Texas Department of Insurance to Deploy Verisk’s Mozart Form Composer

Rhea-AI Summary

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.

Positive

• Expansion of Mozart's market reach to insurance regulators enhances potential revenue opportunities.
• TDI's use of Mozart aims to increase efficiency in reviewing over 26,000 form filings annually.
• The collaboration may lead to quicker approvals for insurers, addressing market needs effectively.

Negative

• None.

Jersey City, N.J., May 12, 2020 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today that the Texas Department of Insurance (TDI) will be leveraging the machine learning and natural language processing in Verisk’s Mozart Form Composer^® to accelerate the regulatory review of thousands of property/casualty forms filed by insurers each year.

TDI's use of Mozart^®, Verisk’s platform for forms management and product development, is being coordinated with the National Association of Insurance Commissioners (NAIC) and marks an expansion of the market for Mozart – from insurers, brokers, and managing general agents (MGAs) – to insurance regulators.

With Mozart, Texas insurance regulators will be able to streamline the filing intake process and accelerate review of new form filings by analyzing how newly filed wording compares to previously approved wording. They’ll also be able to quickly identify and evaluate emerging insurance concepts, such as ridesharing, in newly filed forms. Last year, insurers filed more than 26,000 property/casualty forms with the Texas Department of Insurance.

“Many insurers are appreciating the efficiencies Mozart brings to their operations, and we’re excited that the regulatory community will now be able to enjoy many of those same benefits,” said Deborah Morris, senior vice president of commercial lines at Verisk. “Mozart enables regulators to boost the speed and efficiency of the filing review process and can help accelerate the approvals that insurers require to meet the needs of the market. This expansion of Mozart into the regulatory space marks a significant development in the platform’s evolution and continued growth and could enhance the forms development and approval process for years to come.”   

To learn more about Mozart, visit www.verisk.com/mozart.

About Verisk

Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.

Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500^® Index. In 2018, Forbes magazine named Verisk to its World’s Best Employers list. For more information, please visit www.verisk.com.

Contact:
Brett Garrison
Edelman (for Verisk)
917-639-4903
Brett.Garrison@edelman.com

FAQ

What is Verisk's collaboration with the Texas Department of Insurance about?

Verisk is providing its Mozart Form Composer® to the Texas Department of Insurance to enhance the regulatory review process for property/casualty forms.

How many forms does the Texas Department of Insurance review each year?

The Texas Department of Insurance reviews over 26,000 property/casualty forms filed by insurers annually.

What benefits does Mozart Form Composer® provide to insurance regulators?

Mozart allows regulators to streamline the filing process and quickly identify emerging insurance concepts in new filings.

What does the expansion of Mozart to regulators imply for Verisk's business?

The expansion signifies potential growth opportunities for Verisk by broadening its customer base beyond insurers to include regulatory bodies.