DENVER-(BUSINESS WIRE)-Valen Analytics®, an Insurity company that provides proprietary data, analytics and predictive modeling for P/C insurers, today reported the growth of its data consortium to $90.5 billion across all standard Property and Casualty lines, up from $67 billion in 2018.
Dozens of third-party data sources and a diverse group of more than 60 insurers contribute to the Valen Data Consortium.
As found in Valen’s recent proprietary study, synthetic variables appended with Valen’s consortium data demonstrated up to 13 times more predictive power than variables built with policy-only data.
“Today, the need to be analytically driven is an industry-wide phenomenon. We are pleased to showcase to insurers the value of partnering around data at a time when there’s no dearth of data sources, and enabling them to become market leaders through access to the most predictive insights.”
Valen offers a full array of capabilities to support insurers’ analytics teams with data services to evaluate quality and cost/benefit, providing consortium variables, and deploying insurers’ models.
Valen also offers full-service data and predictive modeling services, and InsureRight Platform is best in class for business integration, monitoring, measurement and overall data analytics governance.
Insurity’s core processing applications and data integration and analytics solutions are backed by rich insurance expertise and are in production with over 200 insurers, processing billions of dollars of premium each month.