TransUnion and Valen Technologies 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.
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.
Source: TransUnion Press Release