Verisk enters into new collaboration with insurance regulators
JERSEY CITY, NJ, September 29, 2021 (GLOBE NEWSWIRE) – Insurers looking to improve their operations, develop personalized products and comply with state regulations can now benefit from a new collaboration between Verisk (Nasdaq: VRSK) , a leading global data analytics provider and Insurance Regulatory Consultants (IRC), a full service filing and regulatory compliance company.
As part of this collaboration, Verisk can leverage the deep domain expertise and solid data of its ISO business to help new and existing insurers launch new products, improve their actuarial analysis, and improve their ownership. strategic decision. The IRC can assist insurers in the development of these new products and guide them through the regulatory approval process.
“Verisk offers an unmatched combination of deep data assets, analytics, insurance policy programs and actuarial expertise that help insurers innovate and deliver value to their clients,” said Jeremy W Battles, Director, Insurance Regulatory Consultants. “By combining the actuarial expertise of Verisk with IRC’s unrivaled filing experience, we are able, together, to secure the approval of insurance company filings and the rapid commercialization of programs. .
Verisk can help insurers and Managing General Agents (MGAs) quickly achieve their strategic goals by leveraging Verisk’s insurance policy forms, rules, and advisory fees. Drawing on proprietary data sets, an in-depth roster of leading actuaries, and in-depth knowledge of policy programs and analysis products, Verisk’s team of insurance consultants can help customize and implement these programs to meet various customer needs.
Insurance Regulatory Consultants provides advice on state filing, product development and regulatory compliance to insurance companies across the country. In addition, IRC leverages the FilingRamp application, allowing insurers to submit returns faster (via the two-way SERFF API) while providing them with real-time updates on the status of their filing projects in one interface. clear and user-friendly.
“The Insurance Regulatory Consultants team has a long and remarkable track record of helping carriers develop products and guiding them through the regulatory process,” said Saurabh Khemka, president of ISO Commercial Lines at Verisk. “By working together, we can offer insurers a one-stop-shop to help them launch new products, expand into new markets, leverage proprietary data for benchmarking, improve their actuarial analysis and streamline their compliance workflow. Fostering greater innovation is healthy for the industry as well as for our customers and end consumers of insurance. ”
Verisk (Nasdaq: VRSK) provides predictive analytics and decision support solutions to customers in the insurance, energy, specialty markets and financial services industries. Over 70% of the FORTUNE 100 relies on the company’s advanced technologies to manage risk, make better decisions, and improve operational efficiency. The company’s analytical solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, disasters, economic forecasting, geopolitical risks, as well as environmental, social and security issues. governance (ESG). Celebrating its 50th anniversary, the company continues to aim to make the world a better, safer and stronger world, and fosters an inclusive and diverse environment. culture or all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk regularly achieves certification by Great place to work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and Youtube.
About Insurance Regulatory Advisors
Insurance Regulatory Consultants, LLC (IRC) is a full-service state filing and regulatory compliance company established in 1997 in Lower Manhattan by John Battles and Kevin Purcell. Our people implement forward-thinking strategies while applying over 100 years of experience to deliver compliance solutions to insurance companies faster and more efficiently than our competitors. IRC has produced over 75,000 approvals since the introduction of SERFF.