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Valen Analytics announced on Wednesday the release of a new predictive modeling technology to enable the workers compensation market to improve scoring accuracy in the absence of loss history.
The Unavailable Loss History Model aims to help improve the accuracy of scoring insurance policies, Valen Analytics, a subsidiary of Hartford, Connecticut-based Insurity Inc., said in a statement.
According to the company, the predictive modeling software was tested against a granular data set of approximately 650,000 policies representing $7.6 billion in premium and uses a combination of third-party and synthetic variables to improve predictive power for real-time decision-making for workers comp insurers.
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.