Verisk Analytics Stock Price, News & Analysis

Utica National Insurance Group is enhancing its underwriting process through a partnership with Verisk (Nasdaq: VRSK). Utilizing Verisk's LightSpeed^® Small Commercial solutions, Utica aims to automate underwriting and improve customer experiences by minimizing the number of questions required on applications. The collaboration focuses on overcoming challenges linked to data accuracy and risk classification. Verisk's advanced analytics and data services are expected to refine Utica's underwriting results, enabling faster decisions and better risk assessments in the small commercial insurance sector.

Verisk (Nasdaq: VRSK) announced a new integration between its Restoration Manager and DryLINK Ecosystem, enhancing restoration job management for professionals handling water, mold, and fire damages. This integration allows users to synchronize job and equipment data, eliminating duplicate entries. It offers time and cost savings for restoration professionals. Xactware President Mike Fulton highlighted the benefits of increased efficiency from this functionality. The collaboration aims to facilitate improved project management in the restoration industry.

Verisk (Nasdaq: VRSK) has launched Roof Underwriting Reports utilizing artificial intelligence and advanced analytics to enhance property insurance underwriting. These reports provide critical insights on roof age, condition, and replacement costs, addressing the growing challenges insurers face as roof claims surged by 25% in 2020. Verisk combines aerial imagery and weather data to assess roof damage potential and ensure better insurance coverage. This innovative approach aims to automate underwriting processes and improve risk selection for insurers.

Verisk has launched SmartScope, a no-cost feature for Xactimate Pro License users, aimed at enhancing efficiency in estimating and managing water mitigation claims. Available from June 29, SmartScope utilizes artificial intelligence to streamline the estimating process, allowing users to generate diagrams, answer dynamic questionnaires, and automatically calculate repair costs. The tool is designed to meet industry standards and improve accuracy for various scenarios, receiving positive feedback from users like ServPro and American Technologies, Inc.

Verisk (Nasdaq:VRSK) and APCIA report a challenging year for U.S. property/casualty insurers in 2020, attributing a 2.9% decline in net income to pandemic-related disruptions and $62 billion in insured catastrophe losses. Net income fell to $60.1 billion, with investment yields at their lowest since 1960. Insurers issued $11.5 billion in premium relief, amid a 5.6% drop in net investment income. However, net underwriting gains rose to $5.1 billion, and the combined ratio improved slightly to 98.7%. Overall net premiums increased by only 2.6% to $650.4 billion.

AIR Worldwide has been chosen as the catastrophe modeling partner by a group of newly established insurance and reinsurance firms from the 'Class of 2020,' including Conduit Re, Core Specialty, Inigo Ltd, Integral ILS Ltd, and Vantage Risk. These companies selected AIR for its advanced catastrophe models and user-friendly software, which integrate seamlessly into their operations. AIR's solutions are also favored by numerous other firms beyond this cohort. Notably, AIR provides risk modeling for 16 of the top 20 non-life reinsurers, underscoring its industry leadership.

Verisk (Nasdaq: VRSK) has partnered with the National Fire Protection Association (NFPA) to enhance wildfire risk mitigation analytics. The NFPA will provide Verisk with data from its Firewise USA® program, which recognizes communities engaging in wildfire mitigation efforts. This collaboration aims to improve underwriting analytics for insurers, highlighting over 4.5 million U.S. properties at high wildfire risk, particularly in California. The initiative supports NFPA's Outthink Wildfire™ program, emphasizing community resilience against wildfires through comprehensive data sharing.

JobNimbus has announced a significant integration with Xactware, enhancing its project management software for contractors. This collaboration allows users to import claims estimate data from Xactware's Xactimate® directly into JobNimbus, thus preventing data-entry errors and improving efficiency. The integration simplifies various processes for contractors, enabling them to convert estimates into work orders and invoices with a single click. Both companies emphasize the importance of innovation to support restoration professionals in managing their workflows effectively.

Verisk (Nasdaq: VRSK) has launched the Cyber Risk Navigator, a sophisticated cyber risk modeling platform aimed at helping insurers understand the financial impact of cyber incidents. This SaaS solution features a comprehensive suite of models to estimate potential insured cyber losses and includes advanced ransomware modeling. Additionally, the platform leverages a Cyber Industry Exposure Database containing data on over 100 million organizations, supporting enhanced risk management decision-making.