Valen® Technologies Partners with FFVA Mutual Insurance Company to Deliver a Competitive Advantage in Workers’ Compensation

  Valen® Technologies Partners with FFVA Mutual Insurance Company to Deliver a
  Competitive Advantage in Workers’ Compensation

      Valen’s InsureRight® 2.0 Product Provides Advanced Decision-Making
          Capabilities to Help Improve FFVA’s Underwriting Practices

Business Wire

DENVER -- February 6, 2013

Valen Technologies, an advanced data and predictive analytics provider for
property and casualty insurance leaders, today announced a new customer
engagement with FFVA Mutual Insurance Company (FFVA). As part of this
partnership, FFVA has integrated Valen’s latest predictive analytics product
suite, InsureRight 2.0, into the organization’s underwriting practices for
workers’ compensation services, helping to make loss ratio improvements and
more accurately set risk-based pricing. FFVA is utilizing Valen’s proprietary
Premium Impact Model, Risk Model, Misclassification Model, portfolio
management and production monitoring reporting, as well as the improved class
fit analysis available with this solution.

InsureRight makes predictive data easily accessible to underwriters in
real-time so that they can better assess and price risk on each policy within
the underwriting workflow. Valen provides the only proof of concept benchmark
in the industry that demonstrates how predictive analytics will perform on a
book of business, delivering an average 5.4 loss point reduction for Valen
customers. With a foundation powered by Valen’s proven predictive models,
InsureRight allows organizations to leverage data and analytics to more
accurately manage risk in workers’ comp.

“We believe that predictive analytics is becoming a necessity for carriers to
succeed in today’s marketplace and are excited to partner with Valen to launch
this key business strategy,” said Donna Grier, Vice President of Underwriting
for FFVA. “Data is one of our most important assets and the InsureRight
product will allow us to effectively and strategically use that data to
improve risk selection, pricing, consistency and overall underwriting
outcomes.”

FFVA is utilizing the full InsureRight feature set including the Premium
Impact Model, a first-to-market model built from ValenNetworks® contributory
database, comprised of more than 4 million recent policies. The Premium Impact
Model allows underwriters to identify policies with a high likelihood of
exposure misclassification that leads directly to additional premium or return
premium associated with exposure shifts across classes from pre- to post-
audit. This model can also help to increase the accuracy and actionable rate
of insurers’ decisions to perform physical audits during a policy term or at
policy expiration.

“We have a proactive and holistic approach to risk management, and by adding
our newly released Premium Impact Model, along with the Risk and
Misclassification Models, to FFVA’s underwriting workflow, the InsureRight 2.0
product allows the organization to target their resources and serve their
customers with the most appropriate level of resource and coverage,” said
President and CEO of Valen, Dax Craig.

FFVA will benefit from InsureRight’s most advanced 2.0 features by
implementing Valen’s portfolio management and production monitoring reporting
functionality, and enhanced class fit analysis. The portfolio management
reporting from InsureRight 2.0 delivers a first-to-market suite of reports
designed to give underwriters, managers, and executives deeper insights into
their overall portfolio risk. This empowers them to make more proactive,
actionable decisions to defend against adverse selection, capitalize on market
position strengths and opportunities, and allocate resources more effectively
and efficiently. Portfolio Management Reporting uses Valen’s InsureRight
predictions to identify trends, opportunities, and threats in the marketplace
in as close to real-time as possible. FFVA will now be armed with advanced
intelligence, including trend analysis, governing class insights, distribution
analysis and monitoring, and market analysis.

Furthermore, with InsureRight 2.0, FFVA can take advantage of Valen’s enhanced
class fit reporting, which provides underwriters with an increased focus on
the most relevant questions and potential risks associated with
misclassification. This upgrade enforces consistency in underwriting questions
related to class fit and establishes a consistent baseline for underwriting to
class fit.

Valen’s InsureRight products are currently available and more information can
be found online at www.valen.com.

About Valen Technologies, Inc.

Valen Technologies, Inc. provides turnkey predictive analytics to the property
and casualty insurance industry. Valen’s proprietary contributory database,
called ValenNetworks®, is used to deliver predictive modeling products that
improve risk selection, pricing, underwriting, audit, and inspection
processes. ValenNetworks® is comprised of nationwide data that includes
policy-level information for Workers Compensation, Homeowners, Premium Audits,
Commercial Auto and BOP, combined with disparate, non-industry data sources
carefully mined to maximize usefulness. Our suite of products that includes
PropertyRight^TM, InsureRight®, UnderRight®, RateRight®, and AuditRight® are
delivered in a fully hosted environment. Learn more about Valen at
www.valen.com and http://propertyright.valen.com.

About FFVA Mutual Insurance Company

FFVA Mutual, based in Maitland, Florida, is an A- VIII (Excellent) A.M. Best
rated workers’ compensation insurance company providing coverage to all
business segments, including artisan contractors, manufacturers,
retail/wholesale and service operations. As a specialty insurer, FFVA’s focus
is on controlling workers’ compensation costs through a professional staff
that is conversant in every facet of workers’ compensation insurance. FFVA
enjoys long-term relationships with its employees, customers and business
partners and serves employers in Alabama, Florida, Georgia, Kentucky,
Mississippi, North Carolina, South Carolina and Tennessee. More information
about the company can be found online at www.ffvamutual.com.

Contact:

FusionPR on behalf of Valen Technologies
Victoria Yarnish, 310-481-1431 x18
victoria.yarnish@fusionpr.com
 
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