FHM & LUBA Workers’ Comp Named Data & Analytics Innovator of the Year at Excellence in Insurance

November 21, 2024 at 11:02 AM EST

Insurity recognized FHM & LUBA Workers’ Comp for Data & Analytics Innovator of the Year for their use of data and analytics to drive insights, improve decision-making, and foster innovation within the organization

Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that FHM & LUBA Workers’ Comp has been awarded the Data & Analytics Innovator of the Year at the Excellence in Insurance 2024 awards ceremony. The event, held in Amelia Island, FL, celebrates the exceptional achievements of P&C organizations across categories such as claims, automation, data and analytics, digital experience, and other key areas of industry innovation and service.

FHM & LUBA Workers’ Comp, two monoline workers’ compensation providers, joined forces in 2021 to expand their analytics capabilities and serve an even broader footprint across the South Central United States. With a longstanding partnership with Insurity Predict, they have transformed their approach to underwriting and claims management. Their fifth-generation underwriting model, released in 2022, has delivered unparalleled insights, improving underwriting results, enhancing operational efficiencies, and helping to guard against adverse selection and bias.

Recognizing the need for even deeper insights in claims management, FHM & LUBA partnered with Insurity to identify high-risk “escalating” claims early in the process. Using over 400,000 historical claims, they created a weighted Escalation Scoring model that allows claims to be identified at the first report of injury (FROI). This innovation has enabled better adjuster assignments, more informed claims management decisions, and improved claim tracking, driving superior outcomes for their policyholders.

“Our journey with Insurity Predict has been instrumental in helping us create and sustain a competitive advantage in both underwriting and claims handling,” said Matt Whisenant, Vice President of Underwriting at FHM & LUBA Workers’ Comp. “Insurity’s solutions have empowered us to leverage data effectively, enabling early identification of high-risk claims and more informed decision-making, a true game changer for our operations. This award reflects the dedication and innovation of our team as we remain focused on delivering exceptional results for our customers.”

“FHM & LUBA Workers’ Comp exemplifies how the power of data and analytics can redefine operational success,” said Chris Lafond, Chief Executive Officer at Insurity. “Their innovative use of predictive models for underwriting and claims management is setting new benchmarks in workers’ compensation. We are proud to honor their achievements and highlight their leadership in the insurance industry.”

For more information about the Excellence in Insurance awards, please contact Elizabeth.Hutchinson@insurity.com.

About Insurity

Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform, unrivaled industry experience, and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.

About FHM & LUBA Workers’ Comp

FHM Insurance Company is a long-standing and trusted partner for employers and independent agents across seven states. FHM, and its partner company, LUBA Workers’ Comp, have been providing workers’ comp coverage and superior customer service to thousands of policyholders for nearly a century.