|By Business Wire||
|February 26, 2013 07:01 AM EST||
Today, Valen Technologies, an advanced data and predictive analytics provider for property and casualty insurance leaders, announced a new customer engagement with insurance carrier, Farm Bureau Financial Services. In an effort to make loss ratio improvements and enhance risk-based pricing, Farm Bureau will utilize Valen’s flagship predictive analytics product, InsureRight, in their underwriting practices for workers’ compensation services. Additionally, Farm Bureau is employing Valen’s portfolio management and production monitoring reporting, one of the newest features made available with the launch of InsureRight 2.0 in September 2012.
“Valen provides the real-time analytical insights we need to improve our risk assessment processes,” said Steve Wittmuss, Commercial Vice President of Farm Bureau. “We understand the value of being quick-to-market in a constantly evolving environment. Valen’s fully hosted solutions required very few resources from our IT team, so we are able to leverage the benefits of predictive analytics immediately to better serve our customers.”
InsureRight was created for workers’ compensation carriers to leverage advanced decision-making capabilities. With InsureRight, underwriters at Farm Bureau can easily access predictive analytics data to better analyze risk and achieve better results.
Additionally, Valen’s new Portfolio Management Reporting functionality delivers a first-to-market suite of reports to identify trends, opportunities, and threats in the marketplace in as close to real-time as possible. This information allows Farm Bureau’s team of underwriters, managers, and executives to make more proactive, actionable decisions to capitalize on market position strengths and opportunities and allocate resources more effectively.
“With workers’ compensation being one of the most difficult and unpredictable lines of business, we applaud Farm Bureau’s dedication to utilizing tools that help the company compete and grow in a crowded marketplace,” said Dax Craig, President and CEO of Valen Technologies. “We’re honored to have this opportunity to work with Farm Bureau and provide real-time insights and analyses that can inform its underwriting practices for workers compensation services.
InsureRight is currently available to property and casualty insurers. Valen provides carriers the only proof of concept benchmark that demonstrates how predictive analytics will perform on their book of business, in advance of making a purchasing decision. More information can be found online at http://www.valen.com.
About Valen Technologies, Inc.
Valen Technologies, Inc. provides turnkey predictive analytics to the property and casualty insurance industry. Valen’s proprietary contributory database, called ValenNetworks®, is used to deliver predictive modeling products that improve risk selection, pricing, underwriting, audit, and inspection processes. ValenNetworks® is comprised of nationwide data that includes policy-level information for Workers Compensation, Homeowners, Premium Audits, Commercial Auto and BOP, combined with disparate, non-industry data sources carefully mined to maximize usefulness. Our suite of products that includes PropertyRight™, InsureRight®, UnderRight®, RateRight®, and AuditRight® are delivered in a fully hosted environment. Learn more about Valen at www.valen.com and http://propertyright.valen.com.
About Farm Bureau Financial Services
Through an exclusive, multi-state agent force, the companies affiliated with the Farm Bureau Financial Services brand (Farm Bureau Property & Casualty Insurance Company, Western Agricultural Insurance Company and Farm Bureau Life Insurance Company) underwrite, market and distribute a broad range of insurance and financial services products to individuals and businesses. For more information, visit www.fbfs.com.