Verisk Grows Premium and Loss Database for Third Consecutive Year
Verisk (Nasdaq: VRSK), a premier data analytics provider, has successfully increased participation in its ISO Statistical Database, adding over 100 property and casualty insurers in the past three years. This expansion will enhance the database by more than 25%, which currently holds over 32 billion records of premiums and losses. These data enhancements are essential for insurers, improving their decision-making in critical areas such as ratemaking and product development. Verisk’s recent updates to statistical services include flexible data formats and automated quality controls, making it easier for insurers to contribute valuable data.
- More than 100 new insurers contributing data over the past three years.
- ISO Statistical Database size to increase by more than 25%.
- Database contains over 32 billion records, enhancing analytics capabilities.
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More than 100 Property and Casualty (P&C) Insurers Commit to Contributing Statistical Data in Past Three Years; New Additions Will Increase the Size of Verisk’s Industry-Leading Source of Advanced Insurance Analytics by More than 25 Percent
JERSEY CITY, N.J., April 05, 2023 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, continues to recruit and secure new contributors to its industry-leading ISO Statistical Database, growing the number of insurers committed to submitting data by more than 100 over the past three years.
The database contains more than 32 billion records of premiums and losses and fuels analytics that can help insurers improve decisions across a wide range of critical functions, including benchmarking, ratemaking, product development and strategic planning.
“Verisk has proven itself to be a true industry partner, dedicated to building a robust database that’s a critical source of information for insurers,” said Neil Spector, president of underwriting solutions at Verisk. “With these new additions and other internal improvements, the size of our database will grow by more than 25 percent, and the insights and analytics available will help drive further innovation and profitability in the ever-changing marketplace.”
For more than 50 years, Verisk has been a trusted provider of data management, reporting and analytics for insurers. In recent years, Verisk has accelerated enhancements to its statistical services and data management solutions. These enhancements – like flexible data contribution formats and automated quality controls to help insurers review and correct their data submissions – have made it even more efficient for insurers to contribute data.
Learn more about Verisk’s Statistical Services.
About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.
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