We’ve all been impacted in some way by the unfolding COVID-19 crisis. We are actively engaged in new ways of working and thinking that helps us all stay safe. The role of data, models, platforms, and solutions that aid “remote” underwriting and claims handling are becoming even more important.
For more on the insurance industry’s response to COVID-19 see:
The Verisk business, AIR, is a leader in producing stochastic risk models for pandemics across life insurance, annuity, and pension; supply chain; and casualty.
These models provide the P&C and life industries a comprehensive understanding of how their portfolios may be impacted by extreme morbidity and mortality events.
For regular updates, subscribe to Verisk’s COVID-19 Briefing for Property Casualty Insurers.
For more Verisk Vision sessions on COVID-19, AIR risk models, and emerging risk see:
Without accurate and up-to-date data little else can happen. This is especially critical now that intelligent, AI-driven technology is beginning to come online. No matter how brilliant the AI system, it simply won’t work without accurate data that is packed with potential insights.
Once you have great data, it must be accessible. And it must be accessible across the insurance ecosystem.
Many of the solutions and enhancements Verisk are currently releasing include artificial intelligence and advanced automation. We call these solutions Verisk Artificial intelligence and Automation, or Vai.
For more on artificial intelligence, InsurTech, and Vai technology, please see:
The rising insurance ecosystem must be open to data from all types of sources. It must be able to easily integrate with APIs from a wide range of tools. And it must allow insurers to quickly integrate new microservices, data, and solutions that allow them to quickly respond to rapidly changing conditions.
Consider a global multi-line company that writes both insurance and reinsurance with dozens of business units operating largely independently, each writing not just property but many other lines of business, with operations spread around the world.
Executives at companies like these currently have no way of answering relatively straightforward questions the board of directors might pose, like “what’s our overall exposure in South Florida?” or “how much are we on the hook for if that typhoon makes landfall in Japan?”
These companies need a real-time view of their risk that is truly comprehensive – one that spans all their subsidiaries and includes all the different insurance portfolios and potentially hundreds of reinsurance treaties across all lines of business.
At a high level, let’s see how this rising insurance ecosystem might work as we stand up a new line of business.
For more on cybercrime and the next generation of underwriting see:
Many of the industry’s leading thinkers and innovators are online at Verisk Vision and speaking on topics that impact us all. For more important topics and critical issues see:
Mark Anquillare is executive vice president and chief operating officer at Verisk. In his role as COO, Mark is responsible for overseeing Verisk’s property/casualty insurance businesses, including ISO, Xactware, AIR Worldwide, and Sequel. He also oversees Verisk’s Geomni and AER businesses. Mark is responsible for multiple corporate areas, including customer experience, government relations, and real estate.
Mr. Anquillare is a graduate of the University of Notre Dame, where he received a bachelor of business administration degree, and the Rutgers Graduate School of Management, where he received a master of business administration degree. He is a Fellow of the Life Management Institute (FLMI).