Verisk Analytics Chairman, President, and CEO Scott Stephenson spoke to A.M. Best about why any institution concerned about security and privacy would send data seemingly into the unknown.Listen Now
Verisk Analytics Chairman, President, and CEO Scott Stephenson spoke to A.M. Best about the Executive Order on Immigration.Listen Now
Barbara Russo, managing director, excess and surplus, ISO, spoke to A.M. Best at the RIMS 2017 about how underwriters should look to risks that have elements in common, search for data and not be intimidated by general perceptions of an emerging risk issue.
Jim Weiss, director, Analytic Solutions at ISO, spoke with A.M. Best at the RIMS 2017 conference about how commercial analytic systems are integrating new forms of available data to more quickly assess basic underwriting decisions, freeing underwriters to focus on more-involved issues.
Jim Weiss, director, Analytic Solutions at ISO, joined other experts in insurance analytics at the RIMS 2017 conference to discuss with A.M. Best how insurance organizations and insurance professionals should become comfortable with risk analytics and numbers, or face the prospect of short-term obsolescence.
Billy Mauro of ISO spoke to A.M. Best about changing loss exposures, including how driverless vehicles could lead to changes in organ donations and medical care.
While the three categories of global risks remain the same, the frequency and severity of risks experienced year to year vary, according to Aaron Michel, senior engineer of AIR Worldwide. Michael explained to Insurance Journal that in order to avert supply chain disruption, businesses need to be proactive in identifying and managing risks.
According to Rob Lewis, president of ISO Claims Partners, all carriers will need to use some form of predictive analytics in order to stay competitive in the market. Lewis outlined to Insurance Journal the uses and benefits of using predictive analytics in workers’ compensation, including all stages of a claim as well by the underwriting and compliance departments of an insurer.
Hail damage amounts to billions of dollars in losses every year, according to Dr. Arindam Samanta, director of product management and innovation at Verisk Analytics. Samanta explained to Insurance Journal the difference in modeling hail versus other weather events, as well as hail modeling’s value in reducing claims with erroneous dates of loss and in predicting locations where there might be a higher prevalence of hail.
Insurers and consumers can benefit in multiple ways as more smart appliances and devices move into homes, according to Joe Wodark, director of product development for Verisk Insurance Solutions. Wodark talked to Insurance Journal about how first notice of loss, settlement and subrogation are all claims processes that are expected to improve as a result of the data derived from smart devices.
Dan Donovan, AVP of Claims Solutions at Verisk Insurance Solutions, provided an update on the use of predictive modeling to combat fraud in a conversation with Insurance Journal. While a few lines of insurance remain slow to adopt predictive analytics, declining cost barriers, cloud storage and telematics will likely increase adoption rates, according to Donovan.
IoT/Telematics Claims Product Development AVP Dawn Mortimer of Verisk Insurance Solutions discussed the future of telematics, its expected impact on carriers, claims and underwriting with Insurance Journal.