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Capital Insurance revamps underwriting performance with Valen Analytics

US-based Capital Insurance Group (CIG) has selected Valen Analytics to enhance its underwriting performance for personal auto insurance.

CIG

The insurance firm will deploy the predict and manage applications, which are part of Valen’s InsureRight platform.

The implementation of predictive analytics into pricing and underwriting will enable insurers to deal with price risks, and better meet the requirements of its independent agents.

CIG chief actuary and vice president Andrew Doll said: "Capital Insurance Group has enjoyed a long period of success through profitable growth, but in this changing insurance environment, we need more than just good relationships to maintain our competitive edge.

The InsureRight platform protects insurers from the effects of adverse selection, which takes place when a competitor undercuts the incumbent’s pricing on the best risks and prevents writing poor performing risks at inadequate prices.

The predict application allows insurers to take individual policy risk selection and pricing decisions.

Valen’s manage application offers leading indicators of overall performance, helping insurers to positively manage their portfolio and underwriting results.

Valen Analytics CEO Dax Craig said: "Personal lines was the first line of P/C insurance to face market share consolidation as a result of analytics, and the only way to stay competitive in this kind of environment is to ensure you’re using data-driven tools."

Since 1898, CIG has been providing property and casualty products in the Western US. It offers various products including, personal auto, homeowners, farmowners, condo owners, vacation property, renters and others.


Image: CIG has selected Valen’s predict and manage applications. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.