Verisk Partners with Chief Claims Officers to Create Claims Advisory Board
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The formation of the Verisk Claims Advisory Board represents a strategic move by Verisk to further entrench its position in the insurance analytics market. By harnessing the expertise of seasoned industry professionals, Verisk aims to refine its product offerings to meet the nuanced demands of claims organizations. For stakeholders, this initiative signals Verisk's commitment to innovation and customer-centric product development. The inclusion of executives with diverse backgrounds from insure-techs to Fortune 100 companies suggests a comprehensive approach to tackling the multifaceted challenges faced by the industry.
From a market perspective, this move may be interpreted as a proactive response to the competitive pressures in the industry, where differentiation through advanced analytics and technology integration is becoming increasingly important. For investors, this could imply sustained growth potential and a reinforcement of Verisk's market position. However, the actual impact on financials will depend on the effective translation of advisory insights into commercially successful products and solutions.
The insurance sector is under constant pressure to evolve with technological advancements and Verisk's initiative is a direct response to this need. The advisory board's collective experience in digital transformation and claims operations suggests a focus on leveraging data analytics and AI to drive efficiencies in claims management. This could lead to reduced operational costs and improved customer satisfaction, which are critical performance metrics for insurance companies.
For insurance providers utilizing Verisk's services, the promise of streamlined workflows and enhanced claims management could translate to tangible benefits such as faster claims processing and improved fraud detection capabilities. These advancements are not only beneficial for the insurers but also for policyholders who may experience a more responsive and transparent claims process.
Verisk's decision to form an advisory board with high-profile industry leaders can be seen as an investment in intellectual capital, which may not have immediate financial returns but positions the company for long-term strategic gains. The advisory board's guidance is expected to influence the development of solutions that could open new revenue streams for Verisk or strengthen existing ones. It is essential to monitor how these developments align with Verisk's overall financial strategy and whether they will lead to an increase in market share and profitability in the competitive analytics space.
Investors should consider the potential for these innovations to disrupt traditional claims processing and create a new standard within the industry. However, the costs associated with research and development, as well as the execution risk associated with bringing new solutions to market, should be weighed against the anticipated benefits.
From accuracy to Generative AI and fraud, the insurance industry is at a pivotal point and leading claims experts will advise on Verisk’s development of industry-leading products and solutions
JERSEY CITY, N.J., Jan. 16, 2024 (GLOBE NEWSWIRE) -- To address the ever-evolving needs of claims organizations and to continue delivering cutting-edge solutions and value, Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, has formed the Verisk Claims Advisory Board. Comprised of a group of former chief claims officers across the insurance industry, the Board will advise Verisk’s Claims Solutions on its innovation roadmap to ensure the company is enriching the claims ecosystem by continuing to streamline client workflows, improve claims management and support superior customer experiences. The wealth of industry experience from the experts on this Board will help Verisk drive the industry forward with the latest in thought leadership and industry-leading products and solutions.
The Verisk Claims Advisory Board is comprised of the following experts:
• Eric Brandt – Eric Brandt has more than 30 years’ experience leading technology and operations across consumer, commercial, and group benefits lines of business. He has held C-Suite roles at insure-techs, niche specialty casualty firms, and Fortune 100 companies. His current role is President, Second Horizon Solutions, LLC where he is focused on advisory, consultancy and working with nonprofits.
• Darla Finchum – After spending her entire career in the Property and Casualty industry, Darla Finchum is currently working as an independent consultant and advisor to the industry focusing on insure-tech companies. Finchum also spends time providing executive coaching to young professionals. Prior to her current consulting and coaching role, Finchum was Head of the Integration Management Office for Farmers Group, Inc.
• Grace Hanson – Grace Hanson has deep experience in the C-suite with start-up insurers, insure-techs and legacy carriers spanning multiple commercial and personal product lines in the U.S., Bermuda, London and global markets. Hanson has held multiple senior claims executive roles where she embedded digital technology and transformed claims operations leveraging data and analytics including, Hippo Analytics’ first Chief Claims Officer, Global CCO for Hiscox Plc and CCO of Homesite.
• Ken Rosen – Ken Rosen is the president & founder of Rosen Consulting Solutions, LLC, an organization focused on the Property & Casualty insurance vertical. Rosen is focused on advising senior leaders of companies that support the P&C industry to better serve customers while driving efficiencies and growing revenue. Previously, Rosen served as the Chief Claims Officer of USAA as well as the Executive Vice President and Chief Claims Officer of the Allstate Corporation with full operating and financial responsibility for the company’s P&C auto and property claims organization.
• Mike Sieger – Mike Sieger brings to the council extensive experience and leadership in the automotive insurance industry from over three decades with Progressive Insurance. Sieger possesses strong public company executive management experience, as well as significant strategic planning and operational experience. Sieger retired from Progressive in January 2022, where he served as its Claims President since 2015 and currently serves on several Boards.
“At Verisk, we value learning and collaboration as important and effective ways to continue moving the industry forward through value co-creation with customer and ecosystem partners,” said Maroun Mourad, president, Verisk Claims Solutions. “We are excited to begin our work with the Verisk Claims Advisory Board and are confident that through their partnership and ongoing guidance, we will continue to deliver innovative and impactful value-adding solutions that will help meet the ever-changing needs of our clients throughout the entire claims ecosystem.”
Verisk is a leading source of information about insurance risk. It draws upon vast experience in data management and expertise in predictive modeling and develops practical tools that integrate into customers’ workflow to streamline end-to-end claims management, improve claims outcomes, and fight fraud with tools, analytics, and proprietary databases.
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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