Verisk Analytics Inc VRSK

Overview

Verisk Analytics, Inc., established in 1971 and headquartered in Jersey City, New Jersey, stands at the forefront of data analytics and technology solutions, primarily serving the insurance markets both in the United States and globally. The company distinguishes itself through its comprehensive suite of solutions that cater to policy language optimization, loss cost estimation, underwriting, catastrophe modeling, and several insurance workflow enhancements. Its offerings are designed to enable clients in the insurance sector—including insurers, reinsurers, intermediaries, financial institutions, and even governments—to more accurately understand, quantify, underwrite, mitigate, and avoid potential risks associated with their policies and clients.

Products and Services

• Policy Language and Underwriting Solutions

  These solutions focus on the provision of policy language, prospective loss costs, policy writing and rating rules, and a variety of underwriting solutions aimed at risk selection and segmentation, pricing, and workflow optimization. They are essential for insurance companies looking to streamline their policy formulation and underwriting processes.

• Property and Auto Rating and Underwriting Solutions

  Verisk offers specialized rating and underwriting information solutions tailored to property and auto insurances. These solutions help clients quantify, understand, and avoid potential losses by underwriting and mitigating risks more effectively.

• Catastrophe Modeling Solutions

  With these solutions, companies can identify and quantify the financial repercussions of catastrophes. This service is crucial for insurers, reinsurers, and other financial institutions in planning and managing the risks of natural and man-made disasters.

• Life Insurance Solutions

  These solutions are designed to transform workflows within life insurance underwriting, claims insights, policy administration, unclaimed property/equity, compliance and fraud detection, and actuarial and portfolio modeling, ensuring more efficient and compliant operations.

• Marketing Solutions

  Verisk’s marketing solutions offer compliant, real-time decisioning analytics that enhance profitability and risk assessment for consumer interactions. These solutions are vital for personalized and risk-adjusted consumer engagement.

• International Underwriting and Claims Solutions

  These global solutions enable more efficient underwriting and claims processing on an international scale, incorporating compliance and fraud detection to streamline operations abroad.

• Claims Insurance Solutions

  With analytics-driven insights, these solutions aid in fraud detection, compliance reporting, subrogation liability assessment, litigation support, and repair cost estimation and valuation, enhancing the efficiency and accuracy of insurance claim handling.

• Casualty Solutions

  Verisk provides compliance, casualty claims decision support, and workflow automation solutions, targeted at optimizing casualty insurance operations through enhanced decision-making support and compliance management.

• Specialty Insurance Market Software

  The company also extends its expertise to the specialty insurance market through the development and provision of dedicated software solutions, catering to the specific needs of this niche market.