Willis Re Teams with Valen Technologies to Provide Homeowners Carriers the Latest in Predictive Analytics with PropertyRight [Manufacturing Close – Up]

Valen Technologies, a data and analytics provider for property and casualty insurance leaders, and Willis Re, the reinsurance broking arm of global insurance broker Willis Holdings, announced the latest in joint marketing efforts.

<p lede="true">According to a release, already partners on predictive analytics solutions for workers' compensation insurers, the two companies will now join forces to provide homeowners carriers the latest predictive analytics solution, PropertyRight. PropertyRight enables homeowners carriers to use predictive scores to quote policies online and in real-time, improving their ability to make more effective and valuable decisions about properties that justify underwriting resources for a detailed policy review.

PropertyRight is a set of highly predictive models that identify potentially problematic policies and presents carriers with an insurance-to-value (ITV) score, a condition and liability hazard score, and an optional inspection type recommendation. This policy- level information is calibrated to a carrier's book of business and allows a carrier to leverage valuable data in order to focus underwriting resources and make accurate decisions, helping to lower loss ratios and treaty reinsurance costs, while correcting ITV deficiencies.

"Homeowners is a notoriously difficult line of business for carriers," said Bret Shroyer, SVP for Willis Re. "We believe in the value that predictive analytics can bring to improve underwriting results and we are looking forward to partnering with Valen once again to offer homeowners carriers the best underwriting tools to manage risk."

"As a trusted advisor, Willis Re can support carriers looking to gain a competitive edge and improve their combined ratio," said President and CEO of Valen, Dax Craig. "With our focus on instant access to reliable data and predictive models, we are honored to continue our partnership with Willis Re and are confident that our joint efforts will help homeowners carriers achieve better results, even in a fluctuating market."

Valen delivers a transaction response time of less than one second, allowing its customers to seamlessly integrate PropertyRight's real-time predictive analytic power directly into a carrier's point-of-sale web applications, enhancing a carrier's customer service and quote accuracy. PropertyRight is currently available and more information can be found online at http:// propertyright.valen.com.

Valen and Willis Re are hosting an educational webinar titled, "Carriers Respond to Investment Volatility with Focus on Underwriting Profits", on Tuesday, October 30 at 11 a.m. EST. The companies will discuss how data and analytics are helping carriers navigate changing market dynamics and the need to run profitable underwriting.

More information:

valen.com

willisre.com

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