Verisk CEO Lee Shavel Appointed to Federal Advisory Committee on Insurance

Rhea-AI Summary

Verisk (Nasdaq: VRSK) announced that its president and CEO, Lee Shavel, has been appointed to the Federal Advisory Committee on Insurance (FACI). FACI advises the Federal Insurance Office within the U.S. Department of the Treasury on monitoring the insurance industry. The committee is to 25 members, including industry leaders, regulators, academics, and consumer advocates.

Shavel expressed his commitment to bringing Verisk's perspective to FACI, emphasizing the importance of a healthy insurance market in the face of evolving risks and increasing weather catastrophes. Under his leadership, Verisk has focused on partnering with the global insurance industry to enhance resilience. Shavel has expanded insurance ecosystem partnerships, invested in new datasets and emerging technologies like AI, and promoted industry collaboration.

Positive

• CEO Lee Shavel appointed to influential Federal Advisory Committee on Insurance
• Appointment may enhance Verisk's influence in the insurance industry
• Company's focus on partnering with global insurance industry to build resilience
• Expansion of insurance ecosystem partnerships
• Investment in new datasets and emerging technologies like AI

Negative

• None.

JERSEY CITY, N.J., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today announced that its president and CEO, Lee Shavel, has been appointed to the Federal Advisory Committee on Insurance (FACI).

FACI provides advice and recommendations to assist the Federal Insurance Office (FIO) within the U.S. Department of the Treasury in carrying out its duties and authorities in monitoring the insurance industry. The committee is limited to 25 members and includes insurance industry leaders, state insurance regulators, academics and consumer advocates.

“It’s a privilege to be appointed to such a critical committee at a pivotal time for the insurance industry. As the risk landscape evolves and weather catastrophes become more devastating and costly, having a healthy and sustainable insurance market to help absorb that risk is imperative,” Shavel said. “At Verisk, we’re fortunate to sit at the center of the insurance ecosystem, and I’m looking forward to bringing that perspective to FACI as I work with fellow members to help enhance the industry and protect consumers.”

Shavel leads Verisk’s client-centered strategy, focused on partnering with the global insurance industry to build greater resilience for individuals, businesses and communities. During his tenure, he has renewed the company’s focus on serving the insurance industry by expanding insurance ecosystem partnerships, investing in new datasets and emerging technology such as artificial intelligence, and fostering greater industry collaboration. An industry thought leader, Shavel is a contributing writer to Insurance Journal, where he writes about the top emerging risks the industry should be tracking.

More information on FACI can be found here.

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, sustainability 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.

FAQ

What is the significance of Lee Shavel's appointment to FACI for Verisk (VRSK)?

Lee Shavel's appointment to FACI is significant for Verisk (VRSK) as it may enhance the company's influence in the insurance industry and provide valuable insights into regulatory developments. This position allows Verisk to contribute its perspective on important industry issues and potentially shape future policies.

How is Verisk (VRSK) adapting to evolving risks in the insurance industry?

Verisk (VRSK) is adapting to evolving risks by expanding insurance ecosystem partnerships, investing in new datasets and emerging technologies like artificial intelligence, and fostering greater industry collaboration. The company is focused on partnering with the global insurance industry to build greater resilience for individuals, businesses, and communities.

What is the Federal Advisory Committee on Insurance (FACI) and how does it relate to Verisk (VRSK)?

The Federal Advisory Committee on Insurance (FACI) provides advice and recommendations to the Federal Insurance Office within the U.S. Department of the Treasury. Verisk's (VRSK) CEO Lee Shavel has been appointed to this committee, allowing the company to contribute its expertise and potentially influence industry monitoring and regulation.