Verisk is a leading data, analytics, and technology provider serving clients in the insurance ecosystem. The company offers predictive analytics and decision support solutions to clients in rating, underwriting, claims, catastrophe, weather risk, and other fields. Verisk helps clients protect individuals, communities, and businesses in the U.S. and around the world. The company's solutions are integrated into client workflows and include proprietary data assets, expert industry insight, statistical models, tailored analytic objects, and robust software platforms.

Verisk believes it is uniquely positioned with competitive advantages including proprietary data assets, deep insurance industry expertise and focus, long-standing industry relationships, and scale to drive broad distribution of innovation.

• Employees: 7,500 (as of December 31, 2023)
• Geographic Footprint: 19 countries
• Headquarters: Jersey City, NJ
• Founded: 1971
• Revenue: $2.68 billion (FY2023)
• Market Cap: $31.9 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: FAST, Wood Mackenzie, and 3E Company (divested)

• CEO: Lee M. Shavel
• CFO: Elizabeth Mann
• Board Chair: Bruce Hansen
• Other Key Executives: David J. Grover (Controller and Chief Accounting Officer)

The 10-K does not provide specific tenure or background information for the executives.

• Annual Revenue: $2.68 billion (FY2023)
• Net Income: $614.4 million
• Market Cap: $31.9 billion (as of June 30, 2023)
• Total Assets: $4.37 billion
• Employees: 7,500 (as of December 31, 2023)
• Key Financial Highlights: Revenue increased by 7.4% year-over-year. EBITDA margin was 53.1%.

Verisk offers a range of products and services, including:

• Underwriting Solutions: Policy language, prospective loss costs, policy writing and rating rules, and underwriting solutions for risk selection, pricing, and workