Verisk is a data analytics company. We don’t use or consume natural materials in any type of industrial process.
Moreover, we originally designed many of our products and services to promote economies of scale for the insurance industry by implementing participatory databases and providing opportunities for shared services. The resulting savings and efficiencies—central source, broad engagement, purposeful integration, focused innovation, and optimized resource consumption — are still reflected in the Verisk business models of today.
A Transition Worth Noting
The forerunner of today’s Verisk—Insurance Services Office (ISO)—was founded in 1971 as a property/casualty insurance rating and statistical bureau. Even today, the ISO brand is synonymous with the company’s insurance-based activities, serving thousands of customers in the insurer, producer, and risk management ranks throughout the world.
In the past, ISO’s core products—policy forms and endorsements, personal and commercial lines insurance manuals, and our accompanying circulars (information bulletins)—were printed and delivered on paper. At its peak, ISO printed nearly 700 million pages of paper in a single year. Stacked atop each other, that many sheets of paper would reach the height of the Empire State Building more than 90 times.
ISO’s subsequent transition to electronic delivery took its first steps in the mid-1980s. That initiative not only saved paper, it motivated a broader corporate commitment to technology, using technology investments to provide multiple platforms and tools that enabled customers of all sizes to approach policywriting and associated functions in exciting new ways. We believe the resulting operational efficiencies for ISO and its customers, though never quantified, are substantial—including today’s seamless integration of information about the prospective insured, risk characteristics, location attributes, classification and rating criteria, coverage elements, and pricing options. Our paperless initiative also resulted in considerable savings associated with reduced processing time and decreased usage of electricity and fuel.
Every company in the Verisk family is dedicated to providing the highest-quality data, predictive analytics, and analyses in ways that maximize innovative and efficient use, including integration, for the customer. Here are just a few examples of how we’re meeting that objective today:
Throughout the country, Verisk offices contract with national and regional vendors for environmentally friendly shredding services that ensure the confidentiality of discarded materials.
Although municipal practices and landlord/tenant obligations vary, Verisk employees generally recycle aluminum, glass, plastic, cardboard, and newspapers.