To maximise return on premium audit expense by identifying policies that are likely to give maximum additional premium from the premium audit process
Valen Technologies, a US-based provider of underwriting and premium audit results through UnderRight for P&C insurance, has launched AuditRight, an extension of its predictive analytics solutions.
AuditRight is expected to help insurers maximise return on their premium audit expense, by identifying policies that are likely to return maximum additional premium from the premium audit process.
Its a hosted predictive model that presents the premium auditors with a score that predicts the likelihood of additional premium collection from the audit process, said the company. AuditRight estimates the net return for each audit method at the insurer’s disposal and recommends an audit method based upon the amount of predicted additional premium.
Valen’s data experts gather data from the customers, cleanse, organise and combine that data with Valen’s networks database of historical information as well as firmographic and geo-economic information. Valen analysts use the data to build predictive models that assist P&C insurance companies by identifying opportunities to recover premium.