Denver-based Valen Technologies, a provider of intelligent predictive analysis and decision enabling software, today was launched by a group of prominent industry veterans. The company, which has developed one of the first ever analysis tools using statistical learning theory, announced the availability of its Risk Manager(TM) software to help insurance companies make better core business decisions. Valen, which recently closed its Series A round of funding, is also announcing its first customer, insurance carrier Indiana Lumbermens Mutual.
Valen Technologies presents a new approach to analyzing historical experience data and revealing non-obvious relationships among policy, claims and underwriting data. By expanding risk criteria and optimizing existing risk environments, Valen’s Risk Manager delivers highly accurate decisions. Indiana Lumbermens, a specialty property and casualty insurance company, has purchased Valen’s software to reduce loss ratios in its workers compensation division.
“We expect Valen’s system to be effective and reliable in providing valuable benefits to our workers compensation underwriting department, including smoothing out the overall volatility of our loss ratios,” said John F. Wolf, President of Indiana Lumbermens. “We are looking forward to the results of the software implementation.”
Indiana Lumbermens plans to use Risk Manager to gauge the acceptability of new or renewal accounts, and identify profitable niches or areas of business. The software’s predictions can also help the company easily adapt to industry changes and the overall evolving workers compensation environment.
“The insurance industry as a whole is struggling against unacceptable loss ratios and unprofitable underwriting processes,” said Dax Craig, President and CEO of Valen. “Risk Manager is the ideal tool to help insurance carriers better assess their underwriting operations and become more profitable.”
Valen’s software platform employs statistical learning theory to create a model that companies can use to make day-to-day business decisions that impact profit. The software uses scientific algorithms to analyze all available data on the most granular level, producing the most accurate predictions that can immediately be applied to business problems. Companies can use the software as a Web service, or through licensing. While Valen plans to initially focus on the insurance industry, other target markets include process control, financial services and oil and gas exploration among others.
Valen recently closed its Series A funding led by Cherry Creek Venture Partners, LLC of Denver, Colorado.
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