Verisk Analytics, a data analytics and risk assessment firm in the insurance industry, reported strong financial performance in the first quarter of 2024, with profits surpassing expectations due to high demand for its insurance-focused analytical services.
This growth underscores the industry’s increasing reliance on data analytics to manage risks and optimize operations amid evolving market conditions, especially with respect to changing global climates.
Property and casualty insurers have faced higher catastrophe losses in recent years due to extreme weather events worldwide, leading them to invest more in analytics to assess policy risks.
Verisk Analytics Inc. reported strong financial results, with a market capitalization of approximately $32.02 billion and an enterprise value of around $34.82 billion.
Verisk has agreed to acquire PowerAdvocate, a Boston-based provider of market, cost intelligence, and supply chain solutions for the energy sector.
The acquisition, valued at $200 million, is expected to enhance Verisk’s adjusted earnings per share in 2018, positioning the company as a leading provider of supply chain solutions to the global energy sector (see how Insurance Can Minimize the Renewable Energy Transition Risks).
Whitespace is a digital platform that facilitates the offering, negotiating, placing, and binding of (re)insurance contracts between brokers and underwriters, aiming to streamline traditionally cumbersome procedures.
Digital Follow, integrated into the Whitespace platform, allows customers to implement and manage automated workflows independently, adding convenience and efficiency to the platform.
Verisk’s Whitespace digital e-trading platform is advancing with the introduction of workflow automation capabilities through Digital Follow.
This feature will initially undergo a trial phase with selected customers to gather feedback, with a broader launch expected in the second half of the year to benefit a wider user base.