Verisk Insurance Solutions, a unit of business service provider Verisk Analytics, Inc. (VRSK Quick QuoteVRSK - Free Report) , recently unveiled its 360Value Renewal Insight system to enable homeowner’s insurers get insurance to value (ITV) till the policy period expires.

This system utilizes the data from the company’s Property InSight (aerial imagery-based data packages with location-specific details) to help calculate the present replacement estimates while renewing the policies.

Per an industry study by Verisk, the possibility of an insurer’s book of business to be underinsured is high, which can be avoided if the property information is updated with accurate details. It is a challenge to keep updating the changing costs related to a property, whereas it is also not possible for homeowners to continuously report property improvements. In such situations, the 360Value Renewal Insight will provide updated data during the renewal process.

This highly advanced system will help provide accurate ITV over the life of the policy, which in turn will be profitable for insurers as well as policyholders. This system will augment the company’s top line as more and more customers are likely to opt for this cost-saving hassle-free solution. Thus, this service will boost the company’s client base, giving it an edge over its peers.

This year, the company also launched its new employee and workplace safety stewardship capabilities. These services, introduced by 3E (a unit of Verisk), provide 24/7/365 Occupational Safety & Health Administration (OSHA) occurrence notification and reporting services, hazard communication training materials, and single sign-on authentication services for customers.

Verisk continues to deliver outstanding data analytics solutions to customers across its core verticals of insurance, natural resources, and financial services. The company’s ability to generate strong cash enables it to meet its deleveraging objectives and invest on behalf of its shareholders. However, the company is focused on organic growth due to which it has to incur production and R&D related expenses to ensure long-term gains.

Headquartered in Jersey City, NJ, Verisk is a data analytics and risk assessment firm which provides customers services which include insurance, natural resources, financial services, government, and risk management. The company has its operations spread worldwide. The company channelizes proprietary data and industry expertise to offer predictive analytics and decision support solutions to prevent fraud and other mishaps that could occur from a want of updated data.

Verisk carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the sector include LifeLock, Inc. , AO Smith Corp. (AOS Quick QuoteAOS - Free Report) and Franklin Electric Co., Inc. (FELE Quick QuoteFELE - Free Report) . All three stocks carry a Zacks Rank #2 (Buy).

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