Verisk, a leading data analytics provider, was named the People’s Choice Innovation Vendor of the Year at the Insurance Innovation Awards 2018. The award, sponsored by Insurance Nexus, a global provider of insights and events for the insurance industry, acknowledges the solution provider that has demonstrated exceptional innovation within insurance over the past year.
“Verisk’s innovation spans the entire insurance value chain from underwriting through claims,” said Mark Anquillare, executive vice president and chief operating officer of Verisk. “Our products and platforms help our customers take on industry disruption and compete effectively in a rapidly changing world. The innovation award is powerful validation that our solutions are making an impact on the industry.”
Verisk’s InsurTech solutions are grounded in cutting-edge data management expertise, new technology platforms, and advanced data science methods. Solutions reflect efforts across multiple fields of innovation, including the emerging Internet of Things (IoT) and traditional underwriting, to help boost efficiency and improve the policyholder experience.
In IoT, the Verisk Data Exchange(TM) holds a growing repository of connected car and other data collected and normalized for a wide range of efficient and customer-focused insurance applications. One of those applications is Verisk’s Instant Notice of Loss (INOL) solution, which can connect a customer who has been in an accident with his or her insurance company, right from the scene of the accident. Insurers can assist the customer initiating the claim and enable the policyholder with services such as towing, finding a repair shop, rental car, and more.
Verisk innovation has also led to new workflow solutions that can help make underwriting and buying insurance faster and more efficient. One example is LightSpeed(TM) Auto, a real-time underwriting platform that leverages multiple sources of information to quickly deliver bindable quotes and provide a process that’s easy for applicants.
The innovation award was announced November 28 during the Connected Insurance USA Summit in Chicago.