Virtual Audits Streamlined with New Digital Collaboration Tool from Verisk

Rhea-AI Summary

Verisk has launched PAASvirtual™, a new InsurTech platform that enhances the efficiency of virtual premium audits. This fully customizable, cloud-based solution allows auditors to conduct meetings online, share documents seamlessly, and access over 50 exclusive audit forms. The platform addresses limitations of traditional audits, especially highlighted during the COVID-19 pandemic, where companies are planning to reduce physical audits by 70%. With PAASvirtual, Verisk aims to enhance collaboration among insurers and policyholders while significantly cutting operating costs.

Positive

• Launch of PAASvirtual™, enhancing virtual premium auditing efficiency.
• Features over 50 exclusive forms for more streamlined audits.
• Ability to conduct and record online meetings, improving collaboration.
• Customizable platform tailored to individual company needs.

Negative

• None.

New InsurTech solution, PAASvirtual™, enables more cost-effective, efficient premium audits with access to latest virtual technology, more than 50 exclusive forms for auditors

JERSEY CITY, NJ , Oct. 14, 2021 (GLOBE NEWSWIRE) -- The COVID-19 pandemic has taught us that virtual premium audits can be more cost-effective and efficient than traditional, on-site visits. But using legacy technology to conduct digital audits can slow down the process and increase errors—from sending outdated forms to missing video conferences and documents not being shared. These errors could ultimately result in the inaccurate assessment of commercial risks and premium leakage.

Verisk (Nasdaq: VRSK), a leading global data analytics provider, has developed PAASvirtual™, a new platform for virtual premium auditing, that empowers insurers to effectively conduct audits digitally. PAASvirtual is a fully customizable, cloud-based platform that leverages the latest virtual technology along with more than 50 exclusive forms developed for virtual audits by Verisk’s Premium Audit Advisory Service (PAAS).

PAASvirtual can help premium auditors seamlessly engage with commercial lines insurers and their policyholders in real-time and accelerate the digital transformation of premium audits.

COVID-19 pandemic demonstrates virtual premium audits (VPA) can be more cost-effective, efficient than traditional, on-site visits

PAASvirtual users can conduct and record VPA meetings online, and share photos, forms and documents in one place to accelerate the auditing process.

“Instead of fumbling with multiple programs to manage the virtual auditing process, PAASvirtual helps auditors easily collaborate with all stakeholders,” said Gary Higgins, director of operations for Verisk’s PAAS. “The end-to-end, InsurTech platform enhances efficiency, allowing auditors to increase production and substantially reduce operating costs. The system — built with the expertise of PAAS — is fully customizable for individual companies’ forms and questions, integrates smoothly into existing processes and allows users to access all vital data easily.”

A recent PAAS survey found that most insurers plan to reduce physical audits by 70 percent in the post-COVID world.

PAASvirtual empowers users to:

• Host and record meetings during the audit life cycle
• Invite collaborators, like underwriters, to review important documents regarding a policyholder
• Save all calls, documents, and files in a single place, reducing the need for multiple vendors
• Archive completed projects
• Send more than 50 exclusive audit forms — created by PAAS — to customers for completion  
• Create questions and customizable forms

For more information, visit the PAASvirtual web page on 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 50th 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.

FAQ

What is PAASvirtual™ and how does it benefit insurers using VRSK?

PAASvirtual™ is a new InsurTech platform by Verisk for virtual premium audits, enhancing efficiency and collaboration through customizable forms and online meeting capabilities.

How does the launch of PAASvirtual™ affect traditional premium audits for VRSK?

The launch indicates a shift towards digital processes, with companies planning to reduce physical audits by 70%, thus making PAASvirtual™ crucial for adapting to this change.

What are the key features of PAASvirtual™ introduced by VRSK?

Key features include hosting and recording meetings, sharing documents, providing access to exclusive audit forms, and customization options for user-specific needs.

When was PAASvirtual™ launched by Verisk (VRSK)?

PAASvirtual™ was launched on October 14, 2021.

How does PAASvirtual™ improve operational costs for insurers associated with VRSK?

The platform significantly reduces operating costs by streamlining the auditing process and minimizing the need for multiple vendors.