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Verisk Analytics (VRSK) delivers data-driven solutions for risk assessment and operational optimization across insurance, energy, and financial sectors. This news hub provides investors and professionals with authoritative updates on corporate developments, strategic initiatives, and technological advancements.
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Key updates on predictive modeling breakthroughs, catastrophe risk assessments, and fraud detection technologies. Bookmark this resource for verified information about underwriting tools, claims management systems, and data standardization efforts shaping risk intelligence.
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On September 22, 2020, AIR Worldwide announced an updated Multiple Peril Crop Insurance (MPCI) Model for China, enhancing probabilistic assessments for five crop lines and six livestock lines. The model addresses significant weather events impacting crop losses, capturing over 90% of weather-related damages. Notably, it incorporates a stochastic catalog reflecting current agricultural conditions. Given China's leading role in livestock production, this update aims to mitigate risks from extreme weather and disease, especially after the 2018 African swine fever outbreak. The updated model is integrated into the Touchstone Re catastrophe risk management system.
On September 21, 2020, AIR Worldwide estimated that Hurricane Sally will result in insured losses ranging from USD 1 billion to USD 3 billion, primarily due to wind damage. The hurricane made landfall on September 16 near Gulf Shores, Alabama, with maximum winds of 105 mph. Significant rainfall caused flooding, with downtown Pensacola receiving 24.8 inches. The storm affected coastal areas in Alabama and Florida, resulting in minor roof damages and power outages affecting nearly half a million customers. AIR's estimates include residential, commercial, and industrial losses.
Commerce Signals, a Verisk Financial business, launched the Merchant Tracker, a groundbreaking solution that enables businesses to benchmark their sales against competitors at the county level. This tool provides insights into consumer spending trends, dividing the data into online and in-store sales. Powered by a comprehensive dataset covering over 40 million U.S. households, businesses can access detailed metrics such as average ticket size and market share.
The Merchant Tracker is essential for businesses navigating the challenges posed by COVID-19, offering timely information for strategic planning.
Verisk (Nasdaq: VRSK) has launched ContentsTrack™, an innovative solution leveraging artificial intelligence to assist contents removal specialists in efficiently identifying, cataloguing, and tracking items post-loss. This mobile platform uses Object Recognition technology to streamline inventory workflows, significantly reducing the time spent on data entry. Early users reported substantial savings in labor costs and increased productivity, enhancing the recovery process for policyholders. For further information, visit Xactware.com.
BV Investment Partners announced the sale of Franco Signor, a Medicare Secondary Payer (MSP) compliance solutions provider, to Verisk (Nasdaq:VRSK). This strategic acquisition aims to enhance Verisk's Claims Partners business, combining Franco's compliance expertise with Verisk's analytics services. Sean Wilder, Managing Director at BV, expressed satisfaction with the swift achievement of growth objectives since investing in Franco Signor. Franco Signor CEO John Williams highlighted the supportive partnership with BV, aiming to leverage advanced technology and compliance solutions under Verisk.
Verisk (Nasdaq: VRSK) has announced the acquisition of Franco Signor, a Medicare Secondary Payer service provider, for $160 million. This acquisition aims to enhance Verisk's Claims Partners business by integrating Franco Signor's expertise in Medicare compliance. The combined capabilities will deliver a comprehensive suite of services, improving support for insurers, self-insureds, and third-party administrators. Executives from both companies emphasized the strategic benefits and the long-term value this partnership brings to the insurance industry.
Verisk's FAST has once again been recognized in Gartner's Magic Quadrant for its life insurance policy administration systems, achieving improved positioning on the ability to execute axis for 2020. This marks the third consecutive year FAST has been labeled a Leader, showcasing its scalable technology that aids life insurers in enhancing legacy systems. Verisk's innovative underwriting solutions, integrated with FAST's platform, support insurers through the policy lifecycle.
Verisk's AIR Worldwide estimates Hurricane Laura caused insured losses between USD 4 billion and USD 8 billion to onshore property. The storm, which made landfall on August 27 as a Category 4 hurricane, impacted areas in Louisiana, especially Lake Charles and Cameron. Despite hurricane status, lower population density and less severe storm surge kept losses manageable compared to previous storms like Hurricane Rita. Preliminary reports noted wind gusts of 133 mph in Lake Charles, leading to significant damage to residential buildings.
Kansas City Life Insurance Company has licensed FAST software from Verisk (Nasdaq: VRSK) to replace its legacy platforms, enhancing its business management and digital capabilities. This transition will streamline operations in new business, policy administration, and claims processing. FAST's configurable software aims to improve efficiency, reduce costs, and facilitate a new digital ecosystem for Kansas City Life. Verisk, which recently acquired FAST, offers advanced analytics and automation solutions tailored to life insurance and financial services.
Verisk (Nasdaq: VRSK) announced that Farm Bureau Insurance of Michigan will adopt its LOCATION® platform to enhance the Public Protection Classification (PPC®) system for better fire protection assessment of insured properties. This integration aims to streamline underwriting processes and improve pricing accuracy, utilizing address-level data on fire risk. Verisk's PPC has proven to be significantly more effective in predicting future fire loss compared to traditional distance measures. This partnership reflects Verisk's commitment to leveraging advanced data analytics to optimize insurance operations.
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