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Member, Beacon International Group, Ltd.
LEXINGTON, Mass.--Underwriting management systems provider FirstBest Systems Inc. has entered a strategic technology alliance with Valen Technologies, a Denver-based firm specializing in predictive analytics for the insurance industry.
Through the arrangement, the companies say, commercial property/casualty insurers will be able to use Lexington, Mass.-based FirstBest's underwriting management system in a production environment that integrates real-time operational data with Valen's industry-focused predictive analytics, giving underwriters the ability to price more accurately.
FirstBest provides insurers with an integrated system that delivers straight-through processing, exception-based underwriting, real-time collaboration, knowledge management and an execution platform for predictive modeling.
Valen's system produces a predictive model using a company's historical claims data in conjunction with derived data and data from Valen's External Data Warehouse. The output is a "risk score" that can be used for pricing, loss prevention and straight-through processing.