Valen
Analytics, a provider of proprietary data, analytics and predictive
modeling to help insurers manage and drive underwriting profitability,
today announced its client, Farm Bureau Financial Services, was honored
with a Model Insurer Award by leading research and advisory firm Celent.
Farm Bureau Financial Services was recognized as a Model Insurer within
the Data Mastery and Analytics category for its compelling and
innovative workers’ compensation predictive analytics initiative. The
insurance carrier utilizes Valen’s flagship predictive analytics
product, InsureRight, in their underwriting practices for workers’
compensation services to make loss ratio improvements and enhance
risk-based pricing in order for underwriters to more accurately analyze
risk and achieve better results.
“We are thrilled that Celent has recognized our innovative use of
technology to improve the risk assessment processes,” said Steve
Wittmuss, Commercial Vice President for Farm Bureau Financial Services.
“Workers’ compensation is one of the most unpredictable lines of
business, so it’s crucial that we use the most advanced
predictive-analytics technology to enhance the accuracy of our
risk-based pricing.”
“We are extremely proud that Farm Bureau’s acknowledgement comes as a
result of our partnership,” said Dax Craig, CEO and president of Valen
Analytics. “Celent’s Model Insurer award validates Farm Bureau’s forward
thinking approach to adopting predictive analytics to fight adverse
selection – something every insurance carrier is at risk for.”
Celent recognizes organizations that demonstrate the year’s top
technology initiatives through its annual Model Insurer Awards Program.
Each submission was independently reviewed for quantitative success
measures, degree of innovation, technology or integration excellence and
best practices.
”Predictive analytics has the potential to transform an insurance
carrier and is an area with tremendous activity in the industry. With
many nominations in the category this year, Celent was pleased to
recognize Farm Bureau’s Workers’ Compensation initiative as a Model
Insurer winner in the data and analytics category,” said Karlyn
Carnahan, Research Director with Celent’s Insurance Group. “Farm
Bureau’s use of predictive analytics in Workers’ Compensation stands out
for the significant results they achieved using models to improve the
underwriting process.”
The Model Insurer Awards winners were announced at Celent’s Innovation
and Insight Day, a one-day program focused on disruptive technology in
banking and insurance.
About Valen Analytics
Valen Analytics is an advanced data and analytics provider for property
and casualty insurance companies. We work with insurers who are actively
looking to improve underwriting profits by driving growth and/or
lowering their loss ratio. Our customers are focused on increasing
competitive pressures, fighting adverse selection with innovative
solutions, and raising awareness for the impending “experience gap” in
underwriting with initiatives such as Tomorrow’s
Talent Challenge. Our customers span many lines of business
including Homeowners, Workers’ Compensation, Commercial Auto and
Telematics, Commercial Package, Commercial Property, and BOP. Learn more
about Valen at www.valen.com.
About Farm Bureau Financial Services
Through an exclusive, multi-state agent force, the companies affiliated
with the Farm Bureau Financial Services brand (Farm Bureau Property &
Casualty Insurance Company, Western Agricultural Insurance Company and
Farm Bureau Life Insurance Company) underwrite, market and distribute a
broad range of insurance and financial services products to individuals
and businesses. For more information, visit www.fbfs.com.
About Celent
Celent is a research and advisory firm dedicated to helping financial
institutions formulate comprehensive business and technology strategies.
Celent publishes reports identifying trends and best practices in
financial services technology and conducts consulting engagements for
financial institutions looking to use technology to enhance existing
business processes or launch new business strategies. With a team of
internationally based analysts, Celent is uniquely positioned to offer
strategic advice and market insights on a global basis. Celent is a
member of the Oliver Wyman Group, which is part of Marsh & McLennan
Companies [NYSE: MMC]. For more information, visit www.celent.com
Copyright Business Wire 2015