Verisk Offers Insurers and Lenders Four-Month, Complimentary Access to Coverage Verifier-Verification as a Service During COVID-19 Pandemic
Verisk (Nasdaq:VRSK) is offering complimentary access to its Coverage Verifier-Verification as a Service (CV-VaaS) for four months during the COVID-19 pandemic.
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Rhea-AI Summary
Verisk (Nasdaq:VRSK) is offering complimentary access to its Coverage Verifier-Verification as a Service (CV-VaaS) for four months during the COVID-19 pandemic. Starting June 1, 2020, lenders can utilize the digital platform to efficiently verify insurance coverage for vehicles and mortgages, enhancing processing speed. CV-VaaS automates verification by connecting with Verisk’s databases, allowing insurers to establish portals for lenders. Jeremy Cook emphasized the tool's importance in improving operational efficiency amidst pandemic pressures.
Positive
- Complimentary access to CV-VaaS from June 1 to October 1, 2020 enhances lender efficiency.
- CV-VaaS automates insurance verification, significantly reducing manual processing time.
- Strengthens Verisk's position in the data analytics market during COVID-19.
Negative
- None.
Details
News Market Reaction – VRSK
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Jersey City, N.J., May 27, 2020 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading data analytics provider, is offering four months of complimentary access during the COVID-19 pandemic to Coverage Verifier-Verification as a Service (CV-VaaS), a new, digital platform that delivers insurance information lenders need to process loans with increased efficiency.
Instead of spending time and resources calling, faxing, or e-mailing insurers to confirm that vehicles or mortgages have the required insurance coverage, lenders can simply enter the borrower’s information into CV-VaaS and quickly receive verification of coverage.
Through the platform, CV-VaaS will enable participating insurers to establish a lender portal to automate and digitize the verification process. CV-VaaS connects Verisk’s Coverage Verifier database and Loan VerifierTM, a new contributory database that collects lien information in concert with Verisk’s policy and claims databases.
“The effects of the COVID-19 pandemic have placed increased pressure on insurers and lenders to pivot and find tools that help them serve customers with greater efficiency,” said Jeremy Cook, senior vice president of personal lines at Verisk. “The CV-VaaS platform re-imagines an important, behind-the-scenes function, enabling both parties to replace time-consuming manual processes with a fast and easy verification service.”
Lenders and insurers will be able to use CV-VaaS at no charge from June 1 through October 1, 2020. To learn more about CV-VaaS, visit https://www.verisk.com/insurance/products/cv-vaas/.
About Verisk
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor's S&P 500® Index. In 2018, Forbes magazine named Verisk to its World's Best Employers list. For more information, please visit www.verisk.com.
Contact:
Brett Garrison
Edelman (for Verisk)
917-639-4903
Brett.Garrison@edelman.com
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