Verisk

Verisk Analytics, Inc. (Verisk) is a data analytics corporate that serves insurance, financial services and natural resources businesses. Its businesses include AIR Worldwide, ISO, Verisk Financial, Verisk Maplecroft, Wood Mackenzie, and Xactware.

Verisk serves its customers by utilising a mix of statistical modeling, data science, actuarial science, engineering, economics, predictive analytics, and more to create embedded decision support solutions. They offer their solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields.

The Verisk Data Exchange is a hub for connected vehicle and connected home data, and helps insurers gain more accurate ratings, proactive loss mitigation services and faster first notice of loss. The exchange currently ingests data from more than 5m active vehicles, generating more than 20m trips per day. In July 2019, it reached a milestone of 100bn miles of driving data. The Exchange is augmented by the Verisk Driving Score, which measures driving risk. This claims-based driving score has been tested with 90k claims events from 1m exposures.

In 2017, Forbes magazine named Verisk Analytics to its World’s Most Innovative Companies list. Then, in 2019, they revealed that New York Central Mutual Insurance (NYCM) had implemented their new and improved ClaimDirectorSM and NetMap for ClaimSearchTM solutions to aid their fraud detection efforts.

In 2019, Verisk launched The Black Box 3 (BB3), a new solution helping insurers make smarter underwriting decisions for risks posed by travellers with preexisting medical conditions. Available in parts of Canada, Europe, Australasia, and Asia, BB3 uses a unique algorithm to assess a customer's answers and provide a risk score that indicates the possibility of a cancellation claim arising, as well as reflecting medical expenses and repatriation risk.

In the same year, they launched Cyber Underwriting Report, a solution, powered by Vai—Verisk artificial intelligence and automation—designed to help insurers underwrite a range of risks in the growing cyber market with increased speed and precision.

Later that year too, Verisk launched A-PLUS Commercial, an InsurTech solution that offers point-of-sale loss run reports with detailed claim histories of risks for commercial lines underwriting. It is fuelled by data from ISO ClaimSearch, a claims evaluation tool featuring more than 1.3 billion claim histories and is trusted on by more than 90% of insurers.

In October Verisk announced it was to partner with PartnerRe to improve underwriting through the use of voice-based analytics. The deal will see PartnerRe use Verisk's technology to identify potential tobacco usage in life insurance applicants, as well as collaboration on Verisk's life insurance solution which finds applicants who partake in risky hobbies, such as skydiving.

That same month, Verisk launched its Cyber Data Exchange, an analytics solution that aggregates cyber insurance data to help insurers gain insights into the market and improve strategic decision making.

In February 2020 SCOR partnered with Verisk to launch a new analytics platform for life insurance underwriting. The solution uses artificial intelligence (AI) to help life insurers ingest and interpret electronic health records (EHRs) for real-time underwriting decisions once the appropriate consumer consents have been obtained.

In December 2020 Verisk announced plans to acquire Jornaya, a leading provider of consumer behavioural data and intelligence.

In March 2021 Verisk's FAST acquired the assets and capabilities of software advisory firm 4C Solutions, to expand into Group Life. Insurers will have access to FAST's suite of solutions, enabling them to easily configure voluntary life and institutional annuity products, deliver straight-through processing, seamlessly update coverage and policy details and efficiently manage claims.

In October 2021 Verisk announced it was to acquire The Riverside Company's investment into Germany's Actineo. Actineo processes and digitises bodily injury claims, providing predictive insights for more than 80 insurance companies. The sale also includes Actineo's share of JV subsidiary Antevis, which offers digital services in bodily injury claims for medical malpractice liability.

At the end of 2021, Verisk reported that its 2021 revenues increased 7.7% over 2020, to $3.0bn, driven by its strength across its insurance vertical.

In March 2022 New Mountain Capital, an investment firm, and Endicott Capital, an investment fund focused exclusively on the information services sector, announced the closing of the purchase of 3E from Verisk. New Mountain will serve as the control investor.

In June 2022 Verisk launched a FNoL service to help P&C insurers improve their efficiencies in claims processing, by leveraging Verisk's own claims data.

In September, Verisk expanded its geospatial ESG risk capabilities, leveraging Verisk Maplecroft to enable companies to identify the exposure of 80 sectors to 52 different ESG and political risks across 198 countries. In the same month, the company also expanded its integration of 360Value on the Duck Creek Platform. 

During October 2022 Insurance Supermarket International announced it would be using Verisk's technology platform to help expand its presence in the US life insurance market.

In February 2023 the company partnered with Tractable to to offer AI-powered estimates for property damage. Through AI identification, classification, and measurement of property damage will be possible. Both Tractable and Verisk customers will now have access to end-to-end, automated property claims. Now Verisk will be able to accelerate insurance claims. Insurers using Verisks Xactimate product can now receive reliable property estimates.

In April 2023 Verisk acquired Krug Sachverständigen, a Germany-based motor claims solutions provider. The deal was done through Verisk business Actineo which was acquired in 2021. It is a leader in the digitalisation and medical assessment of personal injury claims in Germany and Austria. Verisk said it would add Krug’s claims management solutions to the Verisk ecosystem.

In May 2023 the company acquired UK-based Morning Data, a supplier of software to brokers and managing general agents. Morning Data provides end-to-end processing with full audit trails and ease of reporting. The acquisition will enable Verisk to enhance and expand its solutions for straight-through processing and distribution to SME brokers, coverholders, MGAs, captives, and (re)insurers.

The company is headquartered in Jersey City, New Jersey, operates in 33 countries and has over 9,000 employees.