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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.
JERSEY CITY, N.J., Sept. 19, 2022 – Verisk enhances its Xactimate solution for property insurance adjusters by integrating Yembo's AI-powered virtual survey technology. This allows desk adjusters to create 3-D models of interior damage from onsite videos, improving claims efficiency without physical inspections. Insurers can now handle more claims confidently and engage policyholders better. Verisk remains a key player in the property insurance market, providing vital tools for cost reduction and shortened claims cycles.
Verisk (Nasdaq: VRSK) has introduced the Profitability Advisor as part of its MarketStance Commercial Insight platform to assist insurers in navigating economic uncertainty. This tool provides insights into U.S. profitability across core insurance lines—auto, general liability, property, and businessowners—using up to ten years of loss ratio data from Verisk's extensive database. By allowing analysts to focus on profitable growth without additional modeling resources, the Profitability Advisor enhances strategic decision-making for insurance professionals.
Verisk has announced an expanded integration of its 360Value replacement cost estimates with Duck Creek’s Content Exchange, enhancing homeowners insurers' ability to access up-to-date, localized data on reconstruction costs amid supply chain challenges and inflation. The integration aims to improve the underwriting process by providing timely cost estimates, leveraging robust claims data. This solution supports insurers throughout the policy lifecycle, fostering informed decision-making.
Wood Mackenzie will host the Energy & Natural Resources Summit: EMEA 2022 on September 27 in London, focusing on the evolving energy market amid geopolitical changes. Key industry leaders, including executives from QatarEnergy, Anglo American, and Bank of America, will discuss crucial themes such as the Energy Trilemma, commodities outlook, and strategies for a low-carbon future. The event combines in-person and virtual formats to encourage networking among renewable developers, investment entities, and policymakers.
Aurenity, a new managing general agent in the excess and surplus insurance market, has partnered with Verisk (Nasdaq: VRSK) to enhance its underwriting capabilities. By leveraging Verisk's advanced data analytics and predictive modeling tools, Aurenity aims to launch its initial excess casualty product in Q3 2022. Insurer Aurenity emphasizes its focus on differentiated risk insights through technology, which is expected to improve decision-making and enhance profitability. The partnership aims to address claim volatility and improve underwriting precision, crucial in today's inflationary environment.
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.