DENVER, May 22, 2006 (PRIMEZONE) -- Valen Technologies, the experts in predictive analytics for the insurance industry, today announced the first comprehensive, predictive analytics solution for insurance carriers. This automated approach dramatically improves the impact of predictive modeling by providing carriers the ability to score, screen and price risk more accurately. The Valen solution enables insurance companies to improve risk assessment by providing a highly segmented approach, which allows carriers to out-select the competition and uncover new pockets of opportunity.
Built on Valen's proven predictive analytics technology, the Valen solution encompasses a four-step process, which addresses vital modeling elements often overlooked by carriers. The process begins by examining existing data and executing a rigorous data validation and hygiene process to create a statistical-grade modeling dataset. The carrier's cleansed data is then enriched with thousands of variables from Valen's external data warehouse. Leveraging this enhanced data set and Valen's analytics technology, Valen's modeling software develops non-linear, predictive models that segment insurance carrier risks at a much finer granularity than previously possible. Once the model is developed, Valen deploys the model into production by integrating it into the carrier's underwriting processes. The model and data are then monitored for any issues that could hinder the performance. An early warning system proactively manages the performance of the model to ensure its ongoing integrity. Valen's automated model refresh facility enables carriers to update a stale predictive model in days, rather than months.
By validating, cleansing and leveraging additional data variables from Valen's external data warehouse, carriers benefit from being able to consider more information at one time and gain greater insights over competitors. By monitoring a production model, Valen allows carriers to evaluate constantly evolving data, assuring the model is relevant and accurate and driving the correct business decisions.
"Valen has worked closely with our customers to develop this innovative process based on their real world needs and our advanced technology," said Dax Craig, CEO of Valen Technologies. "With Valen's technology, carriers are out-selecting their competition providing both top-line and bottom-line business results."
About Valen Predictive Analytics
Through a four-step process, Valen's predictive analytics provides customers with a comprehensive, continually improving solution for scoring, screening and pricing risk more accurately:
1) Data Management & Enrichment Combining strong data automation and validation, with an extensive external data warehouse of public and private information, Valen provides enriched data, greatly improving the carrier's ability to segment and select risk more accurately. 2) Analytics Based on a grid computing architecture, Valen applies a proprietary, automated pattern recognition engine with evolutionary computation and machine learning algorithms to simultaneously analyze thousands of risk factors in order to select the optimal model. This approach derives highly accurate models with powerful variable interaction, allowing carriers to analyze risks at a much deeper level than previously possible. 3) Delivery & Scoring Valen's technology and managed services enable carriers to improve business processes, speed deployment and execute against business strategies based on the current and desired characteristics of a particular book of business. 4) Monitoring & Analysis In order to assure the ongoing accuracy of a model, Valen monitors production data and models, providing continued analysis through a variety of business and technical reports. This ensures that business results match expectations and that models are continually improved, allowing carriers to adjust their business strategies over time to realize greater and greater benefits.
About Valen Technologies
Valen Technologies is the expert in predictive analytics for the property and casualty insurance industry. Valen delivers a highly automated process to validate and enrich data, create and deploy predictive models, monitor production models and develop reports. Valen helps its customers improve core business decisions to ultimately increase profitability. To learn more about predictive modeling and Valen Technologies, visit www.valentech.com or call 720-570-3333.