Verisk Streamlines Digital Payments for Insurers, Contractors, Lenders, Vendors and Consumers with VeriskPay

Rhea-AI Summary

Verisk (Nasdaq: VRSK) has launched VeriskPay, a digital payment solution that enables rapid payments for customers in property insurance, remodeling, and lending sectors. This service integrates with Property Preservation Wizard and utilizes Fiserv's Carat ecosystem to facilitate same-day payouts through various platforms, enhancing customer experience.

Mark Anquillare, COO of Verisk, emphasizes the importance of speed and convenience in payment processes, while Fiserv's Nandan Sheth highlights the role of digital payments in streamlining operations.

Positive

• Launch of VeriskPay enhances customer payment processes.
• Integration with Fiserv's Carat ecosystem allows multiple payout options.
• Targeted to sectors that require rapid payment solutions.

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• None.

VeriskPay offers a rapid, digital payment solution and payout capabilities from Fiserv, which are part of the Carat omnichannel commerce ecosystem

JERSEY CITY, N.J., March 03, 2021 (GLOBE NEWSWIRE) -- Verisk (Nasdaq:VRSK), a leading global data analytics provider, has introduced VeriskPay^TM, a digital payment solution that allows Verisk customers to rapidly receive and issue digital payments. Leveraging technology and expertise from Fiserv, Inc., a leading global provider of payments and financial services technology solutions, VeriskPay enables digital payments and payouts from within Property Preservation Wizard^TM, a work order management solution developed by Verisk’s Xactware business.

Property insurance, remodeling, restoration, and mortgage and lending businesses will be able to manage and deliver same-day payouts via their customers’ and vendors’ preferred platforms – be it a traditional bank account, prepaid card or digital wallet. This connectivity is made possible by the Carat ecosystem from Fiserv, which securely delivers payment opportunities across the most popular channels and devices, allowing businesses to realize new customer experiences.

“A growing number of consumers and businesses value speed and convenience when sending and receiving payment,” said Mark Anquillare, chief operating officer and group president of Verisk. “By partnering with Fiserv, we’re digitizing Verisk customers’ payment processes to better serve their clients and develop stronger business relationships with their vendors.”

VeriskPay is currently integrated into Property Preservation Wizard. Verisk will soon integrate VeriskPay into other solutions and services, to help Verisk customers better manage payment processes across the insurance value chain, without the need to rely on third-party applications or services.

“Streamlining how payments are made and funds are paid out is critical to digital transformation,” said Nandan Sheth, Head of Carat and Digital Commerce at Fiserv. “As businesses work to meet consumer expectations for increased speed and convenience, paying out funds digitally will enhance efficiency, shorten payment cycles and facilitate a more personalized experience.”

For more information, visit Verisk.com.

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 50^th anniversary, the company continues 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.

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

FAQ

What is VeriskPay?

VeriskPay is a digital payment solution launched by Verisk that enables rapid payments for its customers, particularly in property insurance and related fields.

How does VeriskPay improve payment processes?

VeriskPay streamlines payment processes by allowing same-day payouts through various platforms, including bank accounts, prepaid cards, and digital wallets.

What technology does VeriskPay utilize?

VeriskPay leverages technology from Fiserv, specifically through the Carat ecosystem, to facilitate secure and efficient digital payments.

Which sectors will benefit from VeriskPay?

VeriskPay targets property insurance, remodeling, restoration, and mortgage lending sectors.

Is VeriskPay integrated with other Verisk services?

Currently, VeriskPay is integrated with Property Preservation Wizard and will soon be incorporated into additional Verisk solutions.