Skip to content

Meet the partner

Verisk – General Insurance Underwriting

Verisk offers data-driven solutions for the insurance industry. The General Insurance division provides advanced analytics and software for property underwriting, perils risk modelling, quote enrichment and premium analysis.

Founded in 1971, Verisk draws upon vast experience in data management and predictive modelling to analyse data and convert information into practical tools that insurance customers can use to make better decisions around risk.

Verisk operates through units that offer risk-assessment services and decision analytics to insurance professionals in many disciplines throughout personal lines, commercial lines, and the London market.

How they can help you

Verisk offers address datasets and also the full range of OS data via its API real-time data enrichment service, helping insurers make more informed decisions around underwriting, pricing and product development. These solutions include:

  • Location Matters – a geographic risk mapping solution that provides a more holistic view of property risk across your entire book of business. Its interactive maps use internal and external perils models and demographic data that allow you to visualise all the different risk accumulations at the individual address or postcode level.
  • ResInsight – providing rebuild valuations and property characteristics of residential buildings for underwriting and rating purposes. The solution uses high-resolution aerial images and street-level mapping of a building and its surrounding properties, along with proprietary and third-party data sources, to help assess risk.
  • Perils Insight product suite – a set of data models available at postcode or address level that predict the relative risk and variation of theft, subsidence, flooding, storm, fire, escape of water, accidental damage and burst pipe claims across the UK for both household and commercial property insurance.
  • Resonate – providing insurers with an insurance-specific geodemographic classification, which assigns geographic areas to categories based on the similarities across a vast range of different lifestyle and neighbourhood factors.

Verisk is designed for the insurance industry. Its specialisms include insurance, underwriting, data, analytics, building characteristics, perils, and geodemographics.

All sizes and types of general insurer can and do benefit from Verisk products. The cost is dependent on how many products are licensed.

Impact

"The data enrichment service Verisk provides has been fundamental to automating our underwriting processes – we couldn’t deliver an accurate price efficiently without it. Verisk has proved to be much more of a partner than simply a data provider with a fast and responsive support network that feels genuinely human. Their team has been very agile in creating bespoke solutions to suit our needs in a way that you wouldn’t expect of such a large company"
Hiscox
"At Beazley, the use of Location Matters is integral to our assessment of risk and we find the level of detail provided is invaluable in identifying high risk properties at address level within the UK."
Beazley