HDI Global Leverages Verisk’s Mozart Form Composer® to Streamline Forms Management

Rhea-AI Summary

Verisk (Nasdaq: VRSK) has partnered with HDI Global Insurance Company to enhance insurance product development through its cloud-based Mozart Form Composer platform. This collaboration aims to streamline forms management and operational efficiency. HDI will benefit from tools for collaborative research, form analytics, and automation to ensure policy forms are updated efficiently. Marco Hensel from HDI emphasized the importance of centralized access for policy forms to meet market demands. Verisk's technology is designed to support consistent policy language, helping reduce unexpected claims.

Positive

• Partnership with HDI enhances Verisk's market presence in the insurance sector.
• Mozart Form Composer improves operational efficiency for HDI, likely leading to cost savings.
• The use of advanced analytics and cloud technology positions Verisk as an innovator in the InsurTech space.

Negative

• None.

JERSEY CITY, N.J., May 31, 2022 (GLOBE NEWSWIRE) -- Industrial insurer HDI Global Insurance Company (HDI) will be leveraging the cloud-based technology and advanced analytics of Verisk (Nasdaq: VRSK), a leading global data analytics provider, to help increase efficiency and develop innovative insurance products.

Using Verisk’s Mozart Form Composer^®, Verisk’s InsurTech platform for forms management and product development, HDI will be able to easily find forms across hundreds of commercial and specialty lines of business, identify language that needs to be updated and make revisions with speed and precision.   

“Ensuring that all of our policy forms are updated and easy to access can be a major challenge,” said Marco Hensel, senior vice president of North America underwriting services at HDI. “Verisk’s Mozart will provide a centralized library for all of our forms and enable us to quickly identify and prioritize revisions, manage review processes and offer coverages that meet the evolving needs of the marketplace.”

Mozart contains a number of features to help insurers increase operational efficiencies and speed to market, including:

• Workflow tools to help insurers research, collaborate on shared work and manage internal approvals
• Form analytics that use natural language processing to help insurers identify and evaluate similarities and differences in forms language with ease
• Automation that enables insurers to update language in multiple forms simultaneously to enhance consistency
  

“We are excited for HDI to join the Mozart community to help transform their forms management and development processes,” said Deborah Morris, senior vice president of commercial lines underwriting at Verisk. “Mozart makes it significantly easier for insurers to support consistent policy language across their forms portfolio and help minimize potentially unexpected claims or lost premium.”

To learn more about Mozart, visit www.verisk.com/mozart.

About Verisk
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events, as well as political and ESG topics. With offices in more than 30 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.

About HDI Global SE (HDI)
HDI Global SE is a leading international industrial lines insurer and member of the Talanx Group. With over 3,700 employees worldwide, HDI is active in more than 150 countries through subsidiaries and network partners. In the United States, HDI operates through its subsidiaries, HDI Global Insurance Company, a commercial property and casualty insurer headquartered in Chicago, Illinois and licensed in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands; and HDI Specialty Insurance Company, an Illinois domestic surplus lines insurer also authorized to write business nationwide.

HDI Global SE, HDI Global Insurance Company and HDI Specialty hold Financial Strength Ratings of A (Excellent) from A.M. Best.

FAQ

What is the partnership between Verisk and HDI Global Insurance Company about?

Verisk and HDI are collaborating to enhance insurance product development using Verisk's Mozart Form Composer platform, which aims to streamline forms management and operational efficiency.

How will Verisk's technology benefit HDI?

HDI will benefit from improved access to policy forms, enabling faster updates and revisions, ultimately enhancing operational efficiency and product offerings.

What features does the Mozart Form Composer platform offer?

Mozart includes workflow tools, form analytics using natural language processing, and automation to update multiple forms simultaneously.

What impact could this partnership have on Verisk's stock (VRSK)?

The partnership may positively impact Verisk's stock by enhancing its reputation as an innovator in the InsurTech space and potentially leading to increased revenue through improved service offerings.

When was the partnership between Verisk and HDI announced?

The partnership was announced on May 31, 2022.