Solutions
AuditRight™
For the premium auditor, who wants to increase their audit premium, Valen Technologies offers an auditing solution, Audit Right, that helps auditors identify those policies most likely to have a premium discrepancy. Rather than using premium bands and/or class codes only to determine which accounts to field audit, Valen's predictive analytic platform uses sophisticated pattern recognition technology to identify those policies with an exposure and premium mismatch and then makes a recommendation on the type of audit to perform - mail, phone or physical. By using predictive analytics in the premium audit function, insurance companies see a substantial increase in net additional premium.
Valen's Audit Right solution comes with the following features:
- Discovery Audit Notification: Discover higher rated classes before policy term expiration with notification from Audit Right that a preliminary audit should be performed
- Audit Intensity Score: Focus your field and telephone auditors on those accounts that require exposure or classification adjustments with Audit Right's rating discrepancy score
- Audit Reasons: Auditors will be primed with areas to focus on when performing an audit with Audit Right's rating discrepancy reason codes
Benefits
- Increase additional premium resulting from audits
- Improves downstream pricing models by more accurately recording exposure
- Reduce premium fraud and systematic exposure and class code reporting errors
- Utilize audit resources more effectively
