Verisk Analytics Stock Price, News & Analysis

Verisk (Nasdaq: VRSK) has launched VeriskPay, a digital payment solution that enables rapid payments for customers in property insurance, remodeling, and lending sectors. This service integrates with Property Preservation Wizard and utilizes Fiserv's Carat ecosystem to facilitate same-day payouts through various platforms, enhancing customer experience.

Mark Anquillare, COO of Verisk, emphasizes the importance of speed and convenience in payment processes, while Fiserv's Nandan Sheth highlights the role of digital payments in streamlining operations.

AIR Worldwide has launched the Catastrophe Exposure Data Exchange (CEDE) as an open standard to streamline data exchange in the insurance sector. This initiative aims to enhance efficiency and analytics for better risk management. Industry leaders, including Chubb and RenaissanceRe, support this move, recognizing its potential to foster collaboration and innovation among insurance companies. The CEDE format, which builds on AIR's existing open data licenses, promotes interoperability in a competitive marketplace, ultimately improving customer service.

Jornaya, a Verisk business, has unveiled the Consumer Behavior Insider report, providing crucial data on shopping journeys to aid marketers in targeting consumers effectively. With insights drawn from over 400 million consumer journeys monthly, the report details trends in major purchase categories, including insurance, mortgages, and home services. Rich Smith, Chief Marketing Officer, highlights the necessity of timely outreach amid overwhelming marketing messages. The report enables organizations to benchmark industry-level trends and consumer activities while ensuring privacy through secure data collection methods.

Verisk (Nasdaq:VRSK) reported fourth-quarter 2020 revenues of $713 million, a 5.4% increase compared to Q4 2019. Net income rose by 33.3% to $176 million. Adjusted EBITDA, a non-GAAP measure, increased 7.9% to $344 million. The company generated $248.9 million in operating cash flow, up 41.1%, and $176.5 million in free cash flow, reflecting a 57.0% increase. A cash dividend of 29 cents per share was approved for March 31, 2021, representing a 7.4% increase from the prior dividend.

Verisk (NYSE:VRSK) announced significant leadership changes aimed at driving long-term growth. Kathy Card Beckles will join as executive vice president, general counsel, and corporate secretary, effective April 5. Mark Anquillare has been appointed group president, adding oversight of Enterprise Risk Management, while Lee Shavel also becomes group president, overseeing energy, specialized markets, and financial services segments. These appointments aim to enhance operational efficiency and align risk management with core operations.

Verisk (Nasdaq:VRSK) has expanded its BuildFax property condition analytics to Canadian insurers, enhancing their underwriting capabilities by utilizing building permit data. This initiative aims to help insurers track changes in properties, ensuring adequate coverage for customers. BuildFax's database incorporates over 1 billion data points on property conditions, covering renovations and significant updates. The expansion supports digital transformation in the insurance sector, allowing underwriters to make informed decisions and improve customer experience with proprietary data.

Verisk (Nasdaq: VRSK) launched Discount Alert, a telematics-driven marketing solution for insurers, enhancing the SmartRide program by Nationwide. This innovation allows insurers to engage connected car owners directly through personalized offers, leveraging anonymized driving data. The program targets drivers who consent to share their data, offering immediate discounts at the point of quote. With access to over 7.5 million vehicles, Discount Alert aims to optimize marketing strategies and improve customer experiences in the competitive auto insurance landscape.

Universal Property & Casualty Insurance Company, a subsidiary of Universal Insurance Holdings, is enhancing its property underwriting and claims processes through an expanded partnership with Verisk (Nasdaq:VRSK). This integration includes the adoption of Xactimate for claims estimating, along with Verisk’s 360Value and LOCATION solutions for accurate risk assessment and replacement cost analytics. By leveraging real-time data and tools, Universal aims to improve customer service and operational efficiency during the claims process.

Universal Property & Casualty Insurance Company, part of Universal Insurance Holdings (UVE), is enhancing its property underwriting and claims workflows by integrating Verisk's data analytics solutions. This move includes the adoption of Xactimate®, alongside existing tools like 360Value® and LOCATION®, to provide comprehensive claims analytics and support underwriting processes. The collaboration aims to improve operational efficiencies, customer experience, and precision in risk assessment, ultimately benefiting policyholders with tailored coverage.