Decision Analytics

Verisk Analytics serves customers in the property/casualty insurance, mortgage lending, and healthcare industries, among others, with tools that help them make informed decisions about managing their assets and the associated risks.

Our decision analytics business segment focuses on helping customers:

  • predict loss and select and price risk
  • detect and prevent fraud
  • quantify losses that have already happened

Predicting Loss and Selecting and Pricing Risk

Property/Casualty Insurance
Verisk’s ISO subsidiary, AIR Worldwide, and a number of other units supply underwriting and rating information for the property/casualty insurance industry.

AIR Worldwide (AIR) is the technological leader in catastrophe modeling. AIR pioneered the development and application of probabilistic catastrophe modeling, which revolutionized the way insurers, reinsurers, and financial institutions manage their catastrophe risk. AIR products help customers with individual risk selection, pricing, and portfolio management.

AIR's models of global natural hazards form the basis of its software systems. Those systems can help customers identify, quantify, and plan for the financial consequences of catastrophic events. And AIR has developed and introduced a probabilistic terrorism model that supports pricing and underwriting decisions down to the level of an individual policy.

Through its A-PLUS (Automobile-Property Loss Underwriting Service) unit, ISO supplies claims histories for the purpose of underwriting. A-PLUS also provides a variety of other policy-level information for underwriting and rating, as well as s suite of services to help customers manage many day-to-day business functions.

Healthcare
Verisk's Verisk Health subsidiary offers web-based analytical and reporting systems for health insurers, provider organizations, and self-insured employers. Verisk Health products and services help customers manage healthcare programs, improve health outcomes, and contain costs.

Verisk Health also develops modeling software that predicts medical costs and helps improve the financing and organization of health services. Verisk's models make it easy for customers to understand the health risk of their populations — members, employees, or clients — and solve complex actuarial, financial, and medical-management issues. 

Detecting and Preventing Fraud

Property/Casualty Insurance
ISO ClaimSearch® is the property/casualty insurance industry's first and only comprehensive system for improving claims processing and fighting fraud.

Each year, participating insurers and other organizations submit tens of millions of reports on individual insurance claims. ISO stores those reports in a single database that helps insurers, self-insurers, law enforcement agencies, and state fraud bureaus detect and prevent fraud, evaluate risk, and process meritorious claims.

The ISO ClaimSearch system furnishes essential data for researching prior-loss histories, identifying claims patterns, and detecting suspect claims. ISO's Internet interface lets users conduct broad and flexible searches of the data.

Mortgage
Verisk's Interthinx subsidiary is the leading provider of automated fraud-protection, compliance, and decision-support tools for the mortgage industry. 

We offer the largest available data sets — combined with sophisticated algorithms and analytics — to create the industry's most effective fraud-detection strategies. 

Interthinx develops systems that interpret and validate data from loan applications and third-party sources. Our products and services help lenders make safe, efficient decisions on loans.

Healthcare
Verisk’s Healthcare Insight (HCI) unit offers services that help companies responsible for paying healthcare claims detect fraud, abuse, and overpayment — and avoid ever paying improper claims.

Quantifying Losses That Have Already Happened

Property/Casualty Insurance
Verisk’s Xactware subsidiary provides computer software for professionals involved in estimating all phases of building and repair. In 1986, Xactware opened for business with its flagship estimating system, Xactimate®. Xactimate helps contractors and insurance adjusters estimate the cost of repairs and reconstruction faster and more accurately than ever before. In the years since its introduction, Xactimate has evolved into a high-powered package complete with a patented plan-sketching program. Eighty percent of insurance repair contractors and 15 of the top 20 property insurers use Xactimate to determine the cost of repairs. Today Xactware offers a wide variety of software and systems for estimating and management.

ISO’s Property Claim Services (PCS) unit is the internationally recognized authority on insured property losses from catastrophes in the United States, Puerto Rico, and the U.S. Virgin Islands.

PCS investigates reported disasters and determines the extent and type of damage, dates of occurrence, and geographic areas affected. PCS assigns serial numbers that help customers track the losses from each catastrophe. And PCS produces damage estimates that help insurers set loss reserves, deploy field adjusters, and verify internal company estimates.

Healthcare
Bodily injury and workers compensation claims present a complex array of medical, legal, and occupational issues. ISO Claims Outcome Advisor® is a comprehensive claims-management system that helps customers evaluate and manage the details of each bodily injury or workers compensation claim. And ISO Liability AdvisorTM is a powerful tool to help claims professionals better identify and evaluate accident-related comparative liability claims.

For more information . . .

. . . about Verisk's decision analytics, visit these websites:

To ask a question, make a comment, or request service, contact Verisk. You can also call us at 1-800-888-4476.