I’m pleased to welcome you to the Verisk Insurance Solutions blog. Going forward, we will use this venue as an additional way to inform, update, and provide interesting information that we hope will be useful for you and your business. Sometimes this blog may provide “factoids” or observations that have relevance for insurance and related industries (for example, automobile sales). Like any new venture, we will learn from experience and from your feedback. A variety of ISO and Verisk associates will write the blog posts, and I welcome your comments.
This entry will provide an explanation and some historical context to the evolution of ISO, Verisk Analytics, and Verisk Insurance Solutions. I want to respond to questions we’ve received from customers about our organization and the various company and brand names we’re using in the marketplace. On February 22, 2011, I conducted a web seminar on this very topic. You may find the recorded version of that event helpful in understanding the value this evolution brings to you.
From Nonprofit Organization to Growing, Innovative Enterprise
From 1971 until 1997, ISO operated as a nonprofit organization providing the property/casualty insurance industry with a wide variety of services. For much of this time, ISO was a privately held company, and our owners consisted solely of member insurance companies. In 1997, ISO became a “for profit” entity, and ownership was expanded to include employees. In October 2009, Verisk Analytics became the corporate parent of ISO, and we completed an initial public offering (IPO) of our stock. The company is publicly traded on the NASDAQ exchange under the ticker symbol VRSK. ISO remains the flagship brand serving the insurance market within the Verisk Analytics Family of Companies.
The Verisk Insurance Solutions brand was launched in October 2010, and we feel this new brand will benefit our customers. It is an alignment of our diverse insurance-facing capabilities to serve the property/casualty market. It brings together all our corporate assets to help the industry navigate risk. The existing relationships you have with the companies in the Verisk Insurance Solutions group of Verisk Analytics remain unchanged. You will continue to work with us as you have in the past. We do expect, however, to deliver more integrated services from across the enterprise — and some customers are already benefiting from our integrated solutions. LOCATION, TruExposure, and 360Value are just a few examples of services that use the combined resources from various points of the enterprise.
I look forward to reading any comments you may have about the strategic direction we've embarked upon.