Valen’s InsureRight® Risk Report is a one of a kind risk report tailored to help workers’ compensation underwriters make dramatic loss ratio improvements by driving systematic and accurate risk based pricing.

For years the financial environment has been using credit scores to understand risk and support basic decisions as it pertains to lending.   Valen Technologies is now providing the first real risk report designed to provide vital information about the risks associated to workers’ compensation insurance policies.

InsureRight is powered by two Valen predictive models that provide a Risk Score and a Misclassification Score. The Risk Score predicts a new or renewal policy’s prospective term loss ratio and provides a price indication that underwriters use to more accurately select and price policies. The Misclassification Score predicts the percentage of misclassified exposure on a policy so that underwriters can proactively prevent premium leakage and ensure pricing to exposure accuracy.    

The Risk Score utilizes a predictive model built with policy and claims information from over 12 million unique policies. The Misclassification Score utilizes a predictive model built with pre and post audit policy information from over 2.3 million audit records. 

Designed to support underwriters as they write new and renewed business, InsureRight breaks down the barriers to adopting predictive analytics for underwriting and pricing. Historically, many carriers have been unable to take advantage of predictive analytics because they lacked sufficient data, lacked internal predictive modeling expertise, lacked sufficient funding and/or lacked the necessary IT resources to pull data and/or implement a predictive model. 

Because InsureRight is a cloud based, web-enabled predictive analytics solution that requires no carrier data, is priced with a transaction based pricing model and is available today with no IT resources required, Valen’s InsureRight Risk Report removes the barriers that have kept many insurance carriers from taking advantage of predictive analytics.

InsureRight Benefits:

Precision pricing and risk management: InsureRight is a predictive analytics underwriting report tailored for underwriters to drive dramatic loss ratio improvements by systematically and accurately driving risk based pricing.

Eliminates barriers to entry: InsureRight eliminates all typical barriers to entry including the required data to build a credible model, limited internal predictive analytics expertise, and scarce available client IT and financial resources.

Time to market: InsureRight is provided in a Cloud based environment with no delays from costly implementations. The value proposition is recognized immediately. 

Delivers protection from being adversely selected: InsureRight helps carriers to avoid adverse selection by helping underwriters more accurately price to risk and be more confident in their competitive stance on the very best risks.