VRSK

Verisk LightSpeed® Small Commercial Accelerator Added to Guidewire Marketplace

Retrieved on: 
Wednesday, November 29, 2023
NAICS, Guy-wire, SIC, Small business, VRSK, Commercial, Automation, Insurance

JERSEY CITY, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Verisk, (Nasdaq: VRSK), a leading global data analytics and technology provider, has announced the integration of its LightSpeed® Small Commercial solution onto Guidewire Marketplace .

Key Points: 
  • JERSEY CITY, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Verisk, (Nasdaq: VRSK), a leading global data analytics and technology provider, has announced the integration of its LightSpeed® Small Commercial solution onto Guidewire Marketplace .
  • This integration can help small business insurers automate underwriting workflows and bind new business in seconds.
  • “Insurers face the challenge of delivering quotes at a rapid pace while meeting business growth and profitability targets,” said Elizabeth Casas, vice president of commercial lines underwriting at Verisk.
  • “Leveraging the LightSpeed Small Commercial accelerator will allow us to quote new business faster, resulting in a quicker, easier buying experience for our customers,” said Tim LeClair, vice president of commercial lines at Frankenmuth Insurance.

Verisk Launches Solution for Insurers to Assess Underwriting Models and Variables for Unfair Discrimination

Retrieved on: 
Wednesday, November 15, 2023
Data science, Insurance, VRSK, Business, Government, Risk management, Verisk Analytics

JERSEY CITY, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Insurers now have a proven method to help assess their pricing models for unfair discrimination against certain protected classes, like race.

Key Points: 
  • JERSEY CITY, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Insurers now have a proven method to help assess their pricing models for unfair discrimination against certain protected classes, like race.
  • Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today announced the launch of FairCheck, a solution designed to help insurers test their personal lines models and variables to respond to regulatory changes.
  • Verisk’s solution can help insurers respond to these developments and meet their unique needs in different states.
  • The analysis serves as a foundation for our FairCheck solution that is customizable to assess individual insurer models, different variables within their models and various geographical regions for potential unintended bias.

Verisk Expands Collaboration with NFPA to Provide Risk Mitigation Insights Across Western States

Retrieved on: 
Tuesday, November 14, 2023
WUI, Risk management, National Fire Protection Association, NFPA, Risk, Data, Risk assessment, VRSK, Global Risks Report, Reinsurance, Verisk Analytics

In 2021, Verisk began leveraging data from NFPA’s Firewise USA Program, which tracks thousands of communities engaging in wildfire mitigation efforts.

Key Points: 
  • In 2021, Verisk began leveraging data from NFPA’s Firewise USA Program, which tracks thousands of communities engaging in wildfire mitigation efforts.
  • Through this extended agreement, Verisk will now expand its license from California to mitigation insights for the remaining western coverage states, including Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Oklahoma, Oregon, Texas, Utah, Washington, and Wyoming.
  • “These new reports from Verisk provide carriers’ with additional information to support a more comprehensive risk management strategy for wildfire in western U.S. states.”
    These mitigation insights can be previewed in newly developed Wildfire Risk Reports from Verisk.
  • To explore wildfire risk at a glance and preview key mitigation details, interested parties can download the state-specific wildfire risk reports from Verisk.

Verisk Estimates Industry Insured Losses from Winter Storm Ciarán will Range from EUR 800 Million to EUR 1.3 Billion

Retrieved on: 
Wednesday, November 8, 2023
Storm, ALE, Structural Damage, Temperature, Pressure, Free University of Berlin, Wind, Domingos, Tree, Ohio River, EUR, Free University, VRSK

Ciarán began as a shallow low that developed over the Ohio Valley, U.S., on Sunday 29 October, associated with very strong temperature gradients in the region.

Key Points: 
  • Ciarán began as a shallow low that developed over the Ohio Valley, U.S., on Sunday 29 October, associated with very strong temperature gradients in the region.
  • On Wednesday 1 November, the storm explosively deepened by 34 mb in 24 hours over warm sea surface temperatures, classifying Ciarán as a bomb cyclone.
  • However, high-exposure regions in the area were spared the worst impacts from the storm.
  • Verisk’s modeled insured loss estimates do not include:
    Additional living expenses (ALE) for residential claims for all modeled countries, except the UK

Citizens Adopts Aerial Imagery Analytics from Verisk to Improve Underwriting In Florida Market

Retrieved on: 
Tuesday, November 7, 2023
P&C, VRSK, Citizens Property Insurance Corporation, Risk, Risk assessment, Surveying, Verisk Analytics, Citizenship

Verisk submitted a proposal to provide the service to Citizens, which evaluated the solution against competing vendors for analytic breadth and accuracy.

Key Points: 
  • Verisk submitted a proposal to provide the service to Citizens, which evaluated the solution against competing vendors for analytic breadth and accuracy.
  • “Leveraging aerial imagery from Verisk in our underwriting process will help us make more informed decisions about risk selection for property inspections.”
    Verisk collaborates with Vexcel Data Program, the world’s largest aerial imagery program, to source imagery and elevation models and then Verisk applies computer vision machine learning to derive its library of imagery analytics for P&C insurers.
  • "We’re confident in Citizens’ ability to implement Aerial Imagery Analytics from Verisk’s broad line of solutions that support insurers at each step of the insurance value chain to significantly improve its underwriting process," said Doug Caccese, president of risk assessment at Verisk.
  • "Our solution is designed to provide the accuracy and breadth of analytics needed for more precise underwriting.”
    In addition to Aerial Imagery Analytics, Citizens is also licensing Roof Age, Homeowner Data, and Property History Solutions from Verisk.

