Willis Re Partners with Valen Technologies to Provide Homeowners Carriers the Latest in Predictive A
Willis Re Partners with Valen Technologies to Provide Homeowners Carriers the Latest in Predictive Analytics with PropertyRight™
Companies Collaborate and Improve Solutions for Homeowners Insurers to Manage Risk
DENVER--(BUSINESS WIRE)-- Valen Technologies, an advanced data and analytics provider for property and casualty insurance leaders, and Willis Re, the reinsurance broking arm of global insurance broker Willis Holdings (NYS: WSH) , today announced the latest in joint marketing efforts. Already partners on predictive analytics solutions for workers' compensation insurers, the two companies will now join forces to provide homeowners carriers the latest predictive analytics solution, PropertyRight. PropertyRight enables homeowners carriers to use predictive scores to quote policies online and in real-time, improving their ability to make more effective and valuable decisions about properties that justify underwriting resources for a detailed policy review.
PropertyRight
PropertyRight is a set of highly predictive models that identify potentially problematic policies and presents carriers with an insurance-to-value (ITV) score, a condition and liability hazard score, and an optional inspection type recommendation. This policy-level information is calibrated to a carrier's book of business and allows a carrier to leverage valuable data in order to focus underwriting resources and make accurate decisions, helping to lower loss ratios and treaty reinsurance costs, while correcting ITV deficiencies.
"Homeowners is a notoriously difficult line of business for carriers," said Bret Shroyer, SVP for Willis Re. "We believe in the value that predictive analytics can bring to improve underwriting results and we are looking forward to partnering with Valen once again to offer homeowners carriers the best underwriting tools to manage risk."
"As a trusted advisor, Willis Re can support carriers looking to gain a competitive edge and improve their combined ratio," said President and CEO of Valen, Dax Craig. "With our focus on instant access to reliable data and predictive models, we are honored to continue our partnership with Willis Re and are confident that our joint efforts will help homeowners carriers achieve better results, even in a fluctuating market."
Valen delivers a transaction response time of less than one second, allowing its customers to seamlessly integrate PropertyRight's real-time predictive analytic power directly into a carrier's point-of-sale web applications, enhancing a carrier's customer service and quote accuracy. A top five carrier is amongst the first to take advantage of this vanguard solution, which better informs carriers on how to underwrite the homes they insure. In six months, Valen has scored nearly 1.5 million policies with a current run rate of over 12,000 policies per day. PropertyRight is currently available and more information can be found online at http://propertyright.valen.com.
Valen and Willis Re are hosting an educational webinar titled, "Carriers Respond to Investment Volatility with Focus on Underwriting Profits", on Tuesday, October 30 at 11 a.m. EST. The companies will discuss how data and analytics are helping carriers navigate changing market dynamics and the need to run profitable underwriting. Major advancements in underwriting strategies have created new decision-making methodologies that leverage predictive analytics. Attendees will learn best practices in data and analytics that lead to increased profitability and improvement in combined ratio, including case study examples. Register for the webinar by emailing info@valen.com.
About Valen Technologies, Inc.
Valen Technologies, Inc. provides turnkey predictive analytics to the property and casualty insurance industry. Valen's proprietary contributory database, called ValenNetworks®, is used to deliver predictive modeling products that improve risk selection, pricing, underwriting, audit, and inspection processes. ValenNetworks® is comprised of nationwide data that includes policy-level information for Workers Compensation, Homeowners, Premium Audits, Commercial Auto and BOP, combined with disparate, non-industry data sources carefully mined to maximize usefulness. Our suite of products that includes PropertyRightTM, InsureRight®, UnderRight®, RateRight®, and AuditRight® are delivered in a fully hosted environment. Learn more about Valen at www.valen.com and http://propertyright.valen.com.
About Willis Re
One of the world's leading reinsurance brokers, Willis Re is known for its world-class analytics capabilities, which it combines with its reinsurance expertise in a seamless, integrated offering that helps clients increase the value of their business. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world's top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. The broker's global team of experts offers services and advice that help clients make better reinsurance decisions and negotiate optimum terms. For more information, visit www.willisre.com.
Media:
FusionPR on behalf of Valen Technologies
Victoria Yarnish
310.481.1431, ext. 18
victoria.yarnish@fusionpr.com
or
Willis Re:
Clare Kerrigan
+ 44 20 3124 6450
Clare.Kerrigan@willis.com
or
Investors:
Willis Re:
Peter Poillon
+ 1 212 915 8084
Peter.Poillon@willis.com
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