Posted on 08 Dec 2011
Property/casualty insurance analytics provider Valen Technologies and Willis Re, the reinsurance broking arm of Willis Group Holdings, the global insurance broker, today announced a joint marketing relationship for two predictive analytics solutions for workers’ compensation insurers in the United States. Effective immediately, Willis Re will offer its clients the opportunity to license Valen’s InsureRight® and AuditRight® products at discounted rates.
Valen Technologies, Inc, provides turnkey predictive analytic solutions to the Property and Casualty insurance market in Cloud-based computing environments. The InsureRight solution provides workers’ compensation insurers with two robust predictive models – a risk model that helps underwriters price risks more accurately and a misclassification model that helps carriers identify policies with misclassified exposure.
The AuditRight product helps workers’ compensation insurers improve premium to exposure accuracy. AuditRight facilitates the efficient use of premium audit resources by identifying policies with the greatest risk of premium deviation at policy expiration.
Alice Underwood, Executive Vice President and the head of Analytics for Willis Re North America, said, “Companies are recognizing that predictive analytics are rapidly becoming mandatory in order to stay competitive. Valen’s products can help level the playing field for smaller companies by putting extremely competitive tools into their hands.” Bret Shroyer, Senior Vice President of Willis Re, said, “InsureRight fills a vital gap in the predictive modeling space. It’s an incredibly effective workers’ compensation model, leveraging a large industry database to bring real value at a competitive price to small- and medium-sized carriers.”
“Valen and Willis Re are aligned in our efforts to bring cutting-edge predictive analytics to property/casualty insurance clients,” said Dax Craig, Valen CEO. “Valen is thrilled to develop an alliance with Willis Re because we both share an unwavering commitment to our customers’ success.”
About Valen Technologies
Valen Technologies, Inc. improves pricing, underwriting and premium audit results through cloud computing predictive analytics solutions, UnderRight®, RateRight®, AuditRight® and InsureRight®. Valen’s leverages its Valen Networks consortium database of detailed policy and claims data to build, deploy and monitor predictive models for improving risk selection, pricing, underwriting and optimizing premium audit processes. To learn more about Valen and Valen’s products visit Valen’s website at www.valen.com
About Willis Re
One of the world’s leading reinsurance brokers, Willis Re is known for its world-class analytic capabilities, which it combines with its capital markets and reinsurance expertise in a seamless, integrated offering that helps clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world's top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. The broker’s global team of experts offers services and advice that help clients make better reinsurance decisions, access worldwide capital markets and negotiate optimum terms. For more information, visit www.willisre.com