Verisk Analytics - VRSK STOCK NEWS

Verisk (Nasdaq: VRSK) and HOVER have announced an enhanced collaboration to automate the claims resolution process for insurance providers. This partnership aims to improve cycle times, estimating accuracy, and customer satisfaction.

The integration enables carriers to streamline the claims lifecycle, allowing policyholders to capture property damage photos directly through Xactimate. These are transformed into comprehensive measurement packages, enhancing efficiency. The move addresses the industry's challenges of experienced adjuster shortages and rising costs, with both companies committed to advancing digital transformation in insurance.

Hosta A.I. has announced its integration with Verisk to streamline the remote property assessment process. This integration will be showcased at Verisk Elevate 2023 in Salt Lake City, Utah, on February 7-8. Hosta A.I.'s technology allows policyholders to upload just 4-6 images per room, enabling quick damage detection and cost estimation without the need for onsite assessments. This innovation aims to enhance the efficiency of claims processing for insurers and improve the overall claims experience. Hosta A.I. emphasizes the goal of making property assessments faster and more convenient for all stakeholders involved.

On February 6, 2023, Verisk (Nasdaq: VRSK) announced a collaboration with Tractable to enhance property damage assessment through AI technology. This integration allows Verisk's Xactimate platform to automate property claims processing, reducing settlement time from months to as little as one day. By utilizing Tractable's AI, insurers can efficiently identify and measure property damage via a user-friendly mobile app. This partnership aims to improve the claims experience amidst increasing weather-related damage, providing a timely solution for insurers and policyholders alike.

Veritas Capital has completed the acquisition of Wood Mackenzie from Verisk (Nasdaq: VRSK). This strategic move positions Wood Mackenzie as an independent company, enhancing its ability to provide critical analytics in the energy and renewables sector. Wood Mackenzie, which has been in operation for nearly 50 years, is set to leverage its industry expertise under the leadership of newly appointed CEO Mark Brinin and COO Joe Levesque. Veritas, managing over $40 billion in assets, aims to drive growth and innovation within Wood Mackenzie, focusing on the global energy transition.

Verisk (Nasdaq: VRSK) has finalized the sale of Wood Mackenzie to Veritas Capital, marking a strategic pivot back to its core focus on the insurance industry. This decision follows previous divestitures of its financial services and environmental health units, a part of Verisk's comprehensive portfolio evaluation. CEO Lee Shavel emphasized that this divestiture allows the company to enhance long-term growth by optimizing customer decision-making and operational efficiencies. Morgan Stanley served as financial advisor for this transaction, while Davis Polk & Wardwell LLP provided legal counsel.

Verisk (Nasdaq: VRSK) announced it will report its financial results for Q4 FY 2022 on February 28, 2023, post-market close. The financial details will be accessible on Verisk's investor website. A live audio webcast for discussing these results is scheduled for March 1, 2023, at 8:30 a.m. ET, available through the investor website or via dial-in numbers for U.S./Canada and international participants. A replay will be accessible for 30 days following the event. Verisk offers data-driven solutions in the insurance and energy sectors, focused on enhancing operational efficiency and decision-making regarding global issues.

Branch, a personal lines insurer, is enhancing customer experiences by integrating Verisk's data analytics into its insurance offerings. This collaboration allows Branch to deliver quick, bundled auto and homeowners quotes with minimal consumer input, leveraging Verisk's LightSpeed platform. The partnership aims to improve conversion rates and customer satisfaction, notably enabling mortgage providers to embed insurance quotes within their services. With operations across 36 states, Branch focuses on profitable growth and streamlined workflows, positioning itself as a disruptor in the insurance market.

Verisk (Nasdaq: VRSK) has launched two innovative weather solutions, Hail Impact Energy and Tornado Probability, to assist insurance professionals in assessing the impact of severe weather events. These tools provide real-time data, updated every 5 to 10 minutes, enabling better resource deployment and claims forecasting after hailstorms and tornadoes. Hail Impact Energy measures the energy of hail impact, while Tornado Probability offers precise predictions based on advanced radar technology. These features will be showcased at the upcoming Elevate conference on February 7-8, 2023.