CHICAGO, IL and DENVER, CO--(Marketwire - Mar 7, 2012) - TransUnion and Valen Technologies today introduced to the insurance market PropertyRight, a predictive analytics product that allows homeowners insurance carriers to more accurately identify homes with the highest likelihood of insurance-to-value (ITV) problems or condition and liability hazards. The PropertyRight predictive models, coupled with one of the nation's most comprehensive property inspection databases, provide a new solution to help improve underwriting action rates.
Property inspections are an integral part of an insurance carrier's risk assessment, underwriting evaluation and rating process. Inadequate ITV or conditions and liability hazards on uninspected properties can cause carriers to take on additional, yet avoidable risks that can translate into higher loss ratios and reduced profitability. PropertyRight provides insurance carriers with real-time or batch delivery of highly predictive scores, allowing them to take action on identified properties.
"PropertyRight is actively addressing an immediate need of the property insurance industry right now," said Kelley Buchanan, executive vice president of TransUnion's insurance business unit. "Having additional insights on where to best leverage valuable inspection resources in the underwriting process can have a positive impact on mitigating losses, better aligning coverage and improving the bottom line."
PropertyRight was designed to help insurance carriers:
- Decrease losses by identifying properties with potential condition or liability hazard risks
- Increase premium capture by improving the level of insurance-to-value (ITV)
- Lower treaty reinsurance costs by improving portfolio ITV
- Improve customer satisfaction by ensuring proper ITV
"The combined strengths of TransUnion's reputation for delivering results to the insurance market and Valen's proven ability to deploy predictive models for insurers provide homeowner carriers with a strategic advantage," said Dax Craig, CEO of Valen Technologies. "We're pleased to partner with TransUnion to bring PropertyRight as our first joint solution for the insurance market."
To learn more about PropertyRight, please call a TransUnion representative at 1-800-566-8551 or visit transunion.com/insurance. A Valen sales representative may be reached at 1-800-280-3304.
As a global leader in information and risk management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering high quality data, and integrating advanced analytics and enhanced decision-making capabilities. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion reaches businesses and consumers in 25 countries around the world. For more information, visit www.transunion.com.
About Valen Technologies
Valen Technologies, Inc. provides turnkey predictive analytics to the property and casualty insurance industry. Valen's consortium database is used to build, deploy and monitor predictive modeling products that improve risk selection, pricing, underwriting, audit, and inspection processes. Our suite of products that includes PropertyRight™, InsureRight®, UnderRight®, RateRight®, and AuditRight® are delivered in a fully hosted environment. Learn more about Valen at http://propertyright.valen.com.