Insurers Gain Easy Access to Critical Insights on Court Verdicts with New Verisk Database
New Addition to Verisk Dashboard Visualizes Insurance-Specific Court Decisions To Help Support Product Development, Underwriting and Claims
JERSEY CITY, NJ — October 7, 2021 — Court decisions can profoundly impact insurance companies, affecting everything from the types of exposures carriers are willing to insure to reserve allocation and claim management strategies. The verdicts associated with these court decisions can vary significantly by jurisdiction, insurance topic, and amount, be challenging to access, and time-consuming and costly to research.
To help insurers address these challenges, Verisk (Nasdaq: VRSK), a leading global data analytics provider, has enhanced its insurance-specific legal dashboard, CourtSide™, with a Verdict Database. Verisk’s new Verdict Database provides aggregate verdict information by jurisdiction and insurance topic to support insurers’ daily decision making and strategic planning.
“The addition of the Verdict Database into CourtSide will provide carriers the ability to build a quantitative analysis of how courts are evaluating coverage issues and can help them consider the potential effects of social inflation on related court decisions,” said Deborah Morris, senior vice president of ISO Commercial Lines at Verisk. “With better line of sight into historic verdict scenarios, carriers are better equipped to consider potential exposures and address reserve allocations and settlements, while providing underwriting, claims and product teams the ability to incorporate court decision data into their daily decision making.”
New Verdict Data Expands CourtSide’s Capabilities
The addition of the Verdict Database expands the capabilities of CourtSide, a Verisk solution which visualizes insurance legal decisions, providing jurisdiction-by-jurisdiction analytics and scoring on a wide range of insurance topics.
With the addition of the Verdict Database, CourtSide now provides:
- Quantitative evaluations of coverage issues designed to assist with product management, underwriting and claims
- Comparisons of aggregate verdict data between state and federal courts that will provide a better understanding of variabilities between different jurisdictions and courts
- Information on “nuclear verdicts” related to various coverage issues, providing a better understanding of “worst-case scenario” exposures and claims
For more information, visit Verisk.com/courtside.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.