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Verisk Analytics provides data analytics, software and technology for the global insurance industry, with recurring updates tied to underwriting, claims, policy administration, fraud detection and risk intelligence. Company news often covers insurance workflow products such as Verisk Ignite for policy management, Xactimate for property claims estimating and ClaimSearch-based claims trend analysis.
Verisk also reports developments in AI-enabled insurance analytics, product integrations with insurance and restoration platforms, property-and-casualty industry research, quarterly financial results, dividends, share repurchases and financing activity. Its releases frequently connect proprietary insurance datasets with underwriting outcomes, claims efficiency, catastrophe risk, climate risk and other global risk topics.
Verisk (Nasdaq: VRSK) has introduced the Profitability Advisor as part of its MarketStance Commercial Insight platform to assist insurers in navigating economic uncertainty. This tool provides insights into U.S. profitability across core insurance lines—auto, general liability, property, and businessowners—using up to ten years of loss ratio data from Verisk's extensive database. By allowing analysts to focus on profitable growth without additional modeling resources, the Profitability Advisor enhances strategic decision-making for insurance professionals.
Verisk has announced an expanded integration of its 360Value replacement cost estimates with Duck Creek’s Content Exchange, enhancing homeowners insurers' ability to access up-to-date, localized data on reconstruction costs amid supply chain challenges and inflation. The integration aims to improve the underwriting process by providing timely cost estimates, leveraging robust claims data. This solution supports insurers throughout the policy lifecycle, fostering informed decision-making.
Wood Mackenzie will host the Energy & Natural Resources Summit: EMEA 2022 on September 27 in London, focusing on the evolving energy market amid geopolitical changes. Key industry leaders, including executives from QatarEnergy, Anglo American, and Bank of America, will discuss crucial themes such as the Energy Trilemma, commodities outlook, and strategies for a low-carbon future. The event combines in-person and virtual formats to encourage networking among renewable developers, investment entities, and policymakers.
Aurenity, a new managing general agent in the excess and surplus insurance market, has partnered with Verisk (Nasdaq: VRSK) to enhance its underwriting capabilities. By leveraging Verisk's advanced data analytics and predictive modeling tools, Aurenity aims to launch its initial excess casualty product in Q3 2022. Insurer Aurenity emphasizes its focus on differentiated risk insights through technology, which is expected to improve decision-making and enhance profitability. The partnership aims to address claim volatility and improve underwriting precision, crucial in today's inflationary environment.
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M Financial Group and Pacific Life have launched a new flexible-premium survivorship variable universal life (SVUL) insurance policy designed for high-net-worth individuals. This policy leverages Verisk’s FAST platform and includes pre-configured tax rules to simplify estate planning. The SVUL policy offers investment options with no surrender charge and an optional no-lapse guarantee. This innovation aims to address the challenges posed by tax laws for affluent clients, while further developments with M Financial's M Vision platform are anticipated.
VYRD, a new homeowners insurer, is transforming the Florida insurance market by utilizing data from Verisk (Nasdaq: VRSK) to enhance underwriting processes. With the LightSpeed® platform, VYRD offers faster and more reliable quotes by leveraging advanced data analytics, including location-based peril information and loss history. Targeting homeowners facing coverage challenges, VYRD aims to meet the unique demands of Florida's volatile market, driven by frequent catastrophe losses and legal complexities surrounding claims.
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JERSEY CITY, N.J., Aug. 18, 2022 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK) has appointed Olumide Soroye as an independent director on its Board, effective immediately. Soroye brings 30 years of experience in software, data analytics, and leadership from roles at Fortive Corporation, CoreLogic, and McKinsey & Company. CEO Lee Shavel expressed confidence in Soroye's ability to add value, while chairperson Bruce Hansen noted the strengthening of the board with this addition at a crucial growth phase for Verisk.
Verisk (Nasdaq: VRSK) has renewed its strategic partnership with the National Insurance Crime Bureau (NICB) to enhance efforts against organized insurance fraud. This collaboration, dating back to 1998, provides integrated access to data and tools that protect insurance companies and their clients from fraud. Mutual clients will benefit from services such as the ability to refer suspicious claims and receive automated alerts. Both organizations emphasize the importance of data analytics and technology in proactively addressing insurance crime.