DENVER, June 4, 2006 (PRIMEZONE) -- Valen Technologies, the experts in predictive analytics for the insurance industry, today announced that West Bend Mutual Insurance Company, a provider of property and casualty insurance, has selected Valen's predictive analytics solution to price risk more effectively, decrease loss ratios and ultimately increase market share.
A Midwest-based insurance company, West Bend Mutual focuses on servicing, maintaining and developing strong agency relationships. Leveraging Valen's technology, West Bend Mutual aims to gain new insights from predictive modeling which will allow the company to perfect pricing to further cultivate relationships and differentiate the company. Valen's solution will support improved risk segmentation and the ability to consider thousands of data variables, allowing West Bend Mutual to reduce loss ratios and grow previously overlooked market segments.
"Valen's advanced predictive analytics solution will allow us to out-select and out-price the competition," said, Kevin Steiner, West Bend Mutual's senior vice president of marketing. "With the right technology in place, West Bend Mutual will continue to perform as a market leader by being able to identify and more accurately price new risk segments."
"In order to operate in an aggressive marketplace, carriers must leverage predictive analytics technology in order to avoid being left behind," said Dax Craig, Valen Technologies CEO. "By selecting Valen's predictive analytics solution, West Bend Mutual is validating that our approach and comprehensive predictive analytics solution surpasses competitive offerings."
Valen's predictive analytics solution is built on advanced algorithms that simultaneously analyze thousands of risk factors. Because Valen's comprehensive solution addresses each phase of the modeling process, West Bend Mutual is able to select the optimal model. The four-step process addresses data collection, hygiene and management, analytics and risk segmentation, scoring, deployment and strategy execution, and finally, reporting and monitoring. The process will enable West Bend Mutual to differentiate themselves from the competition by improving pricing models and unveiling pockets of opportunity, previously hidden within what were perceived as poor market segments.
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, develop reports and monitor the models in production. 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.
About West Bend Mutual
West Bend Mutual Insurance Company, headquartered in West Bend, WI, provides property/casualty insurance products throughout the Midwest. The company specializes in package products like the Home and Highway(r) and Contractors Businessowners programs, and is represented by 480 independent insurance agencies throughout Wisconsin, Illinois, Iowa, Minnesota, Indiana, and Ohio. Known throughout the industry for providing legendary service, West Bend Mutual has been rated A+ (Superior) by A.M. Best since 1973.