For insurers, profitable growth requires pricing accuracy, solid producer relationships, streamlined and rapid underwriting while managing costs under ever-tightening budgets. Predictive analytics delivers the ability to improve pricing accuracy and accelerate business processes, but the cost of developing and implementing predictive models in house is often more than the typical insurer can handle. Carriers must understand that recognizing business value from predictive models requires data, powerful analytics, the ability to deploy models into the business environment and an organization that is ready to embrace the future. Valen knows these challenges and has developed a process that delivers maximum value in minimum time at an affordable cost.

Valen's unique closed-loop solution for predictive analytics supports an initiative from start to finish, providing a platform to expand the use of predictive analytics throughout the organization. Valen has developed a process to validate and enrich data, create and deploy predictive models, monitor the models in production and provide needed visibility through business intelligence reporting. While each of Valen's predictive modeling clients are unique, the six phases of a successful predictive analytics initiative are consistent.

We begin with a project scope that focuses on the business needs of the insurer. Our project scope is broad enough to deliver significant value, but narrow enough to deliver that value rapidly. Once we have agreement on the project scope, we move on to the data acquisition phase during which our experts cleanse and standardize the data and store it in a format suitable for model development. Our analysts then begin the intricate task of exploring the data and building models. Upon model completion, we present our client with the results and explain the subtle details of the model. Once the model has been accepted by the client, we integrate the use of the model into the client’s business processes. Finally, to ensure the ongoing performance of the model, we monitor the model results and recalibrate the model as necessary.

As a software as a service provider, Valen’s goal is to enable our customers to achieve a rapid return on their investment in predictive analytics by simplifying the implementation of predictive models into their business processes. Valen's platform and our insurance industry experts deliver value and insight throughout the six project phases to ensure that maximum benefit is extracted through each project milestone.