Canal Insurance Company Leverages Valen Analytics’ InsureRight Platform to Host and Deploy Predictive Models
October 2, 2018
Insurer Utilizes Real-time Decision Analytics on Purpose-Built P/C
Platform
DENVER–(BUSINESS WIRE)–Valen
Analytics®, an Insurity company and provider of proprietary data,
analytics and predictive modeling for P/C insurers, today announced that
Canal Insurance Company (Canal), a Greenville, South Carolina provider
of Commercial Truck Insurance, has implemented the InsureRight® Platform
to host predictive analytics initiatives built by the insurer’s product
team. The InsureRight Platform provides Canal an actionable and
streamlined means of managing its predictive models and the underlying
data to make real-time underwriting decisions.
Prior to deployment, Canal’s product team spent significant time
processing data and maintaining their model infrastructure. With the
InsureRight Platform, monthly updates to the source data used to create
models are automatically incorporated, limiting the time required for
system maintenance, and allowing Canal’s team to focus on future
modeling efforts.
“We built the InsureRight Platform to empower insurers to easily deploy
predictive analytics initiatives that will have meaningful results on
their business,” said Kirstin Marr, President of Valen Analytics. “By
using the platform, Canal can help its underwriters make the decisions
that align the carrier’s risk appetite with the policies it writes,
while also quantifying the financial impact.”
The InsureRight Platform also allows Canal to track usage of the model,
identifying instances where underwriters have incorporated a model
suggestion into a quote, and maintaining a record of the information
used to quote a policy. This automated feature helps Canal explain model
decisions to regulators and creates a registry of how their analysis has
shifted over time.
“Valen’s extensive experience in the insurance industry allows us to
provide a seamless integration of modeling insights into our
underwriters’ daily workflow, and proactively address use cases and
considerations when using predictive analytics in decision-making,” said
John DiBlanda, CFO at Canal Insurance Company. “Our partnership with the
company enables us to be more efficient with the handling of our
predictive analytics initiatives and gain more value as a result.”
The InsureRight platform provides Canal the lightest IT solution,
purpose-built for the property and casualty insurance industry. For more
information, visit www.valen.com.
About Canal Insurance Company
Canal Insurance Company is a third generation family owned and operated
insurance company, specializing in commercial trucking since our
inception, almost 80 years ago. Canal is recognized in the insurance
industry as a stable, responsive and financially strong leader .
Underwriting in forty-six states, Canal is represented by a network of
independent general agents across the country. Visit canalinsurance.com
for other news and information.
About Valen Analytics
Valen Analytics, an Insurity company, provides proprietary data,
analytics and predictive modeling for property and casualty insurers. We
work with insurers who are actively looking to utilize modern approaches
to pricing, risk selection, claims triage, and premium fraud. Our
customers are focused on increasing competitive pressures, fighting
adverse selection with innovative solutions, and raising awareness for
the impending “experience gap” with initiatives such as Insurance
Careers Movement. Our customers span many lines of business
including Homeowners, Personal Auto, Workers’ Compensation, Commercial
Auto, Commercial Package, Commercial Property, and BOP. Learn more
about Valen at www.valen.com.
Contacts
Fusion PR on behalf of Valen Analytics
Ross Blume, (310) 481-1431
ross.blume@fusionpr.com