Mutual insurance firm Acuity will adopt Valen Analytics’ InsureRight platform for its workers’ compensation business line, Valen said in a recent statement.
Acuity is a property and casualty insurer with over $3 billion in managed assets. Its workers’ compensation business represents 31% of its commercial lines, and a quarter of the company’s total premium.
In its engagement with Valen, Acuity will use the
Predict and Manage applications.
Predict is a predictive analytics tool that enables underwriters to make more informed and consistent decisions relating to risk quality.
Manage, on the other hand, provides performance indicators that helps insurers better manage their portfolio.
The implementation of the custom built predictive model on the InsureRight platform will be directly integrated into the underwriter’s work processes. The applications are expected to enable real-time decision support for more efficient and accurate risk assessment of policies.
“In the process of selecting which partners to work with, we ensure that their values match our own,” said Ed Warren, Acuity’s vice president of commercial lines, in the statement.
Additionally, Valens chief executive Dax Craig said, “We are excited to work together to help Acuity utilize our analytics platform and gain a competitive edge in their worker’s compensation business.”
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