FHM Insurance Deploys Valen's InsureRight

By Meenakshi Shankar
TMCnet Contributor

Founded in 2004, Valen Analytics is a company that started out by building predictive models in several lines of business to help insurers make more consistent, accurate, and profitable business decisions. Valen’s InsureRight Platform is a solution with proprietary insight into portfolio metrics and risk characteristics to identify risk selection and pricing accuracy.

The latest picker of Valen’s InsureRight Platform is FHM Insurance Company (FHM), a property and casualty insurance company focusing on workers’ compensation insurance coverage in the Southeast region of the U.S.

FHM is leveraging the Predict features of Valen’s InsureRight Platform to make predictive analytics more accessible to underwriters and to provide more insight into the potential risk associated with workers’ compensation policies.

“We commend FHM’s desire to augment their underwriting expertise with advanced data and analytics to improve underwriting profitability,” said Dax Craig, President and CEO of Valen Analytics.

“FHM now has the solution in place to help underwriters, managers, and executives take specific actions to improve their overall risk quality,” Craig added.

Valen’s InsureRight Platform has been seeing tremendous momentum in the workers’ compensation industry. By choosing InsureRight Platform, FHM will gain access to transactional model deployment for risk selection and pricing accuracy. Predict empowers underwriters with enhanced visibility into individual risks, transforming how they interact with predictive scores.

“Incorporating sophisticated analytical tools provides a competitive advantage for commercial lines carriers,” said Matt Whisenant, director of Underwriting at FHM Insurance Company.

Whisenant was rest assured that Valen’s InsureRight Platform will enable underwriters to better leverage their expertise when evaluating policies and make more consistent decisions on risk selection and pricing.

Recently, Valen embedded Birst (News - Alert)'s BI platform within its InsureRight solution. Leveraging Birst's enterprise caliber capabilities, InsureRight combines Valen's proprietary database with insurance carriers' portfolio-related information to provide advanced analytical insight -- including predictive modeling -- that helps carriers manage risk and optimize policy pricing.

Also, the company added Manage within the InsureRight Platform for homeowners carriers.