DENVER--(EON: Enhanced Online News)--Valen Analytics®, a provider of proprietary data, analytics and predictive modeling for P/C insurers, today announces a new customer engagement with United Fire Group, Inc., (UFG) a property and casualty and life insurance carrier headquartered in Cedar Rapids, Iowa. UFG’s property and casualty segment is licensed in 46 states and represented by 1,200 different independent agencies. UFG will implement the Predict application of Valen’s InsureRight® Platform to give their underwriters increased visibility into risk selection and pricing for commercial auto policies in order to protect their business from adverse selection, improve profitability and loss ratio performance.
“Through our partnership with UFG, we will combine their underwriting expertise with the advanced analytics of Valen’s platform to help identify these risks and price them in a way that maximizes business value and promotes overall growth.”
“UFG is committed to helping identify the best tools for our underwriters to price risk, and Valen has proven to be exceptional at working with underwriters to enhance their experience using modeling,” said Mike Wilkins, Executive Vice President and COO at UFG. “We chose Valen’s solution because it provided the advanced ability to accurately segment customers and potential customers based on loss propensity as well as their reputation of working closely with clients to customize the best implementation plan for the organization.”
Valen’s custom predictive models are hosted on the InsureRight Platform and integrate directly into the underwriter’s workflow, allowing for real-time decision support. This helps predict risk characteristics of an account reliably in order to drive the best business. UFG can now segment customers into appropriate risk buckets with a wide range of data that combines underwriting experience with predictive modeling.
“There are profitable risks to be found in every vehicle class, even higher risk accounts, as long as they are priced appropriately,” said Dax Craig, CEO of Valen. “Through our partnership with UFG, we will combine their underwriting expertise with the advanced analytics of Valen’s platform to help identify these risks and price them in a way that maximizes business value and promotes overall growth.”
More information about the InsureRight Platform can be found online at www.valen.com.
About Valen Analytics
Valen Analytics is a provider of 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. Learn more about Valen at www.valen.com.
About United Fire Group, Inc.
Founded in 1946 as United Fire & Casualty Company, UFG (Nasdaq: UFCS) is engaged in the business of writing property and casualty insurance and life insurance, and selling annuities through its insurance company subsidiaries. Headquartered in Cedar Rapids, Iowa, UFG is licensed as a property and casualty insurer in 46 states, plus the District of Columbia, and is represented by approximately 1,200 independent agencies. A.M. Best Company assigns a rating of "A" (Excellent) for the members of United Fire & Casualty Group. United Life Insurance Company is licensed in 37 states and represented by approximately 1,350 independent life agencies and rated “A-“ (Excellent) by A.M Best Company. In addition to its Cedar Rapids office, UFG also operates regional offices in Colorado, Texas, New Jersey and California. For more information, visit https://www.ufginsurance.com/