Welcome to our dedicated page for Verisk Analytics news (Ticker: VRSK), a resource for investors and traders seeking the latest updates and insights on Verisk Analytics stock.
Verisk Analytics, Inc. (Nasdaq: VRSK) is frequently featured in news coverage as a strategic data analytics and technology partner to the global insurance industry. Company announcements often highlight new products, collaborations, and financial results that affect underwriting, claims, and risk management across the insurance ecosystem. Verisk’s news releases consistently describe how its data analytics, software, and scientific research support insurers in improving operating efficiency, underwriting and claims outcomes, fraud detection, and decision-making on global risks such as climate change, extreme events, sustainability, and political issues.
News about Verisk commonly includes product launches and enhancements, such as the introduction of Verisk Commercial Rebuild in the U.K. to help assess rebuild values for small- to mid-market commercial properties, and the launch of an ISO Pet Insurance Line of Business program in the U.S. that provides policy forms, rating rules, and loss costs for pet health insurance. These stories illustrate how Verisk develops tools for specific lines of business and geographies within the insurance sector.
Another major category of coverage involves strategic collaborations and partnerships. Recent examples include expanded collaboration with KYND to integrate cyber risk intelligence into Verisk’s Rulebook platform, a collaboration with Carpe Data to bring injury claim insights into the Verisk ClaimSearch fraud detection platform, and a partnership with Jopari Solutions to embed Verisk’s AI-powered medical record review capabilities into electronic medical billing workflows. Such news items show how Verisk works with other organizations to embed its analytics into existing insurance workflows.
Verisk news also features catastrophe and extreme event analysis, such as reports from its Extreme Event Solutions group estimating insured losses from major hurricanes and explaining the drivers of damage. In addition, the company regularly issues financial results and capital markets updates, including quarterly earnings, credit agreements, and debt offerings or redemptions related to acquisitions. Investors and industry professionals who follow VRSK news can expect a mix of product developments, partnerships, catastrophe analyses, and financial disclosures that reflect Verisk’s role in the global insurance industry.
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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Verisk (Nasdaq:VRSK) will report its fiscal fourth quarter results for 2020 on February 23, 2021, after market close. The detailed financial information will be available on their investor website. A live audio webcast is scheduled for February 24, 2021, at 8:30 a.m. EST to discuss the results and business highlights. Verisk provides data analytics solutions across multiple sectors, with 70% of the FORTUNE 100 utilizing its services to enhance operational efficiency and manage risks. The company celebrates its 50th anniversary, emphasizing its commitment to diversity and inclusion.
Verisk (Nasdaq:VRSK) has launched the Mitigate website, offering fire departments across the U.S. complimentary access to advanced analytics and visualization tools. This platform provides vital data to help communities benchmark their Public Protection Classification (PPC) scores, facilitating informed decisions about fire safety investments. Features include a PPC dashboard for performance insights, interactive maps for fire protection area analysis, and educational resources for ongoing training. The Mitigate platform aims to enhance local fire safety and potentially reduce community insurance costs.
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Verisk (Nasdaq: VRSK) has introduced a new delivery model that enhances the purchase experience for usage-based insurance (UBI) for connected cars. Utilizing telematics data from the Verisk Data Exchange and underwriting data from LightSpeed Auto, insurers can now streamline the UBI buying process. This integration provides real-time data on drivers and vehicles, improving quote throughput and customer experience without upfront driving observation periods. The solution aims to boost efficiency, combat underwriting fraud, and foster profitable growth in the insurance sector.