Willis Re and Valen Technologies have formed a joint marketing relationship for two predictive analytics solutions for workers' compensation insurers in the US.
As part of the relationship, Willis Re will offer its clients the opportunity to license Valen’s InsureRight and AuditRight products at discounted rates effective immediately.
Valen said the InsureRight solution provides workers’ compensation insurers with a risk model that helps underwriters price risks accurately and a misclassification model that helps carriers identify policies with misclassified exposure.
The AuditRight product helps workers’ compensation insurers improve premium to exposure accuracy, added Valen.
Valen CEO Dax Craig said that Valen and Willis Re are aligned in their efforts to bring cutting-edge predictive analytics to property/casualty insurance clients.
Willis Re North America executive vice president and the head of analytics Alice Underwood said that companies are recognizing that predictive analytics are rapidly becoming mandatory in order to stay competitive. Valen’s products can help level the playing field for smaller companies by putting extremely competitive tools into their hands.