Verisk Pioneers New Approach to Catastrophe Risk with Release of Next Generation Models - Seite 2

• Enhanced workflows. NGM has redesigned workflows in the loss calculation to reflect policy language and the actual flow of losses more correctly into policy structures, making loss results more accurate and more reflective of reality while also making preparing and modeling risk easier.
  

The use of catastrophe models is important for decision-making in the dynamic risk landscape of today’s insurance market. Verisk’s Touchstone and newly released Next Generation Models provides insurers and reinsurers with state-of-the-art resources to boost the capability to assess and price intricate risk, and to fine-tune reinsurance tactics for risk transfer. The revamped financial framework improves the ability to accommodate complex policy terms and model uncertainty, facilitated by streamlined exposure coding and more efficient workflows. The insights derived from these models supports making better-informed decisions and managing the risk inherent in portfolios.

“The release of NGM is the next step in our ongoing commitment to making societies more resilient and helping the insurance industry provide protection to their clients when they are impacted by the devastating impacts of natural catastrophes,” said Rob Newbold, president of Extreme Event Solutions at Verisk. “The insurance industry is evolving, creating new and innovative methods for writing policies in a more complex risk environment. By rebuilding the financial modeling framework that sits behind Verisk’s catastrophe models, we are providing the industry with more flexible and robust tools for underwriting, pricing new business, and managing portfolio risk. NGM will also serve as the basis for our cloud native platforms which will bring further improvements in both insurance and reinsurance workflows.”

The Verisk Hurricane Model for the U.S. available as part of NGM has been approved for filing in Florida.

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About Verisk 
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.

CONTACT: Mary Keller 
Verisk 
339-832-7048 
[e-mail]