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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.
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.
Verisk (Nasdaq: VRSK) will announce its fiscal second-quarter financial results for the period ending June 30, 2022, on August 2, 2022, after market close. Investors can access the press release and financial data on the Verisk investor website. The management team will present a live audio webcast to discuss these results and business insights on August 3, 2022, at 8:30 a.m. EST. A replay will be available for 30 days post-event. Verisk specializes in data-driven analytics for the insurance and energy sectors, focusing on operational efficiency and informed decision-making.
Wood Mackenzie, a Verisk business (Nasdaq: VRSK), and Ball Corporation (NYSE: BALL) have launched the Global LNG Liquefaction Monitoring product. This innovative tool offers near real-time market intelligence on liquefaction train statuses, combining satellite analytics and ground-based monitoring. The product aims to address increased liquefaction plant outages, providing crucial data to help clients adapt to market fluctuations and identify trading opportunities. The collaboration highlights both companies' commitment to leveraging advanced analytics in the global LNG market.
Buckle announced that Scott Stephenson, former CEO of Verisk, joined its Board of Directors as chairman on July 1, 2022. With a track record of innovation and success at Verisk, Stephenson aims to bolster Buckle's growth in financial services for the gig economy and rising middle class. Under his leadership, Verisk's revenues doubled, and it was recognized as one of the world's most innovative companies. Buckle serves the gig economy by providing specialized insurance for rideshare and delivery drivers from major platforms such as Uber and DoorDash.
Verisk's Property Claims Solutions Adopted by AFR Insurance
American Farmers & Ranchers Mutual Insurance Company (AFR Insurance) has integrated Verisk’s property claims-handling solutions to enhance claims processing. This implementation will enable AFR to more efficiently assign and settle property claims while analyzing performance and severe weather insights. Darin Miller, AFR's Director of Claims, emphasized Verisk's solutions' superior functionality. Verisk aims to improve underwriting and claims outcomes, contributing to operational efficiency and fraud prevention within the insurance industry.
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