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.
Summary not available.
Verisk’s LightSpeed Small Commercial has partnered with West Bend Mutual Insurance Company to enhance underwriting processes. This innovative platform offers a robust data-driven approach, streamlining insurance applications from days to seconds through automation. The AI and machine learning capabilities allow insurers to leverage unstructured data and gain insights into risk exposures. The collaboration emphasizes Verisk's reputation for high-quality data and analytics in the insurance landscape.
Verisk and LIMRA Announce Partnership
On June 7, 2022, Verisk (VRSK) and LIMRA formed a multi-year partnership aimed at enhancing fraud protection for insurers and recordkeepers. This collaboration focuses on improving technology and data insights to combat account takeover (ATO) fraud, particularly in life insurance and retirement accounts. LIMRA's FraudShare, serving 53 companies, will integrate with Verisk's FAST platform, offering real-time access to threat intelligence. This initiative aims to strengthen anti-fraud solutions and address evolving fraud threats in financial services.
Verisk (Nasdaq: VRSK), a global data analytics provider, announced its leaders will present at three investor conferences on June 6-7, 2022. Bill Churney and Matthew Moshiri will present at the Barclays Business Services ESG Summit on June 6 at 2:30 p.m. Eastern time. CEO Lee M. Shavel will speak at the William Blair's 42nd Annual Growth Stock Conference on the same day at 5 p.m. Eastern time. Additionally, Mark V. Anquillare will present at Baird’s 2022 Global Consumer, Technology & Services Conference on June 7 at 2 p.m. Eastern time. Interested listeners can access the live webcasts on Verisk's investor website.
Rich Della Rocca is set to retire from Verisk (Nasdaq: VRSK) on July 1, 2022, after a 27-year tenure at the company. Maroun Mourad will take over as President of Claims Solutions, bringing extensive experience gained since joining Verisk in 2015. Mourad has held several leadership positions, enhancing Verisk's standing in insurance markets. He aims to strengthen customer experience through innovations in claims processes. Della Rocca's retirement marks the end of a significant era, having contributed to building a global claims business.
Verisk has launched an enhanced weather analytics platform, Respond MAP, aimed at providing insurers and supply chain operators with real-time insights into severe weather impacts. The web-based solution integrates critical weather data with user-defined locations, enabling efficient evaluation of risks associated with perils such as hurricanes and tornadoes.
With updates every five minutes, it assists in assessing damage and improving claims processing speed. Verisk's commitment to enhancing its offerings reflects its mission to support clients in making informed decisions in the face of climate challenges.
Verisk (Nasdaq: VRSK) has partnered with HDI Global Insurance Company to enhance insurance product development through its cloud-based Mozart Form Composer platform. This collaboration aims to streamline forms management and operational efficiency. HDI will benefit from tools for collaborative research, form analytics, and automation to ensure policy forms are updated efficiently. Marco Hensel from HDI emphasized the importance of centralized access for policy forms to meet market demands. Verisk's technology is designed to support consistent policy language, helping reduce unexpected claims.
Verisk (Nasdaq: VRSK) reports a challenging year for the property/casualty insurance industry, concluding 2021 with a $3.8 billion net underwriting loss. This contrasts sharply with a $5.2 billion gain in 2020, driven by a 11.1% rise in incurred losses and loss adjustment expenses against a 7.4% increase in earned premiums. The combined ratio deteriorated to 99.6%. However, the industry net income slightly increased to $61.9 billion. Insurers are now facing challenges from rising weather-related claims and inflationary pressures.
Verisk (Nasdaq: VRSK) announced the appointment of Lee M. Shavel as CEO and Mark V. Anquillare as President following the annual shareholder meeting. Shavel, previously CFO and group president, aims to enhance value creation for customers and shareholders, leveraging Verisk’s technical expertise and established client relationships. The company also elected three new independent directors: Jeffrey Dailey, Wendy Lane, and Kimberly S. Stevenson. This leadership change positions Verisk to further empower the insurance industry in the digital age.
Verisk (Nasdaq: VRSK) announced that Swiss Re is utilizing its ISO DataCube™ to enhance auto insurers' performance and identify new business opportunities. This tool delivers tailored data sets and analysis, helping insurers optimize underwriting and marketing strategies for improved profitability. Duare Perez from Swiss Re emphasized the importance of speed and competitive benchmarking for growth. Elliot Burn from Verisk expressed excitement about partnering to leverage predictive data, aiming to enable smarter business decisions in the insurance sector.