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Valen Technologies and Overland Solutions, Inc. (OSI) Partner to Deliver “RateRight” Expanded Predictive Analytics and Follow-on UEV Services
PR Contact: Susan Douglas
Valen’s new predictive analytics product RateRight, coupled with Overland Solutions, Inc.’s Underwriting Exposure Verification (UEV) services provide insurers a complete solution to identify and rectify payroll and classification exposures
Denver, CO and Overland Park, KS April 6, 2010 – Overland Solutions, Inc., a premier supplier of premium audit and Underwriting Exposure Verification (UEV) services, and Valen Technologies, a leading supplier of predictive analytics to the P & C Insurance market, announced today a partnership designed to combat the growing premium leakage problem for Workers’ Compensation and General Liability insurers.
The combined services of Overland Solutions and Valen will identify premium leakage resulting from misclassified Workers’ Compensation and General Liability policies. RateRight, Valen’s latest predictive analytics product is designed to identify policies at high risk of misrepresented payroll. Used in combination with Overland Solutions’ UEV services the expected exposures can be validated and rectified. Insurers who adopt RateRight and Overland Solutions UEV service will have the ability to provide higher quality service, manage their risks, identify fraudulent activities and collect unpaid premium.
“Based on an analysis of five million premium audit results, an estimated 45% of Workers’ Compensation and General Liability policies have some form of misclassification,” said Dan Bankson, SVP of Analytics at Valen Technologies. “The estimated leakage is about 4% or approximately $3 billion dollars annually which needs to be absorbed by the insurance industry.”
“We are very excited about the Valen partnership as we believe it will provide a natural expansion of the products and services that OSI provides to its client base,” said David Robinson CIO at Overland Solutions Inc. “We are also optimistic that RateRight is only the first offering that this partnership will bring to the insurance market place.”
About Overland Solutions, Inc.
Overland Solutions, Inc. leads the industry in offering meaningful information services specializing in premium audit, loss control and inspection services. We are passionate about providing accurate and timely results to meet our business partners’ needs. Overland Solutions, Inc. has a nationwide network of specialists dedicated to accuracy to make certain our clients receive actionable information in every report. Our flexible technology platform enables direct system integration and unmatched ease of doing business.
For more information about Overland Solutions and our strategic solutions, please call 1-888-827-2118 or visit us at www.olsi.net.
About Valen Technologies
Valen Technologies, Inc. enables insurers to improve underwriting and premium audit results through our hosted predictive analytics solutions, UnderRight® and AuditRight®. Our experts combine our clients’ data with historical risk, firmographic and econometric information in our XData® and ValenNetworks™ databases and use that data to build, deploy and monitor models for improving underwriting and optimizing premium audit processes. The combination of our data and our modeling expertise gives us the unique ability to create the industry’s most effective predictive models.
To learn more about Valen and Valen products, please call 1-800-280-3304 or visit website at www.valen.com.