Valen Releases New Risk Score Solution for Workers’ Comp Insurers
Staff Writer | July 09, 2014
Valen Analytics announces its new Risk Score for workers’ compensation within the InsureRight Platform. Last updated in 2010, the new Risk Score is bolstered by over a thousand new variables, allowing underwriters to select and price policies more accurately.
The Risk Score is a comparison tool that separates good risks from bad on new and renewal policies. The best risks are defined as those within the top 10 percent of premium and the worst risks represent the bottom 10 percent of premium, in terms of loss ratio performance.
Valen built the InsureRight Platform using its contributory database. Insurers use the Risk Score for actionable and proprietary insights on individual policies and their entire portfolio, while avoiding the inherent sample bias from relying solely on their own data.
In addition to sourcing from Valen’s in-house database, the Risk Score also incorporates external data sources. This comprehensive data strategy drives pricing accuracy and business growth while allowing insurers to achieve efficiencies in underwriting decision-making.
The new Risk Score provides workers’ compensation insurers with better insight into historically loss-free policies and enables underwriters to distinguish between risks even when the policy holder is claim-free. The Risk Score accurately identifies a 30 percent loss ratio difference between the best and worst performing policies.
“We are building a partnership with insurers around actionable data,” says Dax Craig, president and CEO of Valen Analytics. “Everyone benefits when insurers come together to pool their data, because it opens doors to solutions that push the industry forward. Valen’s new Risk Score is the next frontier, and a perfect example of how working collaboratively with insurers helps the market overall by using data to predict what will happen on loss-free policies.”
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