Canal Insurance turns to new platform

Canal Insurance turns to new platform | Insurance Business

Canal Insurance turns to new platform

Data and analytics provider Valen Analytics has announced that Canal Insurance Company, a provider of commercial truck insurance, has implemented Valen’s InsureRight platform to host predictive analytics initiatives built by the insurer’s product team.

Prior to the deployment of the InsureRight platform, Canal’s product team spent significant time processing data and maintaining their model infrastructure. Valen’s platform automatically incorporates monthly updates to the source data used to create the models, cutting the time required for system maintenance.

“We build the InsureRight platform to empower insurers to easily deploy predictive analytics initiatives that will have meaningful results on their business,” said Kristin Marr, president of Valen Analytics. “By using the platform, Canal can help its underwriters make the decisions that align the carrier’s risk appetite with the policies it writes, while also quantifying the financial impact.”

“Valen’s extensive experience in the insurance industry allows us to provide a seamless integration of modeling insights into our underwriters’ daily workflow, and proactively address use cases and considerations when using predictive analytics in decision-making,” said John DiBlanda, CFO of Canal. “Our partnership with the company enables us to be more efficient with the handling of our predictive analytics initiatives and gain more value as a result.”