Verisk
UnclaimedPowering better insurance decisions through proprietary data, analytics, and technology.
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TL;DR - Verisk
- Provides data-driven risk modeling and insurance analytics for the global insurance industry.
- Offers solutions for underwriting, claims, catastrophe modeling, and life insurance.
- Leverages 30+ petabytes of proprietary data to deliver strategic insights and improve decision-making.
Pricing: Paid only
Best for: Enterprises & pros
Pros & Cons
Pros
- Access to a vast proprietary dataset (30+ petabytes) for comprehensive analysis.
- Deep domain expertise in insurance and related industries.
- Solutions cover the entire insurance value chain, from underwriting to claims.
- Offers standardized programs and forms (ISO) for various insurance lines.
- Utilizes advanced analytics and AI to enhance efficiency and accuracy.
Cons
- No free tier or trial information is available, indicating a paid enterprise-level solution.
- Requires integration into existing insurance workflows, which may involve implementation effort.
- Focuses primarily on the insurance industry, with limited direct applicability for other sectors without an insurance connection.
Key Features
Data-driven risk modeling and insurance data analyticsUnderwriting and rating solutions for various lines of business (personal property, commercial property, auto, general liability, small commercial)Claims streamlining and customer experience enhancementLife solutions for risk selection and portfolio refinementCatastrophe and risk solutions for exposure quantificationPredictive analytics and compliance risk managementISO Forms, Rules, and Advisory Loss Costs for product development and ratingAddress-level risk data (LOCATION) for property assessment
Pricing
Paid
Verisk offers paid plans. Visit their website for current pricing details.
About Verisk
By Toolradar Team·
Verisk connects the global insurance industry by providing proprietary data and technology to deliver actionable insights. It houses over 30 petabytes of data, including billions of premium, loss, and claims records, which clients leverage to transform comprehensive datasets into strategic insights and informed decisions. Verisk offers solutions across the entire insurance value chain, from underwriting and rating to claims processing, catastrophe modeling, and life solutions.
Beyond traditional insurance, Verisk extends its data and analytics expertise to other industries that support insurance professionals, such as construction, consumer insights, sustainability and resilience, government, real estate, and transportation. The platform helps insurers improve profitability, streamline workflows, enhance customer experiences, and manage risk effectively through predictive analytics, compliance risk management, and advanced data solutions. It also provides tools for digital transformation in underwriting, enabling faster market entry and improved customer experiences across the policy lifecycle.
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Verisk FAQ
How does Verisk's data volume of 30 petabytes translate into tangible benefits for an insurer's underwriting process?
The 30+ petabytes of data, including billions of premium, loss, and claims records, allow insurers to access highly granular and comprehensive insights for risk assessment. This extensive dataset enables more precise pricing, better risk selection, and the identification of emerging trends, ultimately minimizing premium leakage and unnecessary expenses in underwriting.
What specific types of emerging risks can Verisk help insurers quantify and manage through its Catastrophe and Risk Solutions?
Verisk's Catastrophe and Risk Solutions help quantify exposure to a range of emerging risks, including climate-related perils such as wildfire, hurricanes, hail, and severe thunderstorms. It also provides insights into the impact of rising construction costs and economic shifts on property risk, enabling insurers to plan for future events and maintain compliance.
Can Verisk's underwriting solutions be customized for niche or specialty insurance markets, beyond the standard personal and commercial lines?
Yes, Verisk offers solutions for Specialty Markets, allowing clients to navigate global specialty risks confidently. While specific customization details are not provided, the platform's comprehensive data and actuarial expertise suggest adaptability for developing, rating, and managing programs for diverse and specialized insurance needs.
How does XactAI, Verisk's suite of AI capabilities, specifically enhance the property claims experience for insurers?
XactAI is purpose-built to enhance efficiency, consistency, and speed in claims handling. It leverages artificial intelligence to streamline workflows, likely through automated data processing, intelligent document analysis, and predictive insights, which can accelerate claim assessments and improve the overall customer experience during a property claim.
What is the role of ISO Forms, Rules, and Advisory Loss Costs in Verisk's product development and rating solutions for insurers?
ISO Forms, Rules, and Advisory Loss Costs are foundational components that provide insurers with standardized frameworks for developing, rating, and implementing insurance programs across a wide range of personal and commercial lines. They help lay the groundwork for building a business by ensuring consistency, compliance, and accurate pricing for various risks.
Source: verisk.com