Verisk Announces Integration with Seek Now to Streamline Ground Truth Assessment of Homeowners Insurance Claims

Rhea-AI Summary

Verisk (VRSK) announces a strategic integration with Seek Now to optimize claims resolution processes in the property insurance space, enhancing efficiency and customer experience.

Insurance Industry Analyst

The strategic integration between Verisk and Seek Now signifies a notable progression in the insurance technology sector, specifically in the realm of claims processing. By streamlining the damage assessment process and reducing the need for manual data transfer, we're observing a direct impact on operational efficiency. Insurers stand to benefit from reduced cycle times, which is a key performance indicator in the industry. Shorter cycle times can lead to cost savings and improve customer satisfaction, as policyholders often value swift claims resolution.

Furthermore, the integration aligns with the broader industry trend towards digitization and real-time data access. By enhancing the accuracy of estimations and facilitating the early identification of claim severity, insurers can better allocate resources and possibly reduce the incidence of fraudulent claims. However, the success of such integrations hinges on the seamless execution and adoption by claims adjusters. It is also imperative for both Verisk and Seek Now to ensure data privacy and security amidst the increased flow of sensitive information.

Technology Implementation Consultant

From an implementation standpoint, the integration of Seek Now's technology within Verisk's estimating solutions represents a significant leap in claims management software. The key to realizing the benefits of such a system lies in the adoption curve among adjusters and the compatibility with existing workflows. Companies that are quick to adapt and train their staff on the new system will likely see the most immediate benefits in terms of processing times and customer satisfaction.

It is important to monitor the integration's impact on the workforce, particularly in terms of job roles and functions that may evolve as a result. The shift towards automation and data analytics could necessitate upskilling for claims professionals, ensuring they are equipped to operate in a more data-driven environment. While the technology promises efficiency, the human element remains essential in managing claims with empathy and precision.

Customer Experience Strategist

Examining the customer experience aspect, the integration's promise of a 'simplified and accelerated claims resolution process' could be a game-changer for policyholder satisfaction. The insurance industry is often criticized for its slow and bureaucratic claims processes, so this move could enhance Verisk's competitive edge. An improved claims experience not only boosts customer loyalty but can also serve as a differentiator in a crowded market.

However, it's important to consider the potential risks associated with over-reliance on technology. The human touch in customer service should not be underestimated, especially in cases involving complex claims that require nuanced judgment. Insurers must balance the efficiency offered by the new system with the need for personalized customer interactions. The long-term success of this integration will likely depend on the ability to deliver on its promises without compromising the quality of human engagement.

Platform integration designed to optimize processing time for claims resolutions

JERSEY CITY, N.J., March 20, 2024 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, has announced a strategic integration with Seek Now, a leading claims inspection service provider and business intelligence solution in the residential and commercial property insurance space. This integration expands Verisk’s open ecosystem, offering claims adjusters increased flexibility and streamlining the damage assessment process. Seek Now’s technology will be seamlessly integrated within Verisk’s suite of property estimating solutions, eliminating the need for manual information transfer.

As a result of this integration, shared customers of Verisk and Seek Now will experience a simplified and accelerated claims resolution process, improving their claims outcomes while enriching their policyholder’s overall experience. The integration will also streamline referrals, real-time routing, status and data collection process for property insurance claims leading to a meaningful reduction in cycle times.

“Verisk continues to expand our open ecosystem and to innovate to help our clients complete their important work with greater ease, efficiency and accuracy,” said Aaron Brunko, president of property estimating solutions, Verisk. “We’re pleased to add Seek Now to our collaborative ecosystem in an effort to accelerate claims efficiency and have a positive impact on the entire insurance value chain.”

“By integrating directly within Verisk’s Property Estimating Solutions, every adjuster within our extensive network of mutual insurance carrier customers gains swift access to ground truth data, often within just 24 hours,” said Russ Carroll, CEO of Seek Now. “Regardless of the claim type—whether it's wind/hail, interior, water damage, or any other—adjusters will now enjoy a seamless pathway to enhance their adjudication processes, thus ensuring superior service for home and business owners like never before.”

Verisk is committed to innovation and efficiency in an open claims ecosystem, with modern integrations and data connections. By simplifying process complexity, fostering innovation, and enhancing collaboration, this ecosystem can empower insurers and claims professionals to navigate the landscape of claims management. Our solutions enable more accurate estimations, early identification of severity, and heightened customer satisfaction, all while reducing operational costs. Verisk’s leadership in the claims ecosystem ensures that our solutions remain at the forefront of innovation, continually evolving to meet the industry's evolving needs.

For more information about Verisk’s suite of property estimating solutions, please visit: www.verisk.com.

About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.

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What integration did Verisk (VRSK) announce with Seek Now?

Verisk announced a strategic integration with Seek Now to streamline claims resolution processes in the property insurance sector.

How will Verisk's integration with Seek Now benefit customers?

The integration will offer shared customers of Verisk and Seek Now a simplified and accelerated claims resolution process, improving outcomes and policyholder experiences.

What impact will the integration have on claims adjusters?

Claims adjusters will gain increased flexibility and streamlined damage assessment processes through Verisk's integration with Seek Now.

What are the key goals of Verisk's open ecosystem expansion?

Verisk aims to innovate and help clients complete important work with greater ease, efficiency, and accuracy through its open ecosystem expansion.

How does the integration enhance Verisk's Property Estimating Solutions?

Seek Now's technology will be seamlessly integrated within Verisk's suite of property estimating solutions, eliminating manual information transfer and improving efficiency.