Care West Insurance Company, a workers' compensation insurance provider for healthcare, agriculture, hospitality and other employers in California, will be utilizing Valen Analytics’ Predict risk selection and pricing tool component of its InsureRight Platform in the carrier's underwriting practices for workers' compensation services.
As a carrier with a specialized book of business that includes large-premium accounts, Care West can benefit from Valen's proprietary industry data and loss ratio predictions, according to a vendor statement. The Predict risk selection and pricing tool gives underwriters greater transparency in working with predictive scores, as well as context for how policies are scored — enabling better risk selection and greater pricing accuracy, the Valen statement asserts. Those advantages will afford the carrier better understanding of risk for quoting in both existing business segments and in new areas, in support of of Care West's growth strategy, Valen says.
“InsureRight will help us to profitably grow more into our core segments of business and better serve our customers,” comments John Grush, president and CEO of Care West. “Valen gives us the ability to more confidently analyze risk utilizing their predictive tools and broad database.”
“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,” says 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.”
The vendor describes the InsureRight Platform is a full-featured solution that offers comprehensive portfolio management capabilities and transactional model deployment for risk selection and pricing accuracy.