Verisk Debuts New Statistical Reporting Technology on Guidewire Marketplace
Rhea-AI Summary
Verisk (Nasdaq: VRSK) has launched its Statistical Services accelerator integration with Guidewire, designed to automate critical data extractions for insurers' compliance processes. This new technology aims to enhance operational efficiency and consistency in meeting expanding data reporting requirements. Key features include:
1. Configurable solution for extracting event-driven data from Guidewire PolicyCenter and ClaimCenter
2. Direct connection to Verisk's statistical reporting platform
3. Leverages Verisk's expertise for regulatory obligations
The accelerator addresses the industry need to modernize compliance and reporting processes within an insurer's ecosystem. It is the latest addition to over 40 Verisk integrations available on Guidewire Marketplace, supporting underwriting and claims across the insurance industry.
Positive
- Launch of Statistical Services accelerator integration with Guidewire, automating data extraction processes
- Designed to enhance insurers' compliance processes and operational efficiency
- Direct connection to Verisk's statistical reporting platform, eliminating need for bespoke process development
- Addition of over 40 Verisk integrations available on Guidewire Marketplace
Negative
- None.
Insights
Verisk's new Statistical Service accelerator for Guidewire represents a significant advancement in insurance technology. This integration addresses a critical pain point for insurers: the complex and time-consuming process of statistical reporting and regulatory compliance. By automating data extraction from PolicyCenter and ClaimCenter, it could substantially reduce operational costs and minimize reporting errors.
The accelerator's ability to connect directly to Verisk's reporting platform eliminates the need for insurers to develop costly custom solutions. This could lead to faster implementation times and improved ROI for Guidewire users. Moreover, leveraging Verisk's extensive database and expertise in regulatory obligations adds significant value, potentially giving insurers a competitive edge in managing compliance.
For Verisk, this product strengthens its position in the insurance technology market and could drive increased adoption of its services. The partnership with Guidewire, a major player in the insurance software space, also enhances Verisk's market reach. Overall, this launch could positively impact Verisk's revenue streams in the insurance solutions segment.
The introduction of Verisk's Statistical Service accelerator is a game-changer for regulatory compliance in the insurance industry. Compliance requirements have become increasingly complex, with data granularity demands growing exponentially. This solution addresses a significant challenge that many insurers face: the time-consuming and error-prone process of data extraction and reporting.
By automating these processes, insurers can potentially reduce compliance risks and avoid regulatory penalties associated with reporting errors or delays. The accelerator's configurable nature allows for adaptation to changing regulatory landscapes, providing a future-proof solution for insurers.
Furthermore, the integration with Guidewire's widely-used platforms ensures that a large segment of the market can benefit from this technology. This could lead to industry-wide improvements in reporting accuracy and efficiency, potentially setting new standards for regulatory compliance in insurance. For investors, this signals Verisk's strong position in addressing critical industry needs and its potential for sustained growth in the regulatory technology sector.
Verisk’s Statistical Service accelerator automates critical data extractions, designed to enhance insurers’ compliance processes
JERSEY CITY, N.J., Oct. 22, 2024 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today announced its latest advancement in statistical reporting technology with the launch of its Statistical Services accelerator integration with Guidewire. This innovative solution automates complex processes that extract highly granular policy and claims data, making it easier for insurers to satisfy statistical reporting and regulatory compliance requirements. This latest offering from Verisk’s Core Lines Services is designed to directly help insurers effectively meet the industry’s expanding data reporting requirements by driving operational efficiency and consistency.
Routine data reporting processes can take months or even years to establish due to rigorous demands, which require a constant investment in technology and expertise. Incorrect data collection can lead to costly overruns, reporting errors and extended project timeframes. Verisk has supported insurers with statistical reporting since its inception more than 50 years ago, operating one of the world’s largest property and casualty statistical databases. The new Statistical Service accelerator addresses the critical industry need to modernize compliance and reporting processes, all within an insurer’s ecosystem.
The Statistical Service accelerator from Verisk:
- Provides clients with a configurable solution designed to efficiently extract critical event-driven data from Guidewire PolicyCenter and ClaimCenter.
- Connects directly to Verisk’s statistical reporting platform, eliminating the need for an insurer to take on bespoke and costly process development.
- Enables insurers to leverage Verisk’s expertise to meet a broad spectrum of data and analytics-related regulatory obligations.
“As a trusted partner to insurers, we are constantly exploring ways to address the most critical operational issues affecting insurers to provide solutions that reimagine the underwriting process for the industry,” said Saurabh Khemka, co-president of underwriting solutions at Verisk. “Our new Statistical Service accelerator enables a higher-level of operational agility to not only help carriers report and maintain compliance, but also maximize the value of their data through intelligent automation.”
The Statistical Service accelerator is the most recent Verisk solution to be added to Guidewire Marketplace. There are more than 40 integrations available from Verisk in support of the insurance industry across underwriting and claims.
“With this latest integration from Verisk, our shared customers can now leverage a valuable solution that accelerates time-to-value and optimizes efficiency amidst statistical reporting," said Will Murphy, vice president, global technology alliances at Guidewire.
For more information about Verisk's Statistical Services, please visit the company’s Statistical Services webpage.
###
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 Verisk's new Statistical Services accelerator integration?
How does Verisk's Statistical Services accelerator benefit insurers?
When did Verisk (VRSK) announce the launch of its Statistical Services accelerator?
How many Verisk integrations are available on Guidewire Marketplace?
