Island Insurance Improves Underwriting with Valen Analytics
Staff Writer | July 28, 2016
Valen Analytics announces a new customer engagement with Island Insurance, Hawaii’s largest locally-owned property and casualty insurer. Island will utilize the Predict application of Valen’s InsureRight Platform for workers’ compensation, providing their underwriters with improved visibility into risk selection and pricing on new and renewal policies.
“In order to maintain a leadership position in today’s highly competitive market, we are constantly striving to improve our underwriting performance,” says John Schapperle, president and CEO of Island. “The analytics technology provided by Valen will be a vital tool to improving our pricing models, as well as our overall efficiency.”
Valen’s custom-built predictive model for Island’s portfolio and specific business needs is hosted on the InsureRight Platform. Its Predict application will allow Island to analyze individual policies with superior accuracy, providing consistency among underwriters and enabling them to make more informed decisions on which policies require the most attention. Additionally, by providing policy information at the point of decision, underwriters will improve their ability to respond to agent requests, and therefore service policyholders much faster.
“Adopting analytics to make quicker and more accurate decisions in underwriting is key to meeting the rising expectations of the policyholders and the agents that need to service them,” says Dax Craig, CEO of Valen Analytics. “As the market continues to become more sophisticated and highly competitive, we applaud Island Insurance for recognizing this momentum and providing their business with the necessary modern underwriting tools.”
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