Valen Analytics has been acquired by Insurity, a Connecticut-based company that supplies software, data processing and analytics for property/casualty insurers.
Neither side disclosed financial terms.
Valen is perhaps best known for its InsureRight Platform and its predictive analytic products designed to help customers improve their underwriting performance and leverage real-time risk selection and pricing tools to give both policyholders and agents a “digital experience.”
Valen’s customers are in insurance areas including homeowners, personal auto, workers’ compensation, commercial auto, commercial package, commercial property and business owners. By joining Insurity, Valen’s products will be available to a larger customer base that includes more than 200 iunsurers, in markets including small or regional commercial, personal, or specialty lines writers, as well as managing general agents.
Valen joins a company that has made other acquisitions in recent months. The privately-owned Insurity acquired Oceanwide, Inc. for an undisclosed price in May 2016, adding the Quebec-based insurance software firm to its portfolio. In December, Insurity bought Systema Software, a California-based developer of an insurance claims administration system known as SIMS Claims. Financial terms in this transaction also were not disclosed.
More than 800 people work for Insurity and its subsidiary companies. Valen has 25 employees, a spokesperson said.
The Colorado-based Valen will keep its brand identity with a name tweak into “Valen Analytics, an Insurity Company.”
Insurity CEO Jeffrey Glazer said that the acquisition puts two compatible companies together under one corporate roof.
“Valen’s contributory data assets, real-time deployment technology and solid bench strength of insurance expertise has a proven track record of successfully integrating analytics into the underwriting decision-making process,” Glazer said in prepared remarks. He added that “there is built-in alignment,” in part, from “the strategic advantage resulting from our synergistic solutions.”
Valen President and CEO Dax Craig, in turn, said that Insurity is a company that “understands the needs of P/C insurers, and how important it is to make decisions supported by data analytics.”
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