Valenâs UnderRight solution is being implemented to provide additional rigor, insight, and precision for HEMICâs workersâ compensation underwriting process. Given the challenges of todayâs soft market combined with an increasingly competitive environment, HEMIC looked to Valen for predictive analytics technologies to complement and maximize the expertise of HEMICâs underwriting staff.
Bob Dove, HEMICâs CEO, commented, âThe combination of Valenâs data, experience, and product made for a very compelling value proposition. We were impressed with Valenâs predictive analytics solutions, but their knowledge of the workers compensation underwriting process and their experience developing predictive models were also very attractive to us. â
Dove continued, âWe believe that predictive modeling will provide us a competitive edge in this tough market. Being able to segment and closely analyze our business will enable us to credit aggressively and accurately on an account-by-account basis.â
âWe welcome HEMIC as the latest insurer to join our client family, and we thank HEMIC for selecting us. It is especially gratifying that HEMIC recognizes not just the value of Valenâs product, but also the added value of our experience and wealth of data,â said Dax Craig, President and CEO of Valen Technologies. âWe look forward to continuing our work with the HEMIC team as we complete development of their workersâ compensation predictive models and move them into a production environment.â
âWe have done a good job regarding pricing,â says Dove, âbut rates have dropped precipitously and margins are disappearing. We expect UnderRight to further improve our âright priceâ initiative and streamline our underwriting process.â