Predictive tool for homeowners’ insurance used for more than a million policies

A product that allows insurance carriers to use predictive scores to quote homeowners’ policies online in real time has scored almost 1.5 million policies in the U.S. since its launch in March, Denver-based Valen Technologies reports.

PropertyRight is a set of highly predictive models that identify potentially problematic policies and present carriers with an insurance-to-value (ITV) score, a condition and liability hazard score and an optional inspection-type recommendation, notes Valen Technologies, which provides turnkey predictive analytics to the p&c insurance industry.

“This policy-level information is calibrated to a carrier’s book of business and can then be used to prioritize which policies to inspect for both new and renewal business, and set optimal selection threshold rules for ordering inspections,” the company says.

“We have developed a quick-to-market product that allows carriers of all sizes to gain instant access to reliable data for individual policies, in order to invest underwriting and inspection resources most effectively,” adds Dax Craig, president and CEO of Valen Technologies.