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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’s LightSpeed Small Commercial has partnered with West Bend Mutual Insurance Company to enhance underwriting processes. This innovative platform offers a robust data-driven approach, streamlining insurance applications from days to seconds through automation. The AI and machine learning capabilities allow insurers to leverage unstructured data and gain insights into risk exposures. The collaboration emphasizes Verisk's reputation for high-quality data and analytics in the insurance landscape.
Verisk and LIMRA Announce Partnership
On June 7, 2022, Verisk (VRSK) and LIMRA formed a multi-year partnership aimed at enhancing fraud protection for insurers and recordkeepers. This collaboration focuses on improving technology and data insights to combat account takeover (ATO) fraud, particularly in life insurance and retirement accounts. LIMRA's FraudShare, serving 53 companies, will integrate with Verisk's FAST platform, offering real-time access to threat intelligence. This initiative aims to strengthen anti-fraud solutions and address evolving fraud threats in financial services.
Verisk (Nasdaq: VRSK), a global data analytics provider, announced its leaders will present at three investor conferences on June 6-7, 2022. Bill Churney and Matthew Moshiri will present at the Barclays Business Services ESG Summit on June 6 at 2:30 p.m. Eastern time. CEO Lee M. Shavel will speak at the William Blair's 42nd Annual Growth Stock Conference on the same day at 5 p.m. Eastern time. Additionally, Mark V. Anquillare will present at Baird’s 2022 Global Consumer, Technology & Services Conference on June 7 at 2 p.m. Eastern time. Interested listeners can access the live webcasts on Verisk's investor website.
Rich Della Rocca is set to retire from Verisk (Nasdaq: VRSK) on July 1, 2022, after a 27-year tenure at the company. Maroun Mourad will take over as President of Claims Solutions, bringing extensive experience gained since joining Verisk in 2015. Mourad has held several leadership positions, enhancing Verisk's standing in insurance markets. He aims to strengthen customer experience through innovations in claims processes. Della Rocca's retirement marks the end of a significant era, having contributed to building a global claims business.
Verisk has launched an enhanced weather analytics platform, Respond MAP, aimed at providing insurers and supply chain operators with real-time insights into severe weather impacts. The web-based solution integrates critical weather data with user-defined locations, enabling efficient evaluation of risks associated with perils such as hurricanes and tornadoes.
With updates every five minutes, it assists in assessing damage and improving claims processing speed. Verisk's commitment to enhancing its offerings reflects its mission to support clients in making informed decisions in the face of climate challenges.
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.
Verisk (Nasdaq: VRSK) reports a challenging year for the property/casualty insurance industry, concluding 2021 with a $3.8 billion net underwriting loss. This contrasts sharply with a $5.2 billion gain in 2020, driven by a 11.1% rise in incurred losses and loss adjustment expenses against a 7.4% increase in earned premiums. The combined ratio deteriorated to 99.6%. However, the industry net income slightly increased to $61.9 billion. Insurers are now facing challenges from rising weather-related claims and inflationary pressures.
Verisk (Nasdaq: VRSK) announced the appointment of Lee M. Shavel as CEO and Mark V. Anquillare as President following the annual shareholder meeting. Shavel, previously CFO and group president, aims to enhance value creation for customers and shareholders, leveraging Verisk’s technical expertise and established client relationships. The company also elected three new independent directors: Jeffrey Dailey, Wendy Lane, and Kimberly S. Stevenson. This leadership change positions Verisk to further empower the insurance industry in the digital age.
Verisk (Nasdaq: VRSK) announced that Swiss Re is utilizing its ISO DataCube™ to enhance auto insurers' performance and identify new business opportunities. This tool delivers tailored data sets and analysis, helping insurers optimize underwriting and marketing strategies for improved profitability. Duare Perez from Swiss Re emphasized the importance of speed and competitive benchmarking for growth. Elliot Burn from Verisk expressed excitement about partnering to leverage predictive data, aiming to enable smarter business decisions in the insurance sector.
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