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Verisk Analytics, Inc. (Nasdaq: VRSK) is a leading provider of data analytics solutions, serving various sectors including insurance, energy, healthcare, financial services, government, and risk management. Leveraging advanced technologies, Verisk collects and analyzes billions of records to deliver predictive analytics and decision support solutions. These solutions are pivotal in areas like fraud prevention, actuarial science, insurance coverages, fire protection, catastrophe and weather risk management, and data management.
Verisk is renowned for its comprehensive suite of tools designed to help insurance providers assess and price risks more accurately, optimize operational efficiency, and improve claim settlement processes. The company's contributory database and proprietary data assets form the backbone of these analytical tools.
Recently, Verisk has taken significant steps to enhance its offerings and expand its market presence. In March 2024, Verisk announced a strategic integration with Seek Now, a claims inspection service, to improve processing times for claim resolutions. This integration is designed to streamline the damage assessment process, offering adjusters increased flexibility and accuracy, leading to better claims outcomes and enriched policyholder experiences.
Further, Verisk launched its Next Generation Models (NGM) in April 2024, a suite of over 100 catastrophe models aimed at improving global catastrophe modeling and risk analysis. These models are part of Verisk's Touchstone platform, which aids insurers and reinsurers in evaluating risks and mitigating potential losses more effectively.
Financially, Verisk reported robust results for the first quarter of 2024, with consolidated revenues of $704 million, up 8%, and adjusted EBITDA of $380 million, a growth of 11.8%. The company's financial health is further reflected in its strategic repurchase of $200 million of common shares and a 15% increase in its cash dividend to 39 cents per share.
Verisk's commitment to innovation and efficiency is evident through its launch of new products, integration with advanced technologies, and continuous expansion of its global footprint. The company remains a vital partner in helping clients navigate complex risk landscapes, enhance resilience, and make informed decisions about global risks including climate change, extreme events, and political issues.
To stay updated with the latest news and developments about Verisk Analytics, visit www.verisk.com.
M Financial Group and Pacific Life have launched a new flexible-premium survivorship variable universal life (SVUL) insurance policy designed for high-net-worth individuals. This policy leverages Verisk’s FAST platform and includes pre-configured tax rules to simplify estate planning. The SVUL policy offers investment options with no surrender charge and an optional no-lapse guarantee. This innovation aims to address the challenges posed by tax laws for affluent clients, while further developments with M Financial's M Vision platform are anticipated.
VYRD, a new homeowners insurer, is transforming the Florida insurance market by utilizing data from Verisk (Nasdaq: VRSK) to enhance underwriting processes. With the LightSpeed® platform, VYRD offers faster and more reliable quotes by leveraging advanced data analytics, including location-based peril information and loss history. Targeting homeowners facing coverage challenges, VYRD aims to meet the unique demands of Florida's volatile market, driven by frequent catastrophe losses and legal complexities surrounding claims.
JERSEY CITY, N.J., Aug. 18, 2022 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK) has appointed Olumide Soroye as an independent director on its Board, effective immediately. Soroye brings 30 years of experience in software, data analytics, and leadership from roles at Fortive Corporation, CoreLogic, and McKinsey & Company. CEO Lee Shavel expressed confidence in Soroye's ability to add value, while chairperson Bruce Hansen noted the strengthening of the board with this addition at a crucial growth phase for Verisk.
Verisk (Nasdaq: VRSK) has renewed its strategic partnership with the National Insurance Crime Bureau (NICB) to enhance efforts against organized insurance fraud. This collaboration, dating back to 1998, provides integrated access to data and tools that protect insurance companies and their clients from fraud. Mutual clients will benefit from services such as the ability to refer suspicious claims and receive automated alerts. Both organizations emphasize the importance of data analytics and technology in proactively addressing insurance crime.
Verisk's consumer identity management business, Infutor, has been named the winner of the Best Contact Database Company award at the annual MarTech Breakthrough Awards.
Infutor, acquired by Verisk earlier in 2022, integrates with Jornaya and Contact State to form Verisk Marketing Solutions. This enables enhanced consumer data access for brands and marketing teams.
Infutor provides real-time consumer profiles with over 100 million daily updates sourced from compliant data, aiming to support insurers and financial institutions in their marketing efforts.
Verisk's Xactware solutions enhance claims processing efficiency for the Louisiana Insurance Guaranty Association (LIGA) amid insurer insolvencies.
Utilizing Xactimate® and XactAnalysis®, LIGA improves claims assignment and communication with independent adjusters, essential for aiding hurricane victims in rebuilding efforts.
Verisk supports LIGA's mission with technology that streamlines the claims journey, benefiting both policyholders and the overall insurance market in Louisiana.
Verisk (Nasdaq: VRSK) reported its Q2 2022 financial results with consolidated revenues of $746.3 million, a slight decline of 0.2%, but up 5.3% on an organic constant currency (OCC) basis. Net income soared 28.4% to $197.7 million, and diluted EPS rose 31.9% to $1.24. Adjusted EBITDA increased 2.7% to $380.8 million, with a 4.4% rise on an OCC basis. However, cash flow dipped significantly, with operating cash down 44.2% to $130.2 million and free cash flow down 64.3% to $61.0 million. The board approved a dividend of 31 cents per share.
Mountain West Farm Bureau Insurance has adopted Verisk's 360Value tool to enhance property reconstruction cost estimates (RCEs) amid rising inflation and supply chain challenges. This partnership aims to provide updated coverage levels for customers, utilizing localized data on material and labor costs
and actual claim experiences. The integration streamlines underwriting processes, ensuring that agents can accurately assess risks associated with residential, commercial, and agricultural properties.
Verisk (Nasdaq: VRSK) has appointed Elizabeth Mann as the new executive vice president and chief financial officer, effective September 15, 2022. Mann joins Verisk from S&P Global, bringing extensive experience in finance, including a CFO role in multiple divisions. CEO Lee Shavel expressed enthusiasm for Mann's leadership capabilities and her role in supporting Verisk's long-term growth and financial performance. The CFO position was previously held by David Grover in an interim capacity following Shavel's appointment as CEO in May.
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