Headquartered in Jersey City, N.J., Verisk Analytics is one of the leading data analytics providers serving customers in the insurance, energy and specialized markets and financial services. Using advanced technologies to collect and analyze data, Verisk draws on unique data assets and deep domain expertise to provide innovations that are integrated into customer workflows. The company offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, natural resources intelligence, economic forecasting and many other fields. The company operates in 30 countries.
In the past, the company's operational divisions encompassed Insurance, Energy and Specialized Markets and Financial Services. However, in 2022 the company conducted two divestitures. The first divestiture concerned its environmental health and safety business in the "Specialized Markets" of the Energy segment, while the second related to its Financial Services segment.
Post divestitures, the company is left with only one segment — the Insurance segment — which primarily caters to P&C insurance customers, with a primary focus on predicting loss, risk selection and pricing and ensuring compliance with reporting regulations in every U.S. state of operation. Machine learning and artificial intelligence models are also employed to predict various scenarios and generate both standard and tailor-made analytics, aiding customers in improved business management. This includes fraud detection pre-and-post-loss events, as well as loss quantification.
The revenues of the Insurance segment comprise two main components: Underwriting & Rating revenues and Claims revenues. Verisk is a recognized authority in the US for industry-standard insurance programs that help P&C insurers define coverages and issue policies. They offer policy language, prospective loss costs, underwriting solutions for risk assessment, pricing, and workflow optimization across 30 lines of insurance. Additionally, their claims solutions provide analytics for fraud detection, compliance reporting, subrogation, liability assessment, litigation, and repair cost estimation, addressing emerging areas within these categories.
In 2022, Underwriting & Rating revenues accounted for 71% of the total revenues, with Claims revenues making up the remaining 29% of the total revenues.
