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.
Cogitate Technology Solutions has improved its DigitalEdge Insurance Platform by partnering with Verisk, integrating their advisory loss costs, rules, and forms into the platform. This collaboration aims to enhance the speed of market entry for insurance carriers and agents. Cogitate's platform allows for streamlined distribution channels and better digital connectivity among various insurance providers. The alliance emphasizes a shared commitment to transforming insurance workflows, ultimately improving the insurance buying experience.
Verisk (Nasdaq:VRSK) has partnered with Duck Creek Technologies to integrate BuildFax solutions into Duck Creek's Content Exchange. This collaboration enhances access to vital property condition data for insurers, including insights on roof age and major system conditions. With these additions, Duck Creek's clients can leverage BuildFax's comprehensive analytics to make informed insurance decisions. These solutions are crucial for evaluating risks associated with properties, ultimately aiding in policyholder coverage.
Verisk (Nasdaq:VRSK) has appointed Gen. Vincent Brooks to its board of directors, effective October 1. A retired four-star general with 42 years of service, Brooks previously commanded U.S. Forces in Korea and led the United Nations Command. He currently advises businesses on geopolitical risks with WestExec Advisors. Verisk's CEO highlighted Brooks' leadership experience as vital for strengthening the company's innovation culture and addressing complex global challenges. Verisk operates in 30 countries, providing advanced data analytics to various sectors, including insurance and financial services.
Verisk (Nasdaq:VRSK) has announced the appointment of Gen. Vincent Brooks to its board of directors, effective October 1. Brooks brings over 40 years of leadership experience, having recently commanded U.S. forces in Korea. He is currently a principal at WestExec Advisors, providing geopolitical insights to businesses. This addition is expected to enhance Verisk's commitment to innovation and risk mitigation, as stated by CEO Scott G. Stephenson. Verisk leverages advanced analytics to support its clients in various sectors worldwide, operating in 30 countries.
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.