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UFG Picks Valen Analytics to Bolster Commercial Auto Underwriting

Staff Writer | December 13, 2016

Valen Analytics announces a new customer engagement with United Fire Group (UFG) a property and casualty and life insurance carrier headquartered in Cedar Rapids, Iowa. UFG will implement the Predict application of Valen’s InsureRight Platform to give their underwriters increased visibility into risk selection and pricing for commercial auto policies in order to protect their business from adverse selection, improve profitability and loss ratio performance.

“UFG is committed to helping identify the best tools for our underwriters to price risk, and Valen has proven to be exceptional at working with underwriters to enhance their experience using modeling,” says Mike Wilkins, executive vice president and COO at UFG. “We chose Valen’s solution because it provided the advanced ability to accurately segment customers and potential customers based on loss propensity as well as their reputation of working closely with clients to customize the best implementation plan for the organization.”

Valen’s custom predictive models are hosted on the InsureRight Platform and integrate directly into the underwriter’s workflow, allowing for real-time decision support. This helps predict risk characteristics of an account reliably in order to drive the best business. UFG can now segment customers into appropriate risk buckets with a wide range of data that combines underwriting experience with predictive modeling.

“There are profitable risks to be found in every vehicle class, even higher risk accounts, as long as they are priced appropriately,” says Dax Craig, CEO of Valen. “Through our partnership with UFG, we will combine their underwriting expertise with the advanced analytics of Valen’s platform to help identify these risks and price them in a way that maximizes business value and promotes overall growth.”

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