Inflation. Supply chain disruption. Emerging issues related to cybersecurity, climate change, and PFAS chemicals. These were just some of the topics on our customers’ minds this year—and through it all Verisk was here to help.
We know that the American economy depends on the protection from risk that insurers provide to run smoothly, and insurers depend on us to help them. That's why this year, we worked harder than ever.
As we reflect on the past year, I wanted to take a minute to share some of what we at Verisk have accomplished in 2022, and give you a sneak peek at what we’re focusing on in 2023.
We know that the American economy depends on the protection from risk that insurers provide to run smoothly, and insurers depend on us to help them. That's why this year, we worked harder than ever.
Sweeping updates to our insurance programs
Verisk has been around a long time. In fact, at this point, some of our customers have been trusting our work for decades. That’s why we spend just as much time creating and developing new products as we do making sure the products our customers use daily stay updated and designed to help respond to their ever-changing needs.
This past year, we added abuse and molestation coverage options for several commercial lines, extensively revised our ISO Homeowners Program, and created an Auto History Score that allows insurers to gain access to vehicle-specific data, to name just a few of 2022’s biggest program updates.
Enhancing the user experience
In 2022, we launched new solutions and initiatives to help our customers work faster and more efficiently. We introduced Rating-as-a-Service (RaaS), a fresh new way of thinking about rating that can help you to effectively rate your policies in real time, while Mozart Form Composer®, a Verisk insurtech solution which helps carriers easily research, create, and manage insurance forms, is now capable of recognizing concepts like “rideshare” or “improvement.”
Instead of accessing individual state circulars or scraping multi-state circulars, our new ISO Consolidated Loss Costs Download (CLCD) tool lets insurers directly download ISO Loss Costs as a Microsoft Excel file, while our new Filings tool lets insurers view the regulatory lifecycle of a filing with just one simple search, significantly reducing the time licensed insurers spend researching ISO Filings and lifting our customers’ experience.
New analytics and insights
This year, we kept an eye on issues that might affect insurers in the future—so you don’t spend your resources on doing the same thing. We analyzed over 8,000 legislative bills and over 7,000 regulatory actions, released over 1,000 pricing circulars and tracked 46 emerging issues, including PFAS exposure, cannabis-related developments, and vehicle hacking.
We also added over one billion records to Verisk’s data solutions, which are being used to develop insurance-ready analytics that can help improve driver risk assessments, and enhanced Verisk’s LightSpeed tool, which can deliver online quotes in seconds. We also added new ways to assess premium leakage, and a new credit-based insurance rating score.
2022 in Personal Lines underwriting
We know it takes powerful technology integrations, reliable connections, and actionable data to make the best business decisions. In 2022, our personal lines underwriting tools continued to help insurers improve competitiveness, boost profitability, and elevate customer experiences.
We updated our roof analytics and added 15 additional property characteristics to Verisk’s SmartSource tool, which helps insurers augment prefill data and underwrite even more accurately. We introduced Wildfire Mitigation Rating Plan rules and expanded the functionality of LightSpeed®, Verisk’s flexible and customizable distribution platform for underwriting solutions, so it could deliver Homeowners and Personal Auto data and analytics to customers in one convenient place.
2022 in Commercial Lines underwriting
From pricing commercial properties to providing auto solutions, this year our Commercial Lines underwriting gave you analytics and solutions to help you create innovative insurance programs, streamline regulatory processes, and more.
In 2022, we started offering virtual inspections conducted by Verisk-trained field representatives on-demand and grew our ProMetrix inventory by 3.5%. Meanwhile, our LightSpeed Small Commercial’s suite of data and analytics grew to cover 30 million business and 15.7 million commercial properties, enabling insurers and MGAs to automate small commercial underwriting with speed and accuracy.
Reimagining the way we do business
Insurers that can anticipate market cycles tend to stay ahead of the competition. But keeping ahead of the market requires access to credible data, reliable underwriting tools and other related products—which is where we come in.
That’s why we launched the Reimagine Core Lines Services initiative this past year. Reimagine is a major effort to build on over 50 years of product development and innovation for forms, rules, loss costs and related products, to help ensure that Verisk continues to deliver relevant products and actionable information to the property-casualty insurance market.
We’re hard at work developing a new customer platform for accessing Core Lines Services content, creating new tools for viewing and analyzing advisory loss cost information for various lines of business, and creating more efficient ways for companies to report insurance statistical data to us.
On the horizon
We’re always on the lookout for new ways to innovate. That’s why in 2023, we’re researching several solutions and initiatives that can better serve our customers.
To help insurers more accurately classify today’s general liability risks, the ISO General Liability classification system is undergoing significant enhancements, including the addition of over 55 new classifications to address new and emerging risks such as electric vehicle charging, the gig economy, ransomware, e-sports, and 3D printing.
We’re also developing new endorsements to the ISO Homeowners program, reflecting changing lifestyles and updating our personal auto class plan to address non-specified gender.
2022 was a big year for us at Verisk, and you’ve only heard about a bit of it. Log in to ISOnet® to download our 2022 Year in Review and find out what else we’re planning for 2023.
