JERSEY CITY, N.J., May 26, 2015 — Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, today announced that Markel Personal Lines has integrated a suite of Verisk solutions into its underwriting and rating workflow to support its expanding manufactured home and dwelling programs. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
The suite includes 360Value® for replacement cost estimates, A-PLUSTMLoss History Reports, and LOCATION® PPCTM (Public Protection Classification) for fire risk management.
“As we grow our business, we need to make smart and highly automated underwriting decisions,” said Audrey Hanken, president of Markel Personal Lines. “Verisk’s underwriting solutions can help us do just that. Our agents are able to quickly get a reliable assessment of the property, prior losses, and policyholder risk. In many cases, we can use the results to bind the policy without underwriting review.”
Markel uses analytics from Verisk to support three key aspects of its underwriting and rating decision-making:
“Some of the homes we insure aren’t continuously occupied, so getting a reliable assessment of the available fire protection is critical,” continued Hanken. “Tools such as the ones provided by Verisk will help us ensure we are collecting the appropriate premium for each individual insurance risk.”
More information about Verisk’s underwriting solutions is available on its website.
About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markelcorp.com.
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.