Verisk Analytics, a leading source of information about risk, has formed the Verisk Underwriting Solutions division in response to customers' desire for greater support of their underwriting processes and to develop an underwriting platform and solutions set.
"As the business requirements of our customers evolve, Verisk continues to innovate and align its considerable resources," says Scott Stephenson, Verisk Analytics president and COO. "The [new] division provides the integrated capabilities and tools our customers need to better identify and manage risk."
The Verisk Underwriting Solutions division encompasses the company's property/casualty underwriting offerings, including:
- Automobile-Property Loss Underwriting Service (A-PLUS), a property and liability claims database designed for insurance underwriters
- Coverage VerifierM, 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, Verisk's comprehensive risk assessment tool to help insurers identify the proper public protection and hazard information for an individual property
- LOCATION Analyst, Verisk's spatial risk management system to help insurers analyze underwriting risk's 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 for the insurance industry
- FloodAssist, an online system that helps determine flood zones and flood risk
- FireLine, which combines recognized risk factors and satellite imagery to pinpoint potential hazards from wildfire
- FlightDeck, 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
The Verisk Underwriting Solutions division is headed by division president Neil Spector. Spector was formerly chief sales officer of the Verisk Insurance Solutions unit, where he was responsible for sales strategy and operations across Verisk's property/casualty insurance divisions.
“Our goal is to provide a more integrated set of services to address our customers' entire underwriting process," says Spector.
In his new capacity, Spector reports toJimLoveland, senior vice president and group executive of Verisk Analytics.Loveland, who is also president and CEO of Xactware Solutions, is responsible for both Xactware and Verisk Underwriting Solutions.
"Verisk Underwriting Solutions is an alignment of insurance expertise, technology, data, and innovative services within our diverse enterprise," saysLoveland. "I'm confident the division will position Verisk to generate new resources and more business value for our customers."