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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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Key updates on predictive modeling breakthroughs, catastrophe risk assessments, and fraud detection technologies. Bookmark this resource for verified information about underwriting tools, claims management systems, and data standardization efforts shaping risk intelligence.
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On July 13, 2020, AIR Worldwide, a Verisk business (Nasdaq: VRSK), announced that CNA has adopted its Touchstone catastrophe risk modeling platform. This transition aims to enhance CNA's underwriting process effectiveness across multiple business lines. Touchstone will now be accessed via the AIR Cloud, allowing for quicker hazard and loss analysis. The adoption of this technology is expected to improve workflow efficiency and productivity by enabling simultaneous modeling of multiple perils. Over 30 (re)insurance carriers have switched to AIR’s platform since 2013.
Verisk (Nasdaq: VRSK) has introduced a new Micro-Businessowners (Micro-BOP) insurance program aimed at small businesses, particularly those in the gig economy with fewer than five employees. The program provides tailored property and liability coverage, addressing the unique needs of home and shared workspace businesses. With the rise of micro-businesses, especially during recent economic shifts, this initiative allows insurers to better serve this growing sector. The Micro-BOP insurance is designed to facilitate the transition of these small enterprises as they scale up.
Verisk (Nasdaq: VRSK) partners with Nationwide to streamline usage-based insurance (UBI) for connected vehicle drivers. Now, drivers can share existing driving data to instantly determine eligibility for discounts, bypassing the monitoring phase of Nationwide's SmartRide program. This offers up to a 40% discount for safe driving. The integration with Verisk's Data Exchange enhances the quoting experience by providing real-time, insurance-ready information, eliminating the need for apps or devices. Verisk's platform processes data from over 6.4 million vehicles, aiding insurers in delivering tailored rates.
CargoNet, a Verisk (Nasdaq:VRSK) business, warns that extended Fourth of July closures present risks for cargo theft. An analysis revealed 130 theft events across 27 states over the holiday from 2015 to 2019, predominantly in Texas, California, and Florida. This year, a quarter of thefts occurred on the Friday of the holiday. Estimated losses reached $5.9 million, averaging $128,416 per incident. CargoNet advises professionals to avoid high-theft areas and secure facilities to mitigate risks.
XDimensional Technologies has announced its membership in the Verisk Strategic Alliances network as of June 23, 2020. This partnership allows XDimensional to utilize ISO Electronic Rating Content for enhancing its Nexsure Policy Admin+ Edition Platform. The platform supports various insurance functions including underwriting, policy issuance, and billing, streamlining operations for insurance industry members. CEO Rodney Gist emphasized that this collaboration enables customized insurance programs and removes barriers for insurance value chain participants, enhancing their service offerings.
Commerce Signals, a Verisk Financial company, launched the Covid-19 Consumer Spending Impact Tracker to provide insights into U.S. consumer spending behavior across various retail categories. The tracker offers weekly data on purchases and returns, including online and in-store comparisons, and can be analyzed at the county level. The service uses a dataset encompassing transactions from over 40 million U.S. households, revealing notable shifts in spending patterns during the pandemic. For instance, some retail categories show significant recovery trends.
Verisk (Nasdaq:VRSK) is offering complimentary access to its Coverage Verifier-Verification as a Service (CV-VaaS) for four months during the COVID-19 pandemic. Starting June 1, 2020, lenders can utilize the digital platform to efficiently verify insurance coverage for vehicles and mortgages, enhancing processing speed. CV-VaaS automates verification by connecting with Verisk’s databases, allowing insurers to establish portals for lenders. Jeremy Cook emphasized the tool's importance in improving operational efficiency amidst pandemic pressures.
Verisk's Xactware has launched XactRemodel GO, a mobile app aimed at helping contractors and remodelers create bids swiftly on-site. Initially released in a limited capacity, the app garnered over 28,000 downloads. It allows users to verify labor and material pricing, generate immediate estimates, and track bid statuses using a robust pricing database covering over 10,000 items across 460 markets in North America. Xactware, with over 30 years of experience, aims to enhance efficiency in the remodeling industry.
Verisk (Nasdaq: VRSK) and Geotab announced the launch of the Verisk Data Exchange™ Add-In on the Geotab Marketplace. This integration allows Geotab's fleet customers to share telematics data with participating insurers, enhancing underwriting and risk assessment capabilities. Saurabh Khemka, President of ISO Commercial Lines, noted that this extends their tools in the commercial auto market, while Geotab's Louis De Jong emphasized improved returns on investment for customers. The Verisk Data Exchange processes data from over 6.2 million vehicles daily, providing actionable insights for risk management.
Verisk (Nasdaq: VRSK) announced that the Texas Department of Insurance (TDI) will utilize its Mozart Form Composer® to enhance the regulatory review of property/casualty forms filed by insurers. This collaboration, coordinated with the National Association of Insurance Commissioners (NAIC), expands Mozart's market reach from insurers to regulators. With over 26,000 forms filed last year, TDI aims to streamline form filing and review processes. Verisk's senior VP stated that this development could significantly improve the approval process for insurers, meeting market demands efficiently.
