Insurity Acquires Valen Analytics
Insurity, Inc., a provider of core insurance processing and data integration and analytics solutions, today announced its acquisition of Valen Analytics® (Valen). Founded in 2004, Valen is a provider of proprietary data, analytics and predictive modeling for P/C insurers. The Valen brand will be retained with the organization, operating as ‘Valen Analytics, an Insurity company.’
The addition of Valen further elevates Insurity’s market leadership and the strategic value it can offer to its customers as they meet the challenges and opportunities presented by the current wave of innovation, and increasing demands for a modern customer experience. The combined offerings of Insurity and Valen are unparalleled in the market. In addition to its established core processing systems that are architected to enable data driven processes and user experiences, Insurity’s Insurance Enterprise View (IEV) offers a holistic solution to the data collection and aggregation issues that plague many insurers today. Insurity customers can take advantage of Valen’s data-first strategy, which is unique amongst predictive analytics providers, having amassed robust contributory data assets across all standard P&C lines. Valen’s InsureRight® Platform and predictive analytic solutions produce market-leading results that dramatically improve underwriting performance, and give insurers the confidence to leverage the real-time risk selection and pricing tools needed to offer a digital experience for both policyholders and agents.
Dax Craig, Valen CEO and president, stated, “The evolution of the personal and small commercial insurance markets is a focal point of incumbents and new entrants alike, and a contributory approach will help propel the capabilities of insurers who want to assert their relevance in delivering a modern customer experience.” Craig added, “Valen is honored to join Insurity, a company who understands the needs of P/C insurers, and how important it is to make decisions supported by data analytics.”
“Recent Novarica research shows that more than half of insurers are using real-time scoring today, and more than a quarter are planning pilot programs this year. Solutions like Valen that unite insurance data and proven analytic models are likely to be in high demand. This acquisition adds a new cloud-based component which can cross Insurity’s broad portfolio of core systems and enterprise data offerings,” said Matthew Josefowicz, president/CEO of Novarica, a research and advisory firm focused on insurance technology strategy.
Karlyn Carnahan, Celent’s Research Director, commented, “This acquisition represents another bold move for Insurity as it continues to vertically integrate across the insurance business. It will strengthen their competitive marketplace position and complement the existing portfolio of products while adding new, key capabilities for their clients.” Carnahan added, “Valen will benefit from being able to leverage the additional resources provided by Insurity to continue expanding their solution offerings and accelerate growth.”
“Valen has pioneered a world-class approach to underwriting analytics with the development of InsureRight Platform,” said Jeffrey Glazer, Insurity CEO. “Valen’s contributory data assets, real-time deployment technology, and solid bench strength of insurance expertise, has a proven track record of successfully integrating analytics into the underwriting decision-making process. There is built-in alignment with Insurity’s unwavering commitment to deliver tangible results for customers, along with the strategic advantage resulting from our synergistic solutions.”