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Verisk (VRSK) Joins Forces With Insurance Regulatory Consultants
Verisk Analytics, Inc. (VRSK - Free Report) has formed a collaboration with full-service state filing and regulatory compliance company Insurance Regulatory Consultants (“IRC”).
The partnership is aimed at helping insurers develop custom products, and enhance actuarial analysis and strategic decision making. While Verisk will provide its domain expertise and data of its Insurance Services Office business in the process of product development, IRC will provide guidance on the regulatory approval process.
“Working together, we can offer insurers a one-stop-shop to help them launch new products, expand into new markets, leverage proprietary data for benchmarking, improve their actuarial analysis, and streamline their compliance workflows,” said Saurabh Khemka, president of ISO Commercial Lines at Verisk.
The partnership is expected to benefit Verisk’s Insurance segment that exhibited strong performance in the second quarter of 2021. Quarterly revenues of $550 million increased 1.8% year over year on a reported basis and 7.8% on an organic constant-currency basis.
Verisk’s shares have had an impressive run on the bourse over the past six months. The stock has gained 13.4%, outperforming the 12.3% growth of the industry it belongs to and 10.5% rise of the Zacks S&P 500 composite.
Verisk Analytics, Inc. Price and Consensus
Verisk Analytics, Inc. price-consensus-chart | Verisk Analytics, Inc. Quote
Zacks Rank and Stocks to Consider
Verisk currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Business Services sector are ManpowerGroup (MAN - Free Report) , Cross Country Healthcare (CCRN - Free Report) and Genpact (G - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
The long-term expected earnings per share (three to five years) growth rate for ManpowerGroup, Cross Country Healthcare and Genpact is pegged at 24.2%, 9.9% and 14.7%, respectively.