Verisk Estimates Industry Insured Losses from Hurricane Otis to Range from MXN 50 Billion to MXN 110 Billion (~USD 3 Billion to 6 Billion)

Retrieved on: 
Wednesday, November 1, 2023
VRSK, Car, Vandalism, National Hurricane Center, Pacific Ocean, Hurricane Otis, Wind, Coyuca de Benítez, MXN, Otis, Insurance, Property insurance

BOSTON, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, estimates industry insured losses to onshore property for Hurricane Otis will likely fall from MXN 50 billion to MXN 110 billion (~USD 3 billion to 6 billion).

Key Points: 
  • BOSTON, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, estimates industry insured losses to onshore property for Hurricane Otis will likely fall from MXN 50 billion to MXN 110 billion (~USD 3 billion to 6 billion).
  • Hurricane Otis first became a tropical depression on October 22, with the forecast at the time anticipating it not reaching hurricane strength nor reaching land.
  • At 1:00 am local time Tuesday, Otis remained a tropical storm with maximum sustained winds of 50 mph.
  • As Otis continued to strengthen that morning, the official forecast was increased to bring the cyclone to hurricane intensity by landfall.

Verisk Introduces Xactimate Time & Materials Tool for Streamlined Job Cost Tracking

Retrieved on: 
Thursday, October 26, 2023
VRSK, Online shopping, Risk management, Verisk Analytics

Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today announced the launch of Xactimate Time & Materials, an innovative tool accessible through the Xactimate platform that is designed to revolutionize the property estimation process by simplifying cost tracking and enhancing transparency for large loss residential and commercial jobs.

Key Points: 
  • Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today announced the launch of Xactimate Time & Materials, an innovative tool accessible through the Xactimate platform that is designed to revolutionize the property estimation process by simplifying cost tracking and enhancing transparency for large loss residential and commercial jobs.
  • With Xactimate Time & Materials, users can easily estimate or capture costs, leveraging Xactimate's extensive line items and pricing.
  • The tool seamlessly integrates into the existing Xactimate ecosystem, including XactAnalysis and Insights, as well as third-party integrators and partners.
  • This digital, paperless model allows for efficient job cost tracking and automatic inventory creation to help restorers provide billing invoices to insurers in a digital and streamlined fashion.

Pearl Holding Group Selects Verisk’s Data and Analytics to Streamline Independent Agent Auto Insurance Delivery

Retrieved on: 
Monday, October 23, 2023
Insurance, VRSK, Speed, MGA, Risk, Acquisition, PHG, National Flood Insurance Program, Economics, Verisk Analytics

JERSEY CITY, N.J., Oct. 23, 2023 (GLOBE NEWSWIRE) -- Pearl Holding Group (PHG), a holding company and MGA for two nonstandard auto insurers is harnessing LightSpeed® from Verisk (Nasdaq: VRSK), a leading global data analytics provider, to help improve control and save money within its agent distribution channel.

Key Points: 
  • JERSEY CITY, N.J., Oct. 23, 2023 (GLOBE NEWSWIRE) -- Pearl Holding Group (PHG), a holding company and MGA for two nonstandard auto insurers is harnessing LightSpeed® from Verisk (Nasdaq: VRSK), a leading global data analytics provider, to help improve control and save money within its agent distribution channel.
  • PHG provides affordable auto insurance to the nonstandard market using Verisk’s LightSpeed for Personal Auto .
  • By bringing pivotal underwriting analytics forward in a single data payload, LightSpeed can streamline workflows and help provide reliable quotes to consumers in seconds.
  • “PHG is driving auto insurance into the future.

Verisk to Announce Fiscal Third-Quarter 2023 Results on November 1, 2023

Retrieved on: 
Thursday, October 5, 2023
Webcast, Conference, VRSK, Verisk Analytics

JERSEY CITY, N.J., Oct. 05, 2023 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, will report its financial results for the fiscal third quarter ended September 30, 2023, on Wednesday, November 1, 2023, before the market open.

Key Points: 
  • JERSEY CITY, N.J., Oct. 05, 2023 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, will report its financial results for the fiscal third quarter ended September 30, 2023, on Wednesday, November 1, 2023, before the market open.
  • The press release, with accompanying financial information, will be posted on the Verisk investor website at http://investor.verisk.com .
  • Verisk’s management team will host a live audio webcast to discuss the financial results and business highlights on Wednesday, November 1, 2023 at 8 a.m.
  • All interested parties are invited to listen to the live event via webcast on the Verisk investor website at http://investor.verisk.com .

Verisk's ISO Businessowners Program Adds Nearly 160 New Classifications to Help Insurers Keep Pace with Evolving Risks

Retrieved on: 
Wednesday, September 27, 2023
RaaS, VRSK, ISO, Feedback, BOP, Risk management, Verisk Analytics

The enhanced BOP program includes:

Key Points: 
  • The enhanced BOP program includes:
    Nearly 160 new classifications and updated 2022 NAICS codes, providing insurers with a more comprehensive and up-to-date classification system
    Insurers are encouraged to take advantage of the enhanced classifications offered by Verisk's Businessowners program, designed to help them reduce premium leakage, and more accurately classify and price the risks of today and tomorrow.
  • "The insurance world is constantly changing, and we're uniquely positioned to lead the industry through that change," said Neil Spector, president of Underwriting Solutions at Verisk.
  • The resulting enhancements to our classifications more accurately reflect the evolving needs of the market and will continue to help drive the industry forward."
  • Verisk’s ISO Rating-as-a-Service (RaaS) is yet another tool that can help insurers implement these changes.