Verisk Analytics Forms Verisk Climate Division
(Thomson Reuters ONE) -
JERSEY CITY, N.J., October 2, 2013 - Verisk Analytics (Nasdaq:VRSK), a leading
source of information about risk, has formed Verisk Climate. Verisk created the
division to respond to customers' needs for new solutions to manage enterprise
climate and environmental risks, increase service to their customers during
high-impact events, and improve resilience to the growing effects of
environmental extremes.
"Verisk's customers in insurance, in government, and across the supply chain are
increasingly voicing concern for the effects that climate volatility and
environmental extremes are having on their operations and earnings," said Verisk
Analytics President and CEO Scott Stephenson. "The climate division was formed
to introduce new weather and environmental analytics that will enable our
clients to assess and plan for environmental impacts and implement strategies to
differentiate and grow their businesses despite those impacts. Advancements will
be realized by creating integrated solutions that directly leverage the data and
platforms of our other Verisk operating units."
Kyle Beatty has been appointed division president of Verisk Climate. Beatty was
formerly senior vice president of the Verisk's Atmospheric and Environmental
Research (AER) unit, where he was responsible for introducing new products that
translate the effects of climate into decision analytics for manufacturers,
insurance carriers, and commodities traders. AER will operate as a unit of
Verisk Climate under the leadership of AER President Ron Isaacs, with a
continued focus on providing science-based services to government customers.
"Our division's focus is to bring market-leading insight on the business impact
of weather and environmental extremes," said Beatty. "Verisk Climate is
fundamentally different than a weather forecasting company: The breadth of our
scientific knowledge, our access to environmental big data, our ability to
transform that data into decision analytics, and the integration we offer into
clients' workflows through Verisk software platforms allow us to effect change
in unprecedented ways. Insurers using Verisk Climate analytics are increasing
customer retention while meaningfully reducing expenses, and manufacturers are
realizing significant competitive advantage while reducing corporate risk."
"AER remains deeply committed to providing world-class scientific research,
development, and operational support to its government clients, including NOAA,
NASA, and the Departments of Defense and Energy, and to its university and
industry partners," said Isaacs. "The new Verisk Climate Division will leverage
AER's more than 100 advanced-degree scientists and software engineers, global
environmental data resources, and satellite remote-sensing expertise to innovate
new products for all the markets our division serves."
Beatty reports to S. Ming Lee, group executive of Verisk Analytics and president
and chief executive officer of AIR Worldwide. Verisk Climate's focus on reducing
risk in operational processes, such as mitigating environmental disruption
across the supply chain or informing underwriting at the point of sale, will
complement AIR's focus on managing the risk of financial loss for insurers,
reinsurers, brokers, and insurance-linked-securities investors. The independent
operating units' research and development teams will work together on strategic
initiatives that increase the range of analytical tools offered to current and
new customer sets.
"Kyle's deep understanding of AIR Worldwide's natural disaster and weather risk
models will serve as the catalyst for a new suite of derivative innovations
targeted at supply chain executives and corporate risk managers," said Lee.
"When combined with the scientific capabilities and data within AER, Verisk
Climate will further extend Verisk's leadership position in risk-based
analytics."
Manufacturers, suppliers, and distributors can accelerate revenue through more
accurate product demand forecasts using the Verisk Climate solutions for supply
chain, which incorporate Verisk's industry data and the effects of weather
events. Verisk Climate solutions help promote stable operations by mitigating
climate and environmental disruption risks to manufacturing facilities and
suppliers.
Insurance carriers are applying Verisk Climate software, data, and analytics in
catastrophe claims operations to improve customer retention by responding
faster. Underwriters reduce property loss ratios through more accurate risk
selection. Examples include Verisk Climate integrations with the data and
platforms of Verisk Analytics units Xactware and Verisk Insurance Solutions -
Underwriting.
"In the past three years, weather-related losses across the United States and
Canada totaled more than $72 billion, according to Property Claim Services
(PCS), for which more than 7.8 million property claim estimates were created
using Xactware's platforms," said Jim Loveland, president of Xactware. "Verisk
Climate's rapid and accurate assessment of damaging weather events is
accelerating our clients' ability to process insurance claims, improving service
to their policyholders."
"Verisk Climate's land surface terrain analytics are providing unprecedented
information regarding a site's risk characteristics, including property slope,
complexity of terrain, and site accessibility, which can be used to further
refine the 20 million property valuations conducted in Verisk Insurance
Solutions - Underwriting platforms each year," said Neil Spector, president of
Verisk Insurance Solutions - Underwriting.
The Verisk Climate Division is headquartered in Lexington, Massachusetts (781-
761-2233; www.veriskclimate.com).
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading provider of information about risk
to professionals in insurance, healthcare, financial services, government, and
risk management. Using advanced technologies to collect and analyze billions of
records, Verisk Analytics draws on vast industry expertise and unique
proprietary data sets to provide predictive analytics and decision support
solutions in fraud prevention, actuarial science, insurance coverages, fire
protection, catastrophe and weather risk, data management, and many other
fields. In the United States and around the world, Verisk Analytics helps
customers protect people, property, and financial assets. For more information,
visit www.verisk.com.
Contact:
Media Investor Relations
Rich Tauberman Eva Huston
MWW Group (for Verisk Analytics) Senior Vice President and Treasurer,
202-600-4546 Corporate Finance and Investor Relations
rtauberman(at)mww.com Verisk Analytics, Inc.
201-469-2142
eva.huston(at)verisk.com
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Source: Verisk Analytics Inc. via Thomson Reuters ONE
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Datum: 02.10.2013 - 18:10 Uhr
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