Universal Property Expands Underwriting & Claims Analytics, Improves Customer Experience with Verisk’s Ecosystem of Insuran...
February 09 2021 - 9:00AM
Business Wire
Rapid access to integrated property and claims
information, along with robust data on local risks and replacement
costs, helps Universal serve customers across the insurance value
chain
Universal Property & Casualty Insurance Company, a
wholly-owned subsidiary of Universal Insurance Holdings, Inc.
(NYSE: UVE), is expanding its property underwriting and claims
workflows to support critical touchpoints with customers across the
insurance value chain. The additional solutions are powered by the
growing end-to-end ecosystem developed by Verisk (Nasdaq: VRSK), a
leading data analytics provider. Verisk’s innovative solutions
enable insurers to drive improved business performance and customer
experience from quote to claim by leveraging unique data,
technology, and expertise.
As part of the expansion, Universal will add Xactimate®, the
industry standard property claims estimating solution to its
current use of two Verisk solutions: 360Value®, which delivers
component-based, replacement-cost estimates, and LOCATION®, which
provides address-level information on a variety of risks. These
integrated solutions are part of the Verisk ecosystem and will let
Universal harness claims analytics, including localized pricing
data for labor and materials, to refine underwriting and ensure
customers have the coverage they need throughout the life of the
policy.
Universal will also gain access to Verisk information on the
ages of roofs and the loss histories of customers — two critical
factors in underwriting property insurance — and XactAnalysis®, a
full-cycle claims management tool that can help benchmark and
improve claims performance.
“To meet the needs of our customers, we need current and
reliable information about risk at our fingertips,” said Michael
Poloskey, Chief Operating Officer at Universal Property. “We made
the switch to Verisk’s integrated ecosystem because it will enable
us to quickly access critical data and increase the speed and
precision our customers need when they require coverage or suffer a
loss.”
Verisk continuously combines unique data, advanced analytics,
and leading technologies, such as artificial intelligence and
machine learning, to improve its insurance solutions. Last year,
Verisk enhanced its roof age tool, adding building permit
information from its BuildFax business, a leading provider of
property condition and history data.
“By focusing on the end user, we are creating innovative
solutions that streamline insurance workflows, increase operational
efficiencies, and improve the customer experience,” said Mark
Anquillare, Chief Operating Officer at Verisk. “We’re excited to
expand our relationship with Universal and help them further
improve their digital underwriting and claims experience.”
About Universal Insurance Holdings, Inc.
Universal Insurance Holdings (UVE) is a holding company offering
property and casualty insurance and value-added insurance services.
The company develops, markets, and writes insurance products for
consumers predominantly in the personal residential homeowners
lines of business and perform substantially all other
insurance-related services for its primary insurance entities,
including risk management, claims management and distribution. The
company sells insurance products through its appointed independent
agents and its direct online distribution channels in the United
States across 19 states (primarily Florida). Learn more at
UniversalInsuranceHoldings.com.
About Verisk
Verisk (Nasdaq:VRSK) provides predictive analytics and decision
support solutions to customers in the insurance, energy and
specialized markets, and financial services industries. More than
70 percent of the FORTUNE 100 relies on the company’s advanced
technologies to manage risks, make better decisions and improve
operating efficiency. The company’s analytic solutions address
insurance underwriting and claims, fraud, regulatory compliance,
natural resources, catastrophes, economic forecasting, geopolitical
risks, as well as environmental, social and governance (ESG)
matters. Celebrating its 50th anniversary, the company continues to
make the world better, safer and stronger, and fosters an inclusive
and diverse culture where all team members feel they belong. With
more than 100 offices in nearly 35 countries, Verisk consistently
earns certification by Great Place to Work. For more: Verisk.com,
LinkedIn, Twitter, Facebook and YouTube.
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version on businesswire.com: https://www.businesswire.com/news/home/20210209005237/en/
Rob Luther, 954-958-1200 ext. 6750 VP, Corporate Development,
Strategy & IR rluther@universalproperty.com
Brett Garrison Verisk@Edelman.com 917-639-4903
Universal Insurance (NYSE:UVE)
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