CIS Group and Valen Technologies Develop Alliance to Deliver Predictive Analytics Inspection Optimization to Homeowners Insurance Carriers
11/1/2011 12:00:00 AM
SOUTHLAKE, TX, November 1, 2011 - CIS Group, a full service field underwriting company and Valen Technologies, the data consortium and predictive analytics scoring experts for P&C Insurance, today announced that they have entered into a strategic alliance to deliver Navigate©, powered by Valen's InspectRight. Navigate combines CIS' extensive condition and hazard database with Valen's InspectRight predictive models to help insurance carriers quantify the probability of ITV and the presence of conditions and/or hazards.
A recent JD Powers study finds "that approximately 16 percent of homeowners policyholders indicate they carry less coverage than would be required to fully rebuild their home in the event of a total loss. Among these policyholders, satisfaction averages 739 - more than 40 points lower than among policyholders who say they have sufficient coverage." Navigate helps insurance carriers remediate this situation by identifying properties with a high probability of condition and hazard concerns and/or a high probability of ITV issues. Carriers then use the Navigate scores to optimize their inspection process by selecting risks that are likely to require enhanced underwriting attention.
"The partnership between CIS and Valen allows insurers to improve their underwriting results and their customer satisfaction in the ever-competitive homeowner's insurance market," said David Rollins, President of CIS Group. "We believe Navigate's unique homeowners scores are particularly beneficial because they combine Valen's predictive analytics expertise in inspection optimization with the most comprehensive condition and hazard database in the United States, provided by CIS."
"Valen is excited to form an alliance with CIS Group, the preeminent provider of inspection services to the property insurance market," says Dax Craig, Valen's CEO. Craig went on to say that "Valen data and analytics coupled with CIS data and homeowners inspection expertise" is a powerful combination unavailable anywhere in the market.
About CIS Group
CIS Group is a proven provider of decision making intelligence to the property and casualty insurance market, mortgage servicing sector and asset management firms. Headquartered in Southlake, Texas, with regional offices in Los Angeles, Chicago, and Atlanta, CIS provides the most comprehensive suite of field reporting services available. With a true national footprint, CIS Group remains committed to providing Best in Breed field inspection surveys throughout all 50 United States. For a closer look, call 866-816-7445 or visit us on the web at www.cisgroup.net.
About Valen Technologies
Valen Technologies, Inc. improves pricing, underwriting and premium audit results through cloud based predictive analytics solutions, UnderRight®, RateRight®, AuditRight® and now InsureRight®. Valen's experts build, deploy and monitor models for improving risk selection, pricing, underwriting and optimizing premium audit processes. Valen offers the only predictive analytic solutions that include expert predictive modeling, model monitoring and refresh, as well as data management. Valen's customers use Valen's solutions to improve operating performance, improve competitive position, reduce premium audit expense, optimize premium audit results and shorten underwriting cycle time. To learn more about Valen and Valen's products call 1-800-280-3304 or visit Valen's website at www.valen.com.
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