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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.
Jornaya, a Verisk business, has unveiled the Consumer Behavior Insider report, providing crucial data on shopping journeys to aid marketers in targeting consumers effectively. With insights drawn from over 400 million consumer journeys monthly, the report details trends in major purchase categories, including insurance, mortgages, and home services. Rich Smith, Chief Marketing Officer, highlights the necessity of timely outreach amid overwhelming marketing messages. The report enables organizations to benchmark industry-level trends and consumer activities while ensuring privacy through secure data collection methods.
Verisk (Nasdaq:VRSK) reported fourth-quarter 2020 revenues of $713 million, a 5.4% increase compared to Q4 2019. Net income rose by 33.3% to $176 million. Adjusted EBITDA, a non-GAAP measure, increased 7.9% to $344 million. The company generated $248.9 million in operating cash flow, up 41.1%, and $176.5 million in free cash flow, reflecting a 57.0% increase. A cash dividend of 29 cents per share was approved for March 31, 2021, representing a 7.4% increase from the prior dividend.
Verisk (NYSE:VRSK) announced significant leadership changes aimed at driving long-term growth. Kathy Card Beckles will join as executive vice president, general counsel, and corporate secretary, effective April 5. Mark Anquillare has been appointed group president, adding oversight of Enterprise Risk Management, while Lee Shavel also becomes group president, overseeing energy, specialized markets, and financial services segments. These appointments aim to enhance operational efficiency and align risk management with core operations.
Verisk (Nasdaq:VRSK) has expanded its BuildFax property condition analytics to Canadian insurers, enhancing their underwriting capabilities by utilizing building permit data. This initiative aims to help insurers track changes in properties, ensuring adequate coverage for customers. BuildFax's database incorporates over 1 billion data points on property conditions, covering renovations and significant updates. The expansion supports digital transformation in the insurance sector, allowing underwriters to make informed decisions and improve customer experience with proprietary data.
Verisk (Nasdaq: VRSK) launched Discount Alert, a telematics-driven marketing solution for insurers, enhancing the SmartRide program by Nationwide. This innovation allows insurers to engage connected car owners directly through personalized offers, leveraging anonymized driving data. The program targets drivers who consent to share their data, offering immediate discounts at the point of quote. With access to over 7.5 million vehicles, Discount Alert aims to optimize marketing strategies and improve customer experiences in the competitive auto insurance landscape.
Universal Property & Casualty Insurance Company, a subsidiary of Universal Insurance Holdings, is enhancing its property underwriting and claims processes through an expanded partnership with Verisk (Nasdaq:VRSK). This integration includes the adoption of Xactimate for claims estimating, along with Verisk’s 360Value and LOCATION solutions for accurate risk assessment and replacement cost analytics. By leveraging real-time data and tools, Universal aims to improve customer service and operational efficiency during the claims process.
Universal Property & Casualty Insurance Company, part of Universal Insurance Holdings (UVE), is enhancing its property underwriting and claims workflows by integrating Verisk's data analytics solutions. This move includes the adoption of Xactimate®, alongside existing tools like 360Value® and LOCATION®, to provide comprehensive claims analytics and support underwriting processes. The collaboration aims to improve operational efficiencies, customer experience, and precision in risk assessment, ultimately benefiting policyholders with tailored coverage.
Verisk (Nasdaq:VRSK) and the APCIA report significant impacts on the U.S. property and casualty insurance industry due to COVID-19 and catastrophic events. In the first nine months of 2020, net income fell by 27.5% to $35.1 billion, with net underwriting gains dropping from $5.4 billion to $0.3 billion. Catastrophic losses surged to $47.1 billion, more than double from the prior year. Insurers responded with premium relief to policyholders, and while the policyholders' surplus increased by $16 billion, there are ongoing uncertainties regarding economic impacts and future losses.
Plnar and Verisk announced a new integration enhancing virtual claims adjusting through AI and augmented reality. This collaboration provides desk adjusters with 3-D loss site models from images uploaded via smart devices, improving efficiency in claims processes. The integration seamlessly connects with Xactimate, allowing quick estimations without site visits. Plnar CEO Andy Greff emphasized the importance of a self-service digital process, while Xactware President Mike Fulton highlighted improved operational efficiency for property insurers. Plnar will showcase this integration at the 2021 Verisk Elevate conference.
Enigma Technologies announced a strategic collaboration with Verisk Financial to enhance insights into small business financial health during the ongoing pandemic. This partnership aims to address the challenging landscape for lenders, who have rejected 80% of small business loan applications due to insufficient data. The new Merchant Revenue Trends product will offer clients near real-time revenue trends and financial health estimates for over 20 million small businesses, enabling better assessment by financial institutions.
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