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Verisk Analytics (VRSK) delivers data-driven solutions for risk assessment and operational optimization across insurance, energy, and financial sectors. This news hub provides investors and professionals with authoritative updates on corporate developments, strategic initiatives, and technological advancements.
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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.
