Valen Analytics®, an Insurity company and provider of proprietary data, analytics and predictive modeling for P/C insurers, today announced that Canal Insurance Company (Canal), a Greenville, South Carolina provider of Commercial Truck Insurance, has implemented the InsureRight® Platform to host predictive analytics initiatives built by the insurer’s product team. The InsureRight Platform provides Canal an actionable and streamlined means of managing its predictive models and the underlying data to make real-time underwriting decisions.
Prior to deployment, Canal’s product team spent significant time processing data and maintaining their model infrastructure. With the InsureRight Platform, monthly updates to the source data used to create models are automatically incorporated, limiting the time required for system maintenance, and allowing Canal’s team to focus on future modeling efforts.
“We built the InsureRight Platform to empower insurers to easily deploy predictive analytics initiatives that will have meaningful results on their business,” said Kirstin Marr, President of Valen Analytics. “By using the platform, Canal can help its underwriters make the decisions that align the carrier’s risk appetite with the policies it writes, while also quantifying the financial impact.”
The InsureRight Platform also allows Canal to track usage of the model, identifying instances where underwriters have incorporated a model suggestion into a quote, and maintaining a record of the information used to quote a policy. This automated feature helps Canal explain model decisions to regulators and creates a registry of how their analysis has shifted over time.
“Valen’s extensive experience in the insurance industry allows us to provide a seamless integration of modeling insights into our underwriters’ daily workflow, and proactively address use cases and considerations when using predictive analytics in decision-making,” said John DiBlanda, CFO at Canal Insurance Company. “Our partnership with the company enables us to be more efficient with the handling of our predictive analytics initiatives and gain more value as a result.”
The InsureRight platform provides Canal the lightest IT solution, purpose-built for the property and casualty insurance industry. For more information, visit www.valen.com.
About Canal Insurance Company
Canal Insurance Company is a third generation family owned and operated insurance company, specializing in commercial trucking since our inception, almost 80 years ago. Canal is recognized in the insurance industry as a stable, responsive and financially strong leader . Underwriting in forty-six states, Canal is represented by a network of independent general agents across the country. Visit canalinsurance.com for other news and information.
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.
Copyright Business Wire 2018