AlaCOMP Adopts Valen Solution to Improve WC Risk Selection, Pricing
Staff Writer | May 24, 2017
Valen Analytics, an Insurity company, announces a client engagement with AlaCOMP, an Alabama workers’ compensation self-insurance fund. AlaCOMP will utilize the Predict application of Valen’s InsureRight Platform to support underwriting decisions with increased business intelligence.
“In the complex market of workers’ compensation, companies look for every valuable tool to make an educated decision on pricing policies, therefore maximizing profits,” says Stephen Marino, president of AlaCOMP. “Implementing a proven, robust analytics platform like InsureRight gives us a leg up on our competition and enables us to grow in the markets we serve.”
As a result of the engagement, AlaCOMP will leverage a predictive model that’s been customized to meet its unique needs. The model, built and hosted on Valen’s InsureRight Platform, combines AlaCOMP’s data with Valen’s contributory database, the largest and most robust purpose-built consortium for predictive analytics. Risk quality insights are provided to underwriters at the point of decision, offering increased visibility into risk selection and pricing, and additional support in instances of uncertainty.
“As insurance businesses grow in size and complexity, it becomes imperative to find ways to support and validate the decisions made by underwriters,” says Dax Craig, CEO of Valen Analytics. “AlaCOMP now has access to a powerful tool set that offers assurance and maximizes profitability.”
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