Verisk Analytics, Inc. Strengths, Domain Expertise, and Key Differentiators
Verisk is a data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide innovations that may be integrated into customer workflows. Verisk offers predictive analytics and decision-support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, natural resources intelligence, economic forecasting, and many other fields.
Verisk Analytics, Inc. Recent Developments
In August 2020, Verisk launched its new EHR Triage Engine, a tool that uses data from consumer-authorized electronic health records (EHRs) to help life insurers fast-track many applications for coverage—potentially cutting decision time from weeks to minutes. The EHR Triage Engine bypasses manual workflows, leveraging advanced predictive analytics and automation to digitally ingest and analyze EHRs. The tool can evaluate 95,000 impairments in five minutes or less, so life insurers can qualify as much as 85 percent of applicants for coverage with minimal or no underwriter review. With automated processing of low-risk cases, carriers can provide a streamlined customer experience for the vast majority of their applications and enable underwriters to focus their energy on complex risks.
In July 2020, Verisk launched ISO ClaimSearch accelerator for Guidewire ClaimCenter v10. The accelerator enables customers that use ClaimCenter v10 to seamlessly access the real-time claim analysis, valuable alerts, and actionable insights available through the ISO ClaimSearch platform.
At the same period in July 2020, Verisk also released Life Risk Navigator, an innovative, cloud-based stochastic risk modeling platform that offers in-depth portfolio analytics which can enhance risk selection, quantify changes in mortality rate, improve hedging strategies, and drive better financial decision-making. The cutting-edge analytics provided by Life Risk Navigator are driven by Verisk’s Life Risk Models, a comprehensive set of probabilistic risk models that simulate mortality trends, causes of death, and excess mortality events at a granular level.
In July 2019 Verisk launched its SequelTM product suite in the United States. The Sequel product suite offers highly intuitive, easily configured, and full-cycle solutions for insurance and reinsurance that enable clients to quickly streamline their workflows and increase their market agility. Sequel product suite is an integrated set of end-to-end management solutions enabling insurance professionals to efficiently manage critical process steps and calculate risk accumulation and exposure impact across all their complex specialty lines within the same ecosystem. The suite includes the web-based analytical engine Sequel Impact; the workflow management solution Sequel Claims; and the award-winning pricing, underwriting, and distribution platform Sequel Rulebook. In January 2019 Verisk has launched Black Box 3 (BB3), a new solution available in parts of Canada, Europe, Australasia, and Asia, that helps insurers make smarter underwriting decisions for risks posed by travelers with preexisting medical conditions. Customers complete a simple, intuitive declaration of their medical conditions, and the Black Box analyses the answers using a bespoke algorithm. A risk score is quickly generated that can then be used to complement an existing underwriting strategy.
Verisk Analytics, Inc. Mergers and Acquisitions (M&A) Activities
In August 2019 Verisk acquired Genscape, a provider of real-time data and intelligence for commodity and energy markets, wholly owned by DMGT for $364 million in cash. Genscape will become part of Wood Mackenzie, a Verisk business, and will enhance Wood Mackenzie’s existing sector intelligence in energy data and analytics. This will further enhance Wood Mackenzie’s leading research and consultancy across the natural resources sectors.
In the last couple of years, Versik made about 10 new acquisitions.
In 2018, Verisk, acquired Validus-IVC, a top provider of claims management solutions and developer of the leading subrogation portal in the UK. Furthermore, Verisk signed a definitive agreement to acquire LCI, an industry-leading provider of risk insight, prediction, and management solutions for banks and creditors.
Verisk Analytics, Inc. Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Verisk Analytics, Inc. applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Verisk Analytics, Inc. and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Verisk Cloud, customers.
Verisk Analytics, Inc. Overview
Ownership: - NASDAQ: VRSK
Number of Employees: 9061
Key Verticals: Aerospace and Defense, Banking and Financial Services, Federal Government, State and Local Government, Public Safety, Life Insurance, P&C Insurance, Specialty Insurance, Oil and Gas, Professional Services, Retail, Utilities,
Verisk Analytics, Inc. Key Enterprise and Cloud Applications
Verisk Analytics, Inc. Revenues, $M:
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* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Verisk Analytics, Inc. Revenue Breakdown By Type, $M:
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Verisk Analytics, Inc. Enterprise Applications Revenues By Functional Markets, $M:
Verisk Analytics, Inc. Enterprise Applications Revenues By Verticals, $M:
Verisk Analytics, Inc. Revenues By Region, $M
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Verisk Analytics, Inc. Direct vs Indirect sales
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Verisk Analytics, Inc. Customers - Breakdown by Geo, Size, Vertical and Product
No. of Verisk Analytics, Inc. Customers: 950
No. of Verisk Analytics, Inc. Enterprise Applications Customers: x
No. of Verisk Analytics, Inc. Cloud Customers: x
No. of Verisk Analytics, Inc. Cloud Subscribers: x
Verisk customers included all of the top 100 U.S. property/casualty insurers for the lines of services we offer as well as insurers in international markets, seven of the top ten global chemical manufacturers, nine of the top ten global energy producers around the world, and all of the top 30 credit card issuers in North America, the UK, and Australia. Further, their claims database serves thousands of customers, representing approximately 90% of the P&C insurance industry by premium volume, 26 state workers’ compensation insurance funds, more than 500 self-insurers, approximately 400 third-party administrators, several state fraud bureaus, and many law enforcement agencies involved in the investigation and prosecution of insurance fraud.
Verisk Analytics, Inc. Market Opportunities, M&A and Geo Expansions
In 2020, Verisk accelerated their international expansion with a new office in Krakow, Poland, focusing on data science and analytic talent. The new location strengthens their U.S. workforce with top-tier analytics capabilities and supports their current businesses in the UK and Ireland. They expanded their technology talent in Hyderabad, India; Bangalore, India; and Malaga, Spain and hired local talent to support in-country customers in Europe. Verisk selects sites carefully based on location and accessibility, size and infrastructure, available talent and supporting universities, cost, and market competition.
In March 2020, Verisk expanded its new InsurTech solution OneXperience into commercial insurance. This expansion will enable agents and businesses to engage and closely collaborate with insurers by sharing video surveys of commercial properties in real time, helping insurers and their customers accelerate the underwriting process.
In June 2019 Verisk launched A-PLUS Commercial, an InsurTech solution that provides point-of-sale loss runs with detailed claim histories of risks that insurers are looking to underwrite. A-PLUS Commercial automates the cumbersome process of obtaining loss runs and gives participating carriers access to information on all commercial lines. That includes property, auto, general liability, professional liability, business owners, farm owners, workers' compensation, and ocean marine. Insurers can only use A-PLUS Commercial for lines of business to which they contribute data.
A-PLUS Commercial is fueled by data from ISO ClaimSearch, a claims evaluation tool that is relied on by more than 90 percent of insurers and features more than 1.3 billion claim histories. By participating in A-PLUS Commercial, carriers can access these robust claims information and incorporate it into their underwriting processes.
Between January 1, 2013, and December 31, 2017, Verisk acquired 22 businesses including PowerAdvocate, a provider of market, cost intelligence, and supply chain solutions serving the energy sector; Service Software, a provider of business management software for the construction industry; Rebmark, a provider of injury claims solutions; LCI, a provider of risk insight, prediction, and management solutions for banks and creditors; Sequel, a provider of commercial and specialty insurance and reinsurance software based in the U.K and G2, a provider of merchant risk intelligence solutions for acquirers, commercial banks, and other payment system providers.
Verisk Analytics, Inc. Risks and Challenges
Verisk derives a substantial portion of their revenues from U.S. P&C primary insurers. If there is a downturn in the U.S. insurance industry or that industry does not continue to accept our solutions, their revenues will decline.
Verisk Analytics, Inc. Ecosystem, Partners, Resellers and SI
In February 2020, Verisk launched its new analytics platform for automated underwriting of life insurance in collaboration with SCOR, a Tier 1 global reinsurer. Verisk’s new analytics platform is designed to help improve the life insurance buying experience for consumers and support insurers’ digital transformation. This solution is ultimately intended to substantially reduce the time needed to obtain an attending physician statement and enable accelerated underwriting. The scores will be validated against SCOR Global Life’s underwriting manual and vetted by its medical research and data science teams.
In February 2019 Verisk and SAP SE have entered into a strategic partnership to codevelop the next generation of product compliance solutions. The partnership agreement is strengthened by Verisk signing a definitive agreement to acquire SAP’s Content as a Service (CaaS) business, which includes the Environmental Health and Safety Regulatory Content (ERC) and Environmental Health and Safety Regulatory Documentation (ERD) teams and data assets. The business became part of Verisk 3E, a Verisk business focused on providing intelligent compliance solutions in environmental health and safety (EHS) and product compliance space. The acquisition significantly accelerates Verisk 3E’s efforts to become the premier provider of integrated content, expertise, and services for the EHS and product compliance industry and expedites its growth strategy.
Both the partnership and the acquisition extend Verisk 3E’s global customer footprint and European operations. The partnership expands Verisk 3E’s ability to power SAP’s Product Compliance platforms (including the respective parts of S/4HANA) with regulatory content and business logic. Streamlined access to critical regulatory data will benefit Verisk 3E and SAP joint customers by improving consistent compliance with changing global regulations and accelerating the development and launch of safe, innovative products.
Verisk sells its solutions and services primarily through direct interaction with its customers. Verisk employs a three-tier sales structure that includes salespeople, technical consultants, and sales support, with a sales force of 312 people in its continuing operations. Among its partners are Abby Rating, Applied Systems, Boston Software, BriteCore, EIS Group, and many others.
Verisk partnered with Path Forward, a not-for-profit organization that creates midcareer paid internships for professionals who’ve left the workforce for two or more years due to caregiving responsibilities. Returnees who participate in the program have an opportunity to update their resumes with relevant experience.
Verisk Analytics, Inc. Cloud Infrastructure Insights
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