Hawaii’s home grown Island Insurance recently inked an agreement with Valen Analytics to use its analytics technology as a workers’ compensation underwriting tool.
Island Insurance is Hawaii’s largest locally owned property and casualty insurer. The company will use the Predict application of Valen’s platform for workers’ compensation, expected to provide underwriters with better insight into risk selection and pricing on new and renewal policies.
The application will likewise provide policy information at the point of decision, helping underwriters respond to agent requests, resulting in faster response and service times to policy holders.
“The analytics technology provided by Valen will be a vital tool to improving our pricing models, as well as our overall efficiency,” said John Schapperle, president and chief executive officer of Island Insurance Companies.
“Adopting analytics to make quicker and more accurate decisions in underwriting is key to meeting the rising expectations of the policyholders and the agents that need to service them,” said Dax Craig, Valen Analytics chief executive officer.