Preparing for the Unexpected: How Catastrophe Risk Management Benefits the Company and the CommunityBy Frank J. Coyne
To make sure a business can continue to operate in the aftermath of a catastrophe, it needs a risk management plan encompassing much more than traditional property insurance. A company should plan and rehearse its catastrophe response and have that response ready to implement at a moment's notice. Verisk's CEO looks at how advanced risk management techniques — including catastrophe modeling and supply chain risk management — can help companies address a wide variety of traditional and nontraditional risks.By Scott G. Stephenson
Verisk's president and chief operating officer explains how predictive analytics can help insurers improve efficiency, reduce risk, and increase growth.By Joseph Breeden and Kevin Coop
A recent study by Verisk's Strategic Analytics operating unit compared consumer demand for mortgages with the credit risk of those loans. A close examination of the results can help lenders prepare for future disruptions in the mortgage market.By Dorothy E. Kelly and James E. Burnham
The penalties for an insurer that fails to comply with current Medicare reporting requirements are staggering — up to $1,000 a day for each unreported claim. That's prompting insurers to alter claims-handling protocols and invest in technology to facilitate compliance.By Perry Rotella and Nigel DeFreitas
Increasing computer power lets us generate and examine increasingly large data sets — Big Data. But access to more information doesn't necessarily lead to more and better insights. To tame Big Data, we need new and better analytic techniques.By Robert Christie
Complying with environmental health and safety (EH&S) regulations is fast becoming a major concern, spanning virtually every industry and affecting the entire supply chain and product life cycle. By conducting a thorough review of a company's EH&S program, risk professionals can develop a better understanding of the company's total product risk profile.By Stephen Clarke and Jeff De Turris
Emerging risks — new issues perceived to be potentially important but not yet fully understood or allowed for in insurance programs — present important challenges for insurers. Companies should approach management of such risks from a broad perspective, seeking not only to avoid losses but also to identify opportunities for growth and profit.By Gary Kerney
The weather affects many parts of the economy. Severe events such as hurricanes and tornadoes obviously have consequences. But so do less severe conditions, such as hot and cold temperatures and rainy days. Just as insurers and other businesses need to prepare for catastrophes, so homeowners need to consider in advance what they can do to diminish the negative effects of bad weather.By Nathan Gunn, M.D., Jordan Bazinsky, and Deb Bradley, R.N.
Rising medical costs, excessive usage, and fragmented delivery of care threaten our nation's well-being. At the heart of the problem is a payment system that rewards providers for the quantity of services they perform rather than the quality of results they achieve. What can we do to improve healthcare and reduce the industry's trillion-dollar cost?By Virginia Prevosto and Peter Marotta
Today's better, faster, and more robust systems for accessing and analyzing large data sets can lead to disaster — if your data management and data quality tools and procedures aren't up to the job.By Kevin McMenimen
For many years, retailers have banded together in a variety of ways to share information to combat crime. The Law Enforcement Retail Partnership Network (LERPnet) — a secure national database for reporting retail theft — was an important advancement. And now, LERPnet2.0 is taking the initiative to the next level.by Gary Twigg
Traditionally, healthcare payers have taken a "pay and chase" approach to fighting fraud, waste, and abuse. But today, technology and electronic claim standards make it possible to detect and prevent many cases of overpayment and fraud before paying or even adjudicating the claims.By Michael Rivers
New business intelligence and analytical tools are helping claims adjusters and managers do their jobs more efficiently and effectively. That can improve the bottom line.By Marty Ellingsworth
Advanced analytics can enhance business intelligence and help insurers address strategic challenges. Armed with the science and skills of analytics, even small insurers can achieve striking business outcomes.