Dax Craig is the co-founder, president and CEO of Valen Analytics, an advanced data and analytics provider for the property and casualty insurance industry. Valen leverages its large consortium data assets to help carriers price insurance policies more accurately and achieve lower loss ratios.
Before founding Valen in 2004, Craig was founder and CEO of Xertex Technologies, a leading provider of antennas for WiFi, in-building wireless and telematics. He led the progress of the company from a concept he developed as an MBA student at the University of Colorado to its eventual acquisition by Centurion Wireless, now part of Laird. At the time of Xertex’s acquisition, Centurion was a global leader in the wireless antenna industry with more than $150 million in annual revenue, seven factories, locations in five countries and more than 1,500 employees.
Craig proceeded to be vice president of global business development at Centurion, where he was directly responsible for global business development including sales, market definition, market segmentation, market research, strategic planning and market development.
Believing in the importance of community involvement, Craig founded the Monticello Foundation, an organization of young professionals that raised money for Denver area children’s charities. He also founded Stay Tuned Colorado, a non-partisan organization that engaged young professionals to become more involved in the process of selecting national political leaders.
He currently serves on the executive advisory board of the University of Tulsa’s College of Business and is a member of the Young Presidents Organization. Most recently, Craig was selected as a board member to the National Sports Center for the Disabled. Previously, he has served on the board of several community organizations, including the Denver Opera and the Metro Denver Sports Commission.
Craig graduated from the University of Tulsa with a bachelor’s degree in business administration and marketing. He earned his MBA in finance from the University of Colorado at Boulder.
The insurance industry may be in the middle of a technological revolution, but Valen’s recent 2018 Outlook Report: An Industry Divided suggests that barriers to insurtech adoption and engagement remain. 79% of surveyed insurers believe new functionality and features will make their teams more efficient in the long run, aligning with much of the optimism […]
Most insurers are using some form of predictive modeling, but it can be difficult to know if it will remain effective over time. Evaluating a predictive model can be tricky because, while there are many ways data can be measured, there is no accepted standard. With the considerable investment that’s involved in predictive analytics, the […]
While most carriers collectively understand that predictive analytics is necessary to remain competitive with other data-driven and VC-backed companies, progress isn’t as fast as it should be. Some are still not using analytics at all despite knowing its importance, while many others limit use to one area of the business. One main obstacle is a […]
With sales of ping pong tables declining and with first-quarter IPO numbers the lowest since 2008, many are wondering whether we are in the midst of another tech bubble and, if so, when it will burst. Despite a record amount of money flowing into venture capital, funding for startups is drying up. Rather than believing in every single […]
When start-ups jumped into insurance, many focused on the personal auto industry. Not surprising, considering it is arguably the least complex line of insurance and is often the first to be disrupted (going back to Progressive in the ‘90s). Now that InsurTech investment is at an all-time high, more start-ups are entering the market and […]
It’s no secret that there is a newfound aggressive and competitive environment in insurance. A combination of outside competition focused on disrupting the distribution channel and an increase in tech-driven carriers is fostering this environment, and adapting to this change goes beyond just adopting technology. Everything hinges on a carrier’s ability to shed its conservative […]
This article was first published at re/code. It’s a common thread in nearly every industry: Innovation occurs when consumers’ growing needs and expectations converge with intense competition. It’s no surprise, then, that insurance — not exactly known for being on the forefront of technology — is one of the last remaining industries to innovate and […]
The steady drumbeat about the dire need for data and predictive analytics integration has been there for several years now. Slowly, many carriers have started to wake up to the fact that predictive analytics for underwriting is here to stay. According to Valen Analytics’ 2015 Summit Survey, 45% of insurers who use analytics have started […]
The recent speculation about Google entering the U.S. insurance market adds to the growing list of non-traditional competitors turning their attention to insurance — a list that already includes Overstock, Facebook, IKEA and Walmart. While personal auto remains the popular entry point for these outside competitors, the impact is more far-reaching for property and casualty […]
The top 25 insurers consume 70% of the market share in workers’ compensation, and, as the adoption of data and predictive analytics continues to grow in the insurance industry, so does the divide between insurers with competitive advantage and those without it. One of the largest outcomes of this analytics revolution is the increasing threat […]
Commercial lines insurance is tricky. On the one hand, it’s one of the last bastions of niche underwriting expertise — there are specialist writers who know their markets better than anyone else and enjoy customer loyalty and consistently superior profits as a result. On the other hand, it’s still simply insurance — and it’s experiencing […]
Workers’ compensation is widely recognized as one of the most challenging lines of business, suffering years of poor results. Insurance companies are under increasing pressure to achieve profitability by focusing on their operations, such as underwriting and claims. Insurers can no longer count on cycles, where a soft market follows a hard one. The traditional […]
A weak economic recovery and regulatory issues are providing significant challenges to traditional business models in property and casualty insurance, especially in commercial lines. Carriers can no longer rely on investment income, and market-share consolidation should be a growing concern. History tells us that the winners will be companies that are more progressive in their […]
There appears to be violent agreement that 2014 is the year of advanced technology, data and analytics in insurance. Of course, these kinds of prognostications don’t sneak up on anyone. A convergence of growing organizational eagerness and sophisticated tools is allowing momentum to build for the next generation of underwriting to emerge. Market dynamics are […]
The insurance industry faces an urgent need to attract a new generation with new talent. According to the U.S. Bureau of Labor Statistics and AARP, within 15 years as much as 50 percent of the current insurance workforce will retire. In addition, the industry is changing so fast that it can no longer rely on […]
A weak economic recovery and regulatory issues are providing significant challenges to traditional business models in property and casualty insurance, especially in commercial lines. Carriers can no longer rely on investment income, and market-share consolidation should be a growing concern leading into 2014. History tells us that the winners will be companies that are more […]
Are We In A Hard Market? According to MarketScout, the average property/casualty rate increased by 5% from 2011 to 2012, with this same upward trend continuing into 2013. And yet, just last week the Council of Insurance Agents & Brokers (CIAB) reported that rate increases in the second quarter did not keep pace with the […]
For many years, insurance companies built their reserves by focusing on investment strategies. The recent financial crisis changed that: insurers became incentivized to shift their focus as yields became more unpredictable than ever. As insurance carriers looked to the future, they know that running a profitable underwriting operation is critical to their long term stability. […]
Insurance executives are grappling with increasing competition, declining return on equity, average combined ratios sitting at 115 percent and rising claims costs. According to a recent report from Moody’s, achieving profitability in workers’ compensation insurance will continue to be a challenge due to low interest rates and the decline in manufacturing and construction employment, which […]