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 help customers in rating, underwriting, claims, catastrophe and weather risk, natural resources intelligence, economic forecasting, and many other fields.
Verisk Analytics, Inc. Recent Developments
Responding to a deep industry need for speed and efficiency, in November 2021, Verisk has launched a new cloud-based version of its ISO Electronic Rating ContentTM (ERCTM) solution that can dramatically reduce the time and effort that commercial lines insurers spend updating rating content.
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.
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 launched 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.
Verisk Analytics, Inc. Mergers and Acquisitions (M&A) Activities
In the last couple of years, Versik made about 10 new acquisitions.
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.
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: 9367
Functional Markets: Analytics and BI, ERP Services and Operations Management,
Key Verticals: Aerospace and Defense, Banking and Financial Services, Construction, Real Estate, Public Safety, Life Insurance, P&C Insurance, Specialty Insurance, Life Sciences, Manufacturing, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Verisk Analytics, Inc. Key Enterprise and Cloud Applications
Verisk Cloud,
Verisk Analytics, Inc. Revenues, $M:
| Type/Year | 2020 | 2021 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* 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:
| Type | License | Prof. Services | Hardware | Support & Maintenance | SaaS | PaaS | IaaS | Other (Non Enterprise Application Revenues) | Total |
|---|---|---|---|---|---|---|---|---|---|
| % of Total Revenues | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | 100% |
| Revenues, $M | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe |
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
| Region | % of Total Revenues | 2021 Total Revenues, $M | 2021 Enterprise Applications Revenues, $M | 2021 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
Verisk Analytics, Inc. Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Verisk Analytics, Inc. Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Verisk Analytics, Inc. Customers
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
Among their customers are: the top 100 U.S. property/casualty insurers, seven of the top 10 global chemical manufacturers, nine of the top 10 global energy providers, and all the top 30 credit card issuers in North America, the United Kingdom, and Australia. Among their customers are: Sunrun, Mutual of Omaha Insurance Company, and many more.
Verisk Analytics, Inc. Market Opportunities, M&A and Geo Expansions
In October 2021, Verisk has agreed to acquire ACTINEO, the rapidly expanding international market company for digitalization and medical assessment of bodily injury claims, for further expansion in Europe. With the acquisition, Verisk will add ACTINEO’s established claims management solutions to Verisk’s leading data analytics and insurance ecosystem, providing customers with digitalization and medical expertise solutions throughout the entire claims process.
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.
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 simply, the industry doesn't continue to accept their solutions, the revenues are going to drop.
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. Chef, Duck Creek Technologies, and Guidewire Software are the largest partners in this Verisk's ecosystem.
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.
Verisk Analytics, Inc. Cloud Infrastructure Insights
Subscribe to read more about:
- Verisk Analytics, Inc. Public Cloud and Infrastructure (IaaS)
- Verisk Analytics, Inc. Platform (PaaS)
- Verisk Analytics, Inc. Application Delivery
- Verisk Analytics, Inc. Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
https://www.appsruntheworld.com/About Ushttps://www.appsruntheworld.com/taxonomy
https://www.appsruntheworld.com/FAQ
Copyright © 2023, APPS RUN THE WORLD