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Fiserv Teams Up with Valen Technologies, Inc., to Offer Predictive Analytics to Property and Casualty Customers
Fiserv, Inc. (NASDAQ: FISV), a leading provider of technology solutions, and Valen Technologies, Inc., the predictive analytics experts for the property and casualty (P&C) insurance industry, located in Denver, Col., announced a strategic alliance to offer real-time predictive underwriting capabilities to Fiserv insurance carrier clients to enable more effective risk selection and pricing.
The alliance with Valen Technologies will provide Fiserv clients with a comprehensive, predictive analytics capability for their Fiserv P&C product suite. Predictive analytics provide important insights into target marketing, risk selection and producer segmentation, while also facilitating straight-through processing via tier placement and micro-segmentation. Using multivariate, nonlinear modeling to provide new business insight based on past experience, predictive analytics help carriers better predict future outcomes and make more informed decisions.
“By partnering with Valen, Fiserv brings clients the opportunity to improve underwriting discipline, consistency and results, helping insurance carriers better match premium and risk,” said Gary Sherne, president of the Fiserv P&C Solutions division. “Rather than relying solely on subjective and intuitive underwriter judgment, Valen’s underwriting solutions use proven, predictive analytics science to objectively pinpoint the expectation of loss at an individual policy level. In doing so, our customers will be able to select and price risk more effectively.
“The combination of the Fiserv suite of P&C insurance products and Valen’s predictive analytics capabilities offer carriers an extremely attractive solution to enable not just a highly efficient operating environment but one that allows them to better analyze their business and make the most informed decisions,” said Dax Craig, chief executive officer of Valen Technologies. “We look forward to continuing our work with Fiserv to enable our mutual carrier customers to achieve maximum business value from their Fiserv and Valen technologies.”
About Valen Technologies
Valen Technologies is the expert in turnkey predictive analytics for the property and casualty insurance industry, offering highly automated predictive analytics solutions to create and deploy predictive models. Valen helps its customers improve decision making by using predictive analytics in the decision process. To learn more about predictive modeling and Valen Technologies, visit www.valen.com.
Hundreds of Life, P&C, Health, and Reinsurance carriers, managing general agents, and administrators rely on Fiserv for innovative insurance technology, professional services, and outsourcing solutions. Fiserv solutions include insurance policy and claims administration, underwriting, rating, advanced billing and collections, point-of-sale technology and straight-through processing solutions. In addition, more than 3,000 clients use the company’s market-leading financial and compliance solutions. Fiserv can be found on the Internet at www.fiservinsurance.com.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.
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