January 20, 2012
RELATED: Insurers Focus on Underwriting Discipline After 2011's Catastrophes
In order to respond to insurers' needs for better underwriting support, Jersey City, N.J.-based Verisk Analytics formed the Verisk Underwriting Solutions division. The division's mission is to develop the "next-generation underwriting platform and solutions set," according to Verisk.
The Verisk Underwriting Solutions division is headed by division president Neil Spector. Spector was formerly chief sales officer of the Verisk Insurance Solutions unit. "Our goal is to provide a more integrated set of services to address our customers' entire underwriting process," said Spector, in a press release.
The Verisk Underwriting Solutions division encompasses the company's property/casualty underwriting offerings, including:
Automobile-Property Loss Underwriting Service (A-PLUSTM), a property and liability claims database designed for insurance underwriters.
Coverage VerifierSM, which provides personal auto and homeowners insurers the policy-level information to make risk selection and pricing decisions.
Insurance Information Exchange (iiX), the provider of motor vehicle records to insurance professionals and employers.
Quality Planning (QPC), which supplies tools and services that help automobile insurers identify rating errors, recover lost premiums, and minimize future losses.
360Value, a replacement-cost estimation system that helps maintain insurance to value through the life of a policy.
LOCATION, a risk assessment tool to help insurers identify the proper public protection and hazard information for an individual property.
LOCATION Analyst, a spatial risk management system to help insurers analyze underwriting risks at a portfolio level.
Property Characteristics Reports, which provide access to public records information on personal properties.
ISO PushPin, a database of property-specific building characteristics.
FloodAssist, an online system that helps determine flood zones and flood risk.
FireLineTM, which combines recognized risk factors and satellite imagery to pinpoint potential hazards from wildfire.
FlightDeckTM, a web-based system for managing on-site insurance inspections of residential and commercial properties.
QuickFill, which provides real-time data and analytics critical to the policy quote and application process.
VINMASTER, a tool to identify an auto's current ISO Rating Symbol and other vehicle characteristics.
Catastrophe information for use in underwriting.
Weather information for use in underwriting.
"As the business requirements of our customers evolve, Verisk continues to innovate and align its considerable resources," said Verisk Analytics president and chief operating officer Scott Stephenson, in a press release. "The Verisk Underwriting Solutions division provides the integrated capabilities and tools our customers need to better identify and manage risk."