Valen Analytics Demonstrates 35% Year-over-Year Growth in Data Consortium
DENVER--(BUSINESS WIRE)--Mar 21, 2019--Valen Analytics ®, an Insurity company that provides proprietary data, analytics and predictive modeling for P/C insurers, today reported the growth of its data consortium to $90.5 billion across all standard Property and Casualty lines, up from $67 billion in 2018. Most notable growth is seen in Commercial Auto which grew a staggering 266%, while Workers Compensation climbed 57%. This growth derives from the highly predictive, actionable insights that the consortium delivers for real-time decision making. Dozens of third-party data sources and a diverse group of more than 60 insurers contribute to the Valen Data Consortium.
Insurers en masse are unlocking the predictive power needed for real-time actionable insights for quoting, underwriting, and claims handling. However, the prevalence of new primary data sources has left insurers looking for options that offer the best return on investment. As found in Valen’s recent proprietary study, synthetic variables appended with Valen’s consortium data demonstrated up to 13 times more predictive power than variables built with policy-only data. Synthetic variables are built from computations of more than one variable, made possible by leveraging large and diverse datasets.
Automation, powered by data, has the potential to replace expensive manual business validation processes, scale operations and improve customer experience and pricing. This need for automation will continue to fuel demand for data analytics solutions in the underserved small commercial market accounts estimated at $150 billion in premium. Valen is uniquely positioned to support insurers looking to gain a share of this market.
“Our journey started with the premise that the world would be increasingly fed by data,” said Kirstin Marr, President at Valen. “Today, the need to be analytically driven is an industry-wide phenomenon. We are pleased to showcase to insurers the value of partnering around data at a time when there’s no dearth of data sources, and enabling them to become market leaders through access to the most predictive insights.”
Valen’s consortium, which offers transactional, behavioral data such as risk profile, attributes, claims history and data from third party sources, enables evidence-based decisions to create measurable results. Valen offers a full array of capabilities to support insurers’ analytics teams with data services to evaluate quality and cost/benefit, providing consortium variables, and deploying insurers’ models. Valen also offers full-service data and predictive modeling services, and InsureRight Platform is best in class for business integration, monitoring, measurement and overall data analytics governance. The InsureRight Platform also integrates with DataHouse, Insurity’s award-winning solution with the most comprehensive data model in the insurance industry and end-to-end support for Commercial, Personal and Specialty lines of business.
About Valen Analytics
Valen Analytics, an Insurity company, provides proprietary data, analytics and predictive modeling for property and casualty insurers. We work with insurers who are actively looking to utilize modern approaches to pricing, risk selection, claims triage, and premium fraud. Our customers are focused on increasing competitive pressures, fighting adverse selection with innovative solutions, and raising awareness for the impending “experience gap” with initiatives such as Insurance Careers Movement. Our customers span many lines of business including Homeowners, Personal Auto, Workers’ Compensation, Commercial Auto, Commercial Package, Commercial Property, and BOP. Valen integrates with several Insurity products and solutions, including DataHouse and Policy Decisions platforms, enabling improved data management and data-driven decision making. Learn more about Valen at www.valen.com.
Insurity, Inc. enables property & casualty insurers to transform their enterprise and achieve their business goals. Insurity’s core processing applications and data integration and analytics solutions are backed by rich insurance expertise and are in production with over 200 insurers, processing billions of dollars of premium each month. Insurity’s solutions address the needs of all carriers – from the Top 20 insurers to small or regional commercial, personal, or specialty lines writers, as well as MGAs. For more information, visit www.insurity.com.
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CONTACT: Ruchi Pandey
Fusion PR for Valen
KEYWORD: UNITED STATES NORTH AMERICA COLORADO
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT PROFESSIONAL SERVICES CONSULTING INSURANCE
SOURCE: Valen Analytics
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PUB: 03/21/2019 09:00 AM/DISC: 03/21/2019 09:00 AM