Charleston, W.Va.-based workers' comp carrier BrickStreet Mutual Insurance Company has selected Denver-based Valen Technologies' InsureRight Risk Report to help it price policies.
The cloud-based, web-enabled system includes a Risk Score and a Misclassification Score. The Risk Score predicts a new or renewal policy’s prospective term loss ratio and provides a price indication that underwriters use to select and price policies more accurately, while the Misclassification Score predicts the percentage of misclassified exposure on a policy. Both models include data from more than 2 million policies.
"We must understand the risks we are writing, price for the risk we are accepting, and be able to decline business outside of BrickStreet’s risk appetite," says Jeff Benintendi, SVP of BrickStreet Mutual Insurance Company, in a statement.
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio