Verisk Analytics, Inc. (NASDAQ:VRSK) recently announced that it has expanded its new InsurTech solution — OneXperience — into commercial insurance, aimed at helping insurers conduct underwriting process of commercial properties quickly and more accurately with the help of digitalization.
Launched last year for home inspections, OneXperience is built on proven virtual technology. With the help of digital technology, it allows insurers conduct real-time virtual surveys of commercial buildings, obtain critical insights, and share photos, forms, and documents with all stakeholders, thereby speeding up the underwriting process. It helps insurers in eliminating the gaps between actual conditions at the property and the coverage being provided by focusing on potential risks.
How Will Verisk Benefit?
We believe the move will help Verisk strengthen its Insurance segment, which serves property and casualty ("P&C") insurance customers and focuses on the prediction of loss, the selection and pricing of risk and compliance with their reporting requirements in each U.S. state in which they operate. Its customers include most of the P&C insurance providers in the United States and to some extent in the non-U.S. markets. It has two sub-segments, Underwriting & rating and Claims. Revenues from the segment increased 7.5% year over year on a reported basis and 5.2% in organic constant currency in fourth-quarter 2019.
Maroun Mourad, president of global underwriting at Verisk, stated, “OneXperience provides agents and policyholders with the ability to conduct live-feed video surveys of commercial properties in collaboration with insurers. Insurers can improve digital engagement with customers and make quicker underwriting decisions with confidence.”
The latest move should strengthen Verisk’s competitive position in the insurance industry against names like Broadridge Financial Solutions, Inc. (NYSE:BR) , Equifax, Inc. (NYSE:EFX) and FactSet Research Systems Inc. (NYSE:FDS) .
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