Care West Insurance Leverages Valen Analytics to Deliver Underwriting Practices [Manufacturing Close – Up]

Proquest LLC

On June 19, Valen Analytics, a provider of proprietary data, analytics and predictive modeling to help all insurance carriers manage and drive underwriting profitability, has announced a new customer engagement with Care West Insurance Company.

According to a release, the workers compensation insurance provider for healthcare, agriculture, hospitality and other employers in California will be utilizing Valen's Predict component of the InsureRight Platform in their underwriting practices for workers compensation services.

Predict transforms how underwriters interact with predictive scores by providing transparency and context for how policies are scored that enables better risk selection and improved pricing accuracy. As a carrier with a specialized book of business that includes large premium accounts, Care West can leverage both Valen's proprietary industry data and loss ratio predictions across their own policies. This provides a better understanding of risk, new business quotes in existing segments, in addition to supporting their growth initiative into new areas.

"InsureRight will help us to profitably grow more into our core segments of business and better serve our customers," said John Grush, President and CEO of Care West Insurance Company. "Valen gives us the ability to more confidently analyze risk utilizing their predictive tools and broad database."

InsureRight Platform brings together predictive modeling, industry data, portfolio management and business intelligence tools that allow carriers' to proactively spot trends in their in-force book using leading indicators. The Valen Analytics database includes more than 20 million policies scored using predictive models, presenting an industry standard platform built to help carriers achieve underwriting profitability.

"When Care West was looking to grow into new markets, they looked to us to provide a distinct advantage built on contributory data from the industry," said Dax Craig, President and CEO of Valen Analytics. "We're in a new era in workers compensation and specialty carriers can now turn to advanced analytics for a better understanding of the industry as a whole."