complex and competitive due to underwriting profits being at the top of corporate priorities.
"Our increased focus on objective criteria for risk selection, pricing in underwriting, and utilizing tools like InsureRight will help us to grow profitably."
InsureRight Platform is based on Valen’s contributory database, which is specifically built for predictive analytics.
Predict improves underwriters ability to analyze individual policies with accuracy, while Manage offers insurers with a forward-looking assessment of their portfolio’s risk quality.
In addition, Valen’s latest Risk Score helps Valen to analyze historically loss-free polices for increased accuracy in underwriting.
Valen Analytics CEO and president Dax Craig said: "By tapping into our new Risk Score, Stonetrust is one of the first to be able to accurately price loss-free policies, which represents a new frontier in pricing and risk selection.