ICW Group Insurance Companies Working With Valen Technologie

SAN DIEGO & DENVER--(BUSINESS WIRE)--ICW Group, an innovative auto, work comp, catastrophe, and surety insurance carrier, has selected Valen Technologies to develop a proof of concept using its UnderRight ^® predictive analytics underwriting solution for their workers’ compensation line of business.

ICW Group is focused on increasing its market footprint for their workers’ compensation line of business through expansion into new jurisdictions, classes and policy sizes. ICW Group believes Valen’s UnderRight solution will help advance this goal.

Features such as Valen’s Xdata^TM external data warehouse, as well as data from Valen Networks^TM, Valen’s data consortium, add increased predictive value, all delivered through its Software-as-a-Service (SaaS) platform. Additionally, the Valen solution should help ICW Group streamline operations through improved underwriting automation.

“At ICW Group we are always searching for technologies that will help us meet our strategic goals. While we have been using robust predictive analytics for some time now, Valen’s UnderRight solution has the potential to offer us additional insight into our business and could help us further refine our underwriting acumen,” said David Hoppen, Chief Operating Officer at ICW Group.

Valen’s President and CEO Dax Craig commented, “I sincerely appreciate ICW Group’s confidence in both our UnderRight solution and our people. They clearly understand that getting better underwriting information is critical to maximizing the company’s bottom line as well as its competitive position – and they are willing to look at innovative technologies to make it happen. These are characteristics of a truly visionary company.”

Upon successful completion and evaluation of the model, the Valen UnderRight predictive analytics solution could be integrated with ICW Group’s existing systems and technology, including FirstBest’s Underwriting Management System^TM (UMS), which ICW Group has successfully rolled out to the marketplace under its Snap ^TM brand name.

About ICW Group

Privately held ICW Group represents a group of multi-line property and casualty insurance carriers providing workers' compensation, surety, DIC and personal and business automobile insurance. Its member companies consist of Insurance Company of the West, Explorer Insurance Company and Independence Casualty and Surety. Based in San Diego, Calif., ICW Group continues to transform itself into an insurance industry leader dedicated to meeting the needs of its agents and the people and companies they insure. More information is available at www.icwgroup.com.

About Valen Technologies

Valen Technologies, Inc. improves underwriting and premium audit results through our software-as-a-service predictive analytic solutions, UnderRight™ and AuditRight™. Our experts build, deploy and monitor models for improving underwriting and optimizing premium audit processes. Valen offers the only predictive analytic solution that includes expert predictive modeling, model monitoring and refresh, as well as data management. Our customers use our solutions to reduce loss ratios, improve competitive position, reduce premium audit expense, optimize premium audit results and shorten underwriting cycle time. To learn more about how Valen can help you improve your business, contact us at +1-800-280-3304 or visit our website at www.valen.com.