Verisk Forges New Collaboration with Insurance Regulatory Consultants to Help Insurers Innovate
Verisk (Nasdaq: VRSK) and Insurance Regulatory Consultants (IRC) have announced a collaboration to support insurers in product development, actuarial analysis, and regulatory compliance. This partnership leverages Verisk's extensive data assets and analytics capabilities, helping insurers launch new products and navigate the regulatory approval process swiftly. Utilizing IRC's FilingRamp app, insurers can submit filings more efficiently, receiving real-time updates. This collaboration aims to foster innovation in the insurance industry, ultimately benefiting insurers and their customers.
- Collaboration enhances insurers' product development capabilities.
- Verisk's data and analytics can expedite the regulatory approval process.
- IRC's FilingRamp app improves filing efficiency for insurers.
- None.
Complementary Capabilities of Verisk and IRC Can Help Insurers Overcome Product Development, Actuarial, and Compliance Challenges
JERSEY CITY, N.J, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Insurers looking to enhance their operations, develop custom products and comply with state regulations can now benefit from a new collaboration between Verisk (Nasdaq:VRSK), a leading global data analytics provider, and Insurance Regulatory Consultants (IRC), a full-service state filing and regulatory compliance company.
As part of the collaboration, Verisk can leverage the deep domain expertise and robust data of its ISO business to help new and existing insurers launch new products, improve their actuarial analysis and enhance their strategic decision making. IRC can assist the insurers in the development of these new products and guide them through the regulatory approval process.
"Verisk offers an unrivaled combination of deep data assets, analytics, insurance policy programs and actuarial expertise that helps insurers innovate and deliver value for their customers,” said Jeremy W. Battles, principal, Insurance Regulatory Consultants. “By combining Verisk’s actuarial expertise with IRC’s unparalleled filing experience, together we are able to get insurance company filings approved and programs to market quickly.”
Verisk can help insurers and managing general agents (MGAs) tackle their strategic objectives quickly by leveraging Verisk’s insurance policy forms, rules, and advisory loss costs. Informed by proprietary datasets, a deep roster of distinguished actuaries, and in-depth knowledge of policy programs and analytics products, Verisk’s team of insurance consultants can help customize and implement these programs to help address a variety of customer needs.
Insurance Regulatory Consultants provides state filing, product development and regulatory compliance consulting for insurance companies across the country. Additionally, IRC leverages the FilingRamp app, allowing insurers to submit filings faster (through the SERFF 2-way API) while offering them real-time status updates of their filing projects in a clean, user-friendly interface.
"The team at Insurance Regulatory Consultants have a long and distinguished track record of helping carriers develop products and shepherding them through the regulatory process," said Saurabh Khemka, president of ISO Commercial Lines at Verisk. “Working together, we can offer insurers a one-stop-shop to help them launch new products, expand into new markets, leverage proprietary data for benchmarking, improve their actuarial analysis, and streamline their compliance workflows. Driving greater innovation is healthy for the industry as well as our customers and end insurance consumers."
Learn more about Verisk Insurance Consulting and Insurance Regulatory Consultants.
About Verisk
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to aim to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
About Insurance Regulatory Consultants
Insurance Regulatory Consultants, LLC (IRC) is a full-service state filing and regulatory compliance company formed in 1997 in Lower Manhattan by John Battles and Kevin Purcell. Our staff executes forward-thinking strategies while applying more than 100 years of experience to provide compliance solutions to insurance companies, faster and more efficiently than our competitors. IRC has produced more than 75,000 approvals since the introduction of SERFF.
FAQ
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