JERSEY CITY, N.J., July 8, 2015 — Verisk Insurance Solutions, a leading source of information about insurance risk, has developed the first report that provides underwriting insight for workers' compensation policies at the point of sale. The Workers' Compensation Advantage Report is offered as part of Verisk’s new Underwriter Insight™ suite of underwriting products for improved commercial risk selection. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
“Traditionally, carriers underwrite and price workers' compensation policies based on scant information, generally provided by the insured or an agent. Only at the time of renewal do carriers usually perform an audit to confirm information about the business and property — and even then, often just for larger businesses,” said Anil Vasagiri, vice president of commercial property at Verisk Insurance Solutions. “The Workers' Compensation Advantage Report is the first comprehensive point-of-sale report in the market, and it’s applicable for businesses of any size. We believe it can greatly reduce premium leakage and the need to wait until renewal time — or a filed claim — to identify hidden risks.”
The report validates information up front, including the number of employees, type of business, property details, unreported fire and gas incidents, observed occupancy-related hazards, OSHA inspections and violations, the risk potential of neighboring businesses, and business classification information (SIC code) and related secondary classifications.
“With rates heavily regulated, the ability to differentiate risk to drive better selection is a huge challenge for carriers,” said Glen Brooks, vice president of sales at Verisk Insurance Solutions. “This report helps carriers make better risk selections that meet underwriting guidelines by profiling specific risks based on whether certain characteristics exist. And it may eliminate the need to perform days of research or pricing on the fly without verified information.”
In addition, the report includes tax liens, civil judgments, bankruptcy filings, credit history metrics, growth clues, property photographs, crime analytics, and the business’s proximity to medical care.
Verisk’s proprietary ProMetrix® database of more than 3.5 million commercial properties and other Verisk and third-party resources ensure information is available on more than 15 million businesses in the United States.
About Verisk Insurance Solutions
A Verisk Analytics (Nasdaq:VRSK) business, Verisk Insurance Solutions is a leading source of information about property/casualty insurance risk. Drawing upon vast experience in data management, security, and predictive modeling to serve its clients, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.