HARTFORD, Conn.--(BUSINESS WIRE)--Insurity, Inc., a leading provider of cloud-based core system solutions and data analytics for the world’s largest insurers, brokers, and MGAs, reported that its Valen Data Consortium has reached $100B in premium across standard property and casualty (P&C) lines, an 11% year-over-year (YoY) increase. Most notably, workers’ comp and commercial auto grew 15% and 31% and represent $60B and $8B of the consortium, respectively.
“With over $100B in premium, the Valen Data Consortium is the industry’s most robust collection of transaction and behavioral data, specifically designed to build analytics and to power predictive models,” said Michele Shepard, chief revenue officer at Insurity. “It’s a critical differentiator that sets our models apart from the rest of the market, providing underwriters an immediate and highly accurate risk score on policies at the point of decision to streamline core system workflows and enable straight-through processing. The granularity of insights from our consortium-based models also enhance insurer reporting capabilities, enabling them to truly measure and manage the impact of a predictive model on their portfolio and make precise adjustments to their analytics strategy over time.”
The Valen Data Consortium is built from dozens of third-party data sources and contributions from more than 60 insurers. It contains transactional and behavioral data such as risk profile, attributes, policy, and claims history, plus data from third-party sources, drastically improving predictive model lift for risk selection, pricing, and claims triage. According to Insurity research, synthetic variables developed from the Valen Data Consortium demonstrated up to 13 times more predictive power than variables exclusively built from policy data. Synthetic variables are developed from computations of multiple variables that are only available in large and diverse datasets. The broader view and enhanced predictive power they deliver to insurers drives long-term underwriting profit and growth.
“Reaching $100B is a significant milestone for the consortium, and shows our commitment to delivering advanced analytics insights to insurers for better data-driven decision making,” said Kirstin Marr, head of data solutions at Insurity. “At a time when insurers are searching for actionable data to drive automation and stay competitive in the underserved small-commercial market, Insurity is uniquely positioned to fill those blind spots and help them grow market share. We’ve already developed over a thousand proprietary variables from the consortium that are leveraged for individual clients and are based on their unique business goals.”
To learn more about Insurity’s Valen Data Consortium and the rest of the company’s cloud-based core system solutions and data analytics, Insurity invites all P&C insurance executives and professionals to attend its Connected 2020 virtual conference, beginning May 12, 2020. For more information, visit connected.insurity.com.
Insurity is a leading provider of cloud-based core system solutions and data analytics for the world’s largest insurers, brokers, and MGAs. Through its best-in-class digital platform and with unrivaled industry experience and thought leadership, Insurity is uniquely positioned to deliver exceptional value, empowering clients to focus on their core businesses, optimize their operations, and provide superior customer experiences. With users worldwide and more cloud-based deployments than any other core system provider in the insurtech space, Insurity is trusted by 15 of the top 25 property/casualty carriers in the US. For more information, visit www.insurity.com.