Release Date: Sep-03-2014
Insurer Adopts Valen’s InsureRight® Platform to Boost Risk Selection and Pricing in Workers’ Compensation
DENVER – September 3, 2014 – Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help insurers manage and drive underwriting profitability, has announced a new customer engagement with Hortica Insurance & Employee Benefits, a mutual insurance company serving horticultural businesses across the U.S. As a new customer, Hortica will utilize the Predict application in Valen’s InsureRight Platform to provide underwriters greater insight into the potential risk associated with workers’ compensation policies.
“Leveraging the latest data and analytical tools will provide us with the strong competitive edge we need in our niche market,” said Mona Haberer, CPA, CPCU, President and CEO of Hortica. “Valen’s platform empowers our underwriting team to analyze and price risk more confidently and accurately, making us more efficient in our decision-making overall.”
Supported by Valen’s robust data consortium in workers’ compensation, Predict allows Hortica to analyze individual policies with superior accuracy, providing consistency among underwriters when pricing new and renewal policies. By leveraging predictive models built from a diverse data set, Hortica can tackle the growing issue of adverse selection and protect their market share with actionable and proprietary insights.
“We applaud Hortica for demonstrating a forward-thinking approach and recognizing the need to fight adverse selection,” said Dax Craig, CEO of Valen Analytics. “As the workers’ compensation market grows in sophistication and becomes much more segmented, it is critical for insurers to deviate from the one-size-fits-all approach to business and give underwriters the right tools to locate the best risks and increase profitability.”
The InsureRight Platform offers comprehensive portfolio management capabilities and transactional model deployment for risk selection and pricing accuracy. More information can be found online at www.valen.com.
About Valen Analytics
Valen Analytics is an advanced data and analytics provider for property and casualty insurance companies. We work with insurers who are actively looking to improve underwriting profits by driving growth and/or lowering their loss ratio. Our customers are focused on increasing competitive pressures, fighting adverse selection with innovative solutions, and raising awareness for the impending ‘experience gap’ in underwriting with initiatives such as Tomorrow’s Talent Challenge. Our customers span many lines of business including Homeowners, Workers’ Compensation, Commercial Auto & Telematics, Commercial Package, Commercial Property, and BOP. Learn more about Valen at www.valen.com.
About Hortica Insurance & Employee Benefits
Hortica Insurance & Employee Benefits, a niche specific mutual insurance company serving horticultural businesses across the U.S., is celebrating a rich history of 125 years in business. Founded on June 1, 1887 and initially named “Florists’ Hail Association of America,” Hortica has evolved into a comprehensive insurance company that guides and provides solutions for retail florists, garden centers, nurseries, landscape contractors, greenhouse growers, wholesale floral distributors and interior plantscapers.
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