AuditRight^® delivers a wealth of benefits!

Lower total cost of ownership and high ROI.

Unlike our competition, there is no upfront fee for model building.  And unlike our competition, we deploy our models using a software-as-a-service approach on our hardware with our software.  We offer three different methods for accessing model results: using our software development kit (sdk) with a well-documented API for tailoring your own applications to use our models, via web services using our desktop user interface, or in batch mode.  This means the cost of creating and implementing a premium audit model is much lower.  Our cost-effective solution delivers value rapidly, with less internal effort and with much less expense.

Accurate identification of audit targets and selection of appropriate audit method.

AuditRight helps auditors identify those policies that are most likely to have a premium discrepancy. Rather than using premium bands and/or class codes as the sole characteristics to determine which accounts to field audit, Valen's predictive analytic platform uses sophisticated pattern recognition technology to identify those policies with an exposure and premium mismatch, considers the cost of each available type of audit, and then makes a recommendation on the audit method to use: web survey, mail, phone or physical. By using predictive analytics in the premium audit function, insurance companies see a substantial increase in net additional premium and avoid performing costly field audits for accounts where a recovery is unlikely or less than the cost of a field audit.

Our hosted solution reduces the difficulty of implementing and maintaining models.

Insurers who have experience building and implementing predictive models in-house know that many months may pass between the time that the model is created to the time that the model is implemented in production.  The translation of complex mathematical algorithms into program code can be problematic and time consuming.  And knowing when to refresh a model presents its own unique challenges.  Valen's predictive analytic solutions relieve the insurer of all of these burdens.  We implement the models in our environment and provide access in a software-as-a-service approach.  We constantly monitor the effectiveness of the models and refresh or recalibrate them as necessary. Our clients want results, not burdens.  Valen delivers results efficiently and cost-effectively.

Reduction in premium fraud.

Most insurers rely on simplistic rules to govern their premium audits.  Is the annual premium greater than a certain threshold?  Is the business in a select group of SIC codes?  Is the percentage of workers in a higher risk job class above a threshold?  These simplistic approaches result in high false positive rates and often miss premium fraud.  Predictive models give insurers the ability to consider many characteristics simultaneously and improve the company's ability to accurately identify policies that have the highest likelihood of a premium mismatch.  Accurate identification of potential mismatches reduces premium fraud as well as inadvertent misreporting.

Access to well-known industry experts.

Valen is staffed with well-known insurance industry experts with experience that includes underwriting, actuarial, audit, consulting and IT.  Let us give you the benefit of our experience working with hundreds of insurers around the globe. By applying our knowledge and experience to your unique business problem, we will jointly arrive at the most cost-effective solution.

15% improvement in premium audit recoveries.

Money is the bottom line.  Valen's customers typically improve their premium audit results by a minimum of 15% in the first year.  That's 15% more premium recovered during the premium audit process that would have been missed without using AuditRight.  What company can afford to leave that kind of money on the table?