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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) has announced the acquisition of Franco Signor, a Medicare Secondary Payer service provider, for $160 million. This acquisition aims to enhance Verisk's Claims Partners business by integrating Franco Signor's expertise in Medicare compliance. The combined capabilities will deliver a comprehensive suite of services, improving support for insurers, self-insureds, and third-party administrators. Executives from both companies emphasized the strategic benefits and the long-term value this partnership brings to the insurance industry.
Verisk's FAST has once again been recognized in Gartner's Magic Quadrant for its life insurance policy administration systems, achieving improved positioning on the ability to execute axis for 2020. This marks the third consecutive year FAST has been labeled a Leader, showcasing its scalable technology that aids life insurers in enhancing legacy systems. Verisk's innovative underwriting solutions, integrated with FAST's platform, support insurers through the policy lifecycle.
Verisk's AIR Worldwide estimates Hurricane Laura caused insured losses between USD 4 billion and USD 8 billion to onshore property. The storm, which made landfall on August 27 as a Category 4 hurricane, impacted areas in Louisiana, especially Lake Charles and Cameron. Despite hurricane status, lower population density and less severe storm surge kept losses manageable compared to previous storms like Hurricane Rita. Preliminary reports noted wind gusts of 133 mph in Lake Charles, leading to significant damage to residential buildings.
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.
