UnderRight^® delivers many benefits!

 Accuracy, consistency, speed, and underwriting expense are critical concerns for all underwriting departments. Failure to meet goals in any of these areas can be disastrous. Valen’s UnderRight ensures that underwriting decisions are consistent, accurate, and timely. By facilitating straight-through processing or simply accelerating the decision making process through the cost-effective application of predictive analytics, we enable insurers to lower their underwriting expense while simultaneously reducing their loss ratio. We designed our solution to be flexible enough to integrate into any underwriting environment. By offering three methods of accessing the results of our predictive models, our solution offers the flexibility you need.

More than just a model!

Valen’s models incorporate data from many sources, not just your data. Our ValenNetworks^™ database of historical risk data helps fill gaps that exist in most insurers’ data. Whether you lack data for certain rating classes or geographic areas, the data in ValenNetworks ensures that the models we build are as robust and accurate as possible. In addition, Valen’s models rely on firmographic, demographic and econometric data stored in our XData^® data warehouse. This data source expands the amount of information available to produce the best underwriting decisions in the least amount of time. No other company offers the data enhancement capabilities that Valen offers.

“If you aim for consistency, the numbers will be there at the end.”

            Tom Seaver, Baseball Hall of Fame Pitcher

Baseball is a game of statistics, and insurance is the business of large numbers. In order to be able to accurately forecast loss results, insurers must maintain a consistent, homogeneous book of business. Underwriting based on changing underwriting rules and underwriters with different ideas about what constitutes a good risk produces inconsistency. UnderRight produces consistent and accurate underwriting scores. These scores can be relied on to recommend underwriting decisions, reducing underwriter touch. Unlike selection rules, predictive models are not subject to relatively frequent changes. By relying on the results of a predictive model, insurers will enjoy the benefit of a consistent, predictable book of business. The ultimate outcome is stability and profitability. 

SaaS approach reduces cost of ownership

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. 

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.

UnderRight lowers loss ratios

Valen’s underwriting models enable the insurer to identify hidden opportunities for improvement in the current book of business and improve the underwriting process for new business. By identifying hidden segments of underpriced risks, the insurer is better able to assign a more appropriate price. Likewise, some contracts are at risk for attrition because they are overpriced. Charging the correct premium for the exposure presented is the name of the game. Valen’s models ensure that the insurer charges accurate prices and in doing so, our customers typically see a reduction in loss ratio of at least 4 points.

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.