October 4, 2024 - Verisk (VRSK, Financial) just launched its "Whitespace" in the U.S. Whitespace is a data analytics platform designed to help insurance companies identify and analyze untapped market opportunities.
Whitespace was initially launched in the London market and has now expanded to the US. The product has seen significant growth in London, with nearly 170,000 lines written in 2024, compared to just 50,000 in 2022. This success demonstrates the value that Whitespace can bring to the (re)insurance market and suggests that it has the potential to be a valuable tool for US-based insurers as well.
These are how Whitespace helps its clients:
- Market segmentation: Whitespace can help insurers identify specific customer segments that are not being adequately served by the industry by supporting the entire (re)insurance lifecycle, connects brokers, underwriters, and MGAs in the excess and surplus (E&S) and specialty insurance markets.
- Pricing optimization: Whitespace can help insurers optimize their pricing strategies to improve profitability and competitiveness.
- Risk assessment: The platform can be used to assess the risk associated with entering new markets or expanding product offerings.
- Competitive analysis: Whitespace can provide insights into the competitive landscape, allowing insurers to identify their strengths and weaknesses.
Verisk used advanced technology to help insurance providers to assess and price risks more accurately and improve claim settlement processes. With the U.S. E&S market reaching over $115 billion in direct premiums written in 2023, Verisk believes that it can reap a great market share in the U.S with its Whitespace.
Verisk committed to enhance its offerings and expand its market presence in the insurance industry by making a strategic integration with Seek Now in March 2024 and launched its Next Generation Models in April 2004. Seek Now is a claims inspection service from Verisk to improve processing times for claim resolutions. And Next Generation Models is aimed to be part of Verisk's Touchstone platform to improve global catastrophe modeling and risk analysis for better insurance risk analysis. And now Verisk is bringing Whitespace to the U.S.
Verisk's financial performance in the first quarter of 2024 was strong, with revenue of $704 million, up 8% and adjusted earnings before interest of $380 million, up 11.8%. The company's financial health is also reflected in its strategic buyback in its own stock as much as $200 million of common shares and a 15% increase in dividend to 39 cents per share.
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