Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help insurers manage and drive underwriting profitability, announced its new Risk Score for workers’ compensation within the InsureRight Platform.
Last updated in 2010, the new Risk Score is bolstered by over a thousand new variables, allowing underwriters to select and price policies more accurately, and boasts a 3x improvement over Valen’s current Risk Score. The Risk Score is a comparison tool that separates good risks from bad on new and renewal policies. The best risks are defined as those within the top 10 percent of premium and the worst risks represent the bottom 10 percent of premium, in terms of loss ratio performance.
The new Risk Score provides workers’ compensation insurers with better insight into historically loss-free policies and enables underwriters to distinguish between risks even when the policy holder is claim-free. The Risk Score accurately identifies a 30 percent loss ratio difference between the best and worst performing policies.
For more information visit www.valen.com.
Source: Valen Analytics