JERSEY CITY, N.J., October 7, 2015 — Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, today announced that Prepared Insurance Company has integrated Verisk’s underwriting analytics into its policy management system to support expansion into new states. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
Prepared Insurance has integrations with several Verisk underwriting and risk analytics for replacement cost estimates (360Value®), loss history reports (A-PLUSTM Property), and property-specific risk analytics (LOCATION® ). The integrations allow Prepared to use Verisk’s analytics to help streamline underwriting decision making while retaining underwriting integrity.
“As we expand from our home in Florida to other high-risk states, it’s important for us to maintain the underwriting integrity of our portfolio,” said Stephanie Lee, president and COO of Prepared Insurance Company. “The underwriting analytics provided by Verisk are a strategic component of our underwriting profitability.”
To help effectively manage risk and adequately price policies in coastal regions, Prepared uses several LOCATION catastrophe risk management analytics from Verisk, including the Building Code Effectiveness Grading Schedule (BCEGS®).
Building codes provide a good indication of the ability of a structure to withstand hurricane-force winds. BCEGS assesses the effectiveness and enforcement of building codes in a particular community. Prepared Insurance can use this information to help streamline its underwriting decisions by adding more underwriting rigor to properties located in communities with known challenges regarding building codes.
In addition to BCEGS, Prepared uses the LOCATION Distance to Coast and Windpool Eligibility services to help support its catastrophe risk assessment during the underwriting process.
About Prepared Holdings, LLC (PHLLC)
Prepared Holdings, LLC (PHLLC), is the parent company in a consolidated group of companies writing personal homeowners lines of business. Prepared Insurance Company (PIC) is the primary operating company, headquartered in Tampa, Florida. Founded in 2009, the company reported total written premiums of $53.4 million in 2014. For more information about Prepared Insurance Company, please visit the company website at www.preparedins.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.