JERSEY CITY, N.J., August 1, 2017 — Verisk Analytics (Nasdaq:VRSK), a leading data analytics provider, today announced a range of new capabilities in its Geomni business unit.
Verisk recently acquired a number of leading U.S.-based aerial survey companies and their aircraft fleets. In addition, Verisk is investing in the most technologically advanced and efficient aerial surveying platforms available. Fully implemented, the Geomni fleet includes more than 125 fixed-wing aircraft and helicopters. Geomni operates from 15 hubs strategically located throughout the United States
Geomni’s high-tech remote sensing aircraft are capable of reaching any point in the contiguous 48 states and Hawaii within hours. In the event of a catastrophe, Geomni’s highly skilled teams can quickly deploy to provide important postcatastrophe aerial data.
“The new Geomni fleet, combined with our deep expertise, allows us to efficiently source multitier, multispectral aerial imagery across the United States at a scale and frequency not previously available,” said Scott Stephenson, chairman, president, and chief executive officer of Verisk Analytics. “The imagery and data we collect are immediately processed using our industry-leading computer-vision technology to provide our customers with the up-to-date and precise information they need, delivered directly to the key products they use.”
Geomni imagery and data will drive and support uses in many markets, including insurance, commercial property, energy, banking, architecture, engineering, emergency response, urban planning, and much more.
Verisk expects to invest approximately $100 million across 2017 and 2018 in the Geomni capabilities and assets for remote sensing and imagery.
This year, users will have real-time access to important property data in the Geomni library for every parcel and location Geomni has sourced. Newly captured imagery is processed by advanced algorithms and directly added to the Geomni database. This provides insurers, reinsurers, and others immediate information about all types of properties, including residential, commercial, agricultural, and more. The information includes the building footprint, roof shape, roof type, roof slope, swimming pool, outbuildings, percentage of tree coverage on the property and over buildings, and much more.
New, innovative solutions available (or rolling out) for all types of professionals who work with property include the following:
Geomni president Jeffrey C. Taylor said, “What differentiates Geomni’s solutions are the deep commitment to constantly source fresh imagery on an unprecedented scale, investing in superior technology, our technical capabilities, and the proprietary data available within the Verisk enterprise. This gives us a comprehensive solution set that is truly unique.”
Taylor noted that the fractured nature of many current solutions often leaves users with a static report on a limited part of the process. This information must then be manually transferred to other systems not designed to take advantage of the new geospatial technologies. “Only Geomni and Verisk can provide an end-to-end solution.”
Geomni serves customers in the insurance market, with the opportunity to yield more than $200 million through imagery-based solutions. Geomni is also pursuing many promising applications in the multibillion-dollar yearly U.S. geospatial data market. This market includes verticals such as engineering, construction, utilities, government, infrastructure, and others.
Geomni provides mapping professionals and departments important terrestrial data that supports their need to accurately understand our ever-changing world. From forestry to coastal change, landfill monitoring to landslide prediction, Geomni is currently serving, and will continue to serve, customers through thousands of new projects over the coming year—each using the latest technologies in aircraft efficiency and sensor design.
Geomni, a Verisk Analytics (Nasdaq:VRSK) business, provides the world’s most efficient multitier, multispectral terrestrial imagery and data acquisition, processing, analytics, and distribution—offering the best value through operational excellence.
Using the latest remote sensing and machine learning technologies, Geomni gathers, stores, processes, and delivers geographic and spatially referenced information that supports uses in many markets, including insurance, commercial property, energy, banking, architecture, engineering, emergency response, urban planning, and much more.
Mapping professionals and firms can use the data to accurately understand growth and change, determine damage, discover hazards, assess risk, perform valuations, and much more. Geomni data, tools, and services provide users with critical solutions that protect people, property, and financial assets. For more information, please visit Geomni.net.
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, natural resources, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk Analytics helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk Analytics operates in 27 countries and is a member of Standard & Poor’s S&P 500® Index. In 2017, Forbes magazine named Verisk Analytics to its America’s Best Mid-Size Employers list and, in 2016, to its World’s Most Innovative Companies list. Verisk is one of only six companies to appear on both lists. For more information, please visit www.verisk.com.
AVP, Investor Relations and Strategic Finance
Verisk Analytics, Inc.
MWWPR (for Verisk Analytics)