AlaCOMP Adopts Valen Analytics to Improve Risk Selection and Pricing on Workers’ Compensation Policies

Business Wire

DENVER--(BUSINESS WIRE)-- Valen Analytics®, an Insurity company, and provider of proprietary data, analytics and predictive modeling for P/C insurers, today announced a client engagement with AlaCOMP, a Montgomery, AL workers’ compensation self-insurance fund. AlaCOMP will utilize the Predict application of Valen’s InsureRight® Platform to support underwriting decisions with increased business intelligence.

“In the complex market of workers’ compensation, companies look for every valuable tool to make an educated decision on pricing policies, therefore maximizing profits,” said Stephen Marino, President of AlaCOMP. “Implementing a proven, robust analytics platform like InsureRight gives us a leg up on our competition and enables us to grow in the markets we serve.”

As a result of the engagement, AlaCOMP will leverage a predictive model that’s been customized to meet its unique needs. The model, built and hosted on Valen’s InsureRight Platform, combines AlaCOMP’s data with Valen’s contributory database, the largest and most robust purpose-built consortium for predictive analytics. Risk quality insights are provided to underwriters at the point of decision, offering increased visibility into risk selection and pricing, and additional support in instances of uncertainty.

“As insurance businesses grow in size and complexity, it becomes imperative to find ways to support and validate the decisions made by underwriters,” said Dax Craig, CEO of Valen Analytics. “AlaCOMP now has access to a powerful tool set that offers assurance and maximizes profitability.”

For more information on Valen Analytics’ InsureRight Platform, visit www.valen.com.

About Valen Analytics

Valen Analytics, an Insurity company, provides proprietary data, analytics and predictive modeling for property and casualty insurers. We work with insurers who are actively looking to utilize modern approaches to pricing, risk selection, claims triage, and premium fraud. Our customers are focused on increasing competitive pressures, fighting adverse selection with innovative solutions, and raising awareness for the impending “experience gap” with initiatives such as Insurance Careers Movement. Our customers span many lines of business including Homeowners, Personal Auto, Workers’ Compensation, Commercial Auto, Commercial Package, Commercial Property, and BOP. Learn more about Valen at www.valen.com.

About AlaCOMP

AlaCOMP is a workers’ compensation self-insurance fund that was established in 1992. The company resides in Montgomery, AL. AlaCOMP’s centralized operations and management sets itself apart from the other funds in the state. By coordinating the efforts of Underwriting, Loss Control and Claims Management, AlaCOMP provides members with a comprehensive service that lowers cost and reduces risk. AlaCOMP has paid a dividend to eligible members each year since its inception. As an added bonus, AlaCOMP provides an interactive safety website and on-site loss control service that is available to all agents and members. For more information, please contact them at 888-661-7119 or visit their website at www.alacompins.com.