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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.
Kansas City Life Insurance Company has licensed FAST software from Verisk (Nasdaq: VRSK) to replace its legacy platforms, enhancing its business management and digital capabilities. This transition will streamline operations in new business, policy administration, and claims processing. FAST's configurable software aims to improve efficiency, reduce costs, and facilitate a new digital ecosystem for Kansas City Life. Verisk, which recently acquired FAST, offers advanced analytics and automation solutions tailored to life insurance and financial services.
Verisk (Nasdaq: VRSK) announced that Farm Bureau Insurance of Michigan will adopt its LOCATION® platform to enhance the Public Protection Classification (PPC®) system for better fire protection assessment of insured properties. This integration aims to streamline underwriting processes and improve pricing accuracy, utilizing address-level data on fire risk. Verisk's PPC has proven to be significantly more effective in predicting future fire loss compared to traditional distance measures. This partnership reflects Verisk's commitment to leveraging advanced data analytics to optimize insurance operations.
Verisk (Nasdaq: VRSK) has launched the EHR Triage Engine, an innovative tool designed to expedite life insurance applications by utilizing consumer-authorized electronic health records. This engine can process data for up to 95,000 impairments in under five minutes, potentially increasing coverage approvals to 85% while significantly reducing manual underwriting time from weeks to minutes. Developed with SCOR, the solution integrates smoothly into existing systems, providing a fast, efficient experience for low-risk applicants. This advancement supports life insurers in meeting consumer expectations for swift policy approvals.
Verisk (Nasdaq: VRSK) launched its new EHR Triage Engine, a tool designed for life insurers to expedite application processing by utilizing consumer-authorized electronic health records (EHRs). This innovation can reduce decision times from weeks to mere minutes, allowing insurers to evaluate 95,000 impairments efficiently. By automating the underwriting process for low-risk applicants, Verisk enables underwriters to concentrate on complex cases, delivering a streamlined experience for most applicants. Developed in partnership with SCOR, the engine integrates smoothly into existing systems.
Verisk (Nasdaq: VRSK) has enabled U.S. auto insurers to access driving data from consenting Honda and Acura owners, enhancing their usage-based insurance (UBI) offerings. Through the Verisk Data Exchange™, insurers can utilize this data immediately during the quoting process with tools like the Verisk Driving Score™ and Verisk Driving Data™. These innovations aim to improve the UBI purchase experience by allowing instant behavior-based discounts. With more than 6.4 million vehicles contributing to the Exchange, this partnership is set to significantly impact the telematics landscape.
Verisk (Nasdaq: VRSK) announced that U.S. auto insurers can now access driving data from consenting Honda and Acura vehicle owners via the Verisk Data Exchange™. This development aims to enhance usage-based insurance (UBI) programs, allowing insurers to provide immediate discounts based on driving behavior.
The Verisk Driving Score™ and Verisk Driving Data™ will enable quicker market entry for insurers in the UBI space. With over 6.4 million vehicles and 180 billion miles of driving data, the platform continues to expand, offering significant growth opportunities for insurers.
Verisk (Nasdaq: VRSK) reported second-quarter 2020 consolidated revenues of $679 million, up 4.0%, with net income rising 19.0% to $179 million. Adjusted EBITDA grew 14.5% to $348 million, and diluted EPS increased 20.0% to $1.08. The company generated $250 million in cash from operating activities, a 24.6% increase. Key segments showed mixed performance, with underwriting & rating revenues up 9.1%, while claims declined 8.6%. Verisk maintained strong cash flow and a dividend of 27 cents per share, showcasing resilience amid COVID-19 challenges.
AIR Worldwide announced updated Tropical Cyclone and Earthquake Models for the Caribbean, enhancing risk assessments for insurers across 29 countries. These models integrate new data on seismicity and building codes to provide a detailed view of vulnerabilities and potential losses. The Tropical Cyclone Model incorporates advanced features for various businesses, while the Earthquake Model now includes tsunami and liquefaction risks. This update reflects AIR's commitment to improving resilience against natural disasters in the region, following significant past events like Hurricanes Maria and Irma.
The U.S. property/casualty insurance industry experienced a historic drop in surplus, declining by $75.9 billion in Q1 2020, totaling $771.9 billion. This downturn was driven by significant investment valuation losses amid the COVID-19 pandemic. Despite this, net income after taxes remained stable at $17.9 billion, and net written premiums rose by 6.2% to $164.4 billion. However, experts predict substantial changes in claims and insured exposures due to ongoing economic disruptions. Verisk and APCIA highlight that personal auto insurers have offered over $13 billion in rebates.
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