JERSEY CITY, N.J., and
ATLANTA, Dec. 12, 2019 /PRNewswire/ -- Verisk
(Nasdaq:VRSK), a leading data analytics provider, and Equifax Inc.
(NYSE:EFX), a data, analytics, and technology leader, have entered
into a strategic agreement to jointly develop the
InflectionTM Insurance Score. Inflection is a new
credit-based scoring solution that combines the robust credit data
of Equifax with the insurance expertise and analytics of Verisk to
help personal auto and property insurers enhance underwriting and
improve growth and profitability.
"Credit-based insurance scores can provide valuable insight into
policyholder risk. But these scores must be based on powerful data
analytics and delivered quickly to meet the needs of insurers
today," said Rod Bazzani, general
manager of insurance solutions at Equifax. "The Inflection
Insurance Score will leverage comprehensive credit data and
advanced predictive modeling, enabling insurers to evaluate and
price risk with greater speed and precision."
Inflection will provide insurers with a balanced framework in
which to evaluate consumers, based on two years of trended credit
data. The score will supplement traditional point-in-time
snapshots, helping insurers gain a more dynamic picture of risk
levels and quickly develop more precise quotes for increased
profitability and customer satisfaction.
"Evaluating risk and uncovering growth opportunities are
increasing challenges for insurers in today's highly competitive
marketplace," said Doug Caccese,
president of personal lines for ISO, a Verisk business. "Inflection
presents a way for insurers to take their underwriting to the next
level, with a solution that can help improve risk segmentation,
pricing, and the customer experience across the policy life
cycle."
The Inflection Insurance Score will be available to insurers
from both Equifax and Verisk and can be easily integrated with
existing insurance workflows. For more information, please visit
https://www.verisk.com/inflection or equifax.com/inflection.
About Verisk
Verisk (Nasdaq:VRSK) is a leading data
analytics provider serving customers in insurance, energy and
specialized markets, and financial services. Using advanced
technologies to collect and analyze billions of records, Verisk
draws on unique data assets and deep domain expertise to provide
first-to-market innovations that are integrated into customer
workflows. Verisk offers predictive analytics and decision support
solutions to customers in rating, underwriting, claims, catastrophe
and weather risk, global risk analytics, natural resources
intelligence, economic forecasting, and many other fields. Around
the world, Verisk helps customers protect people, property, and
financial assets.
Headquartered in Jersey City,
N.J., Verisk operates in 30 countries and is a member of
Standard & Poor's S&P 500® Index. In
2018, Forbes magazine named Verisk to its World's
Best Employers list. For more information, please
visit www.verisk.com.
ABOUT EQUIFAX INC.
Equifax is a global data,
analytics, and technology company and believes knowledge drives
progress. The Company blends unique data, analytics, and technology
with a passion for serving customers globally, to create insights
that power decisions to move people forward. Headquartered
in Atlanta, Equifax operates or has investments in 24
countries in North America, Central and South
America, Europe, and the Asia Pacific region.
It is a member of Standard & Poor's (S&P) 500® Index, and
its common stock is traded on the New York Stock Exchange (NYSE)
under the symbol EFX. Equifax employs approximately 11,000
employees worldwide. For more information,
visit Equifax.com and follow the company's news
on Twitter and LinkedIn.
CONTACT:
Brett
Garrison
Edelman for Verisk
917-639-4903
Brett.Garrison@edelman.com
Kate Walker for Equifax USIS
404-885-8058
MediaInquiries@equifax.com
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SOURCE Equifax Inc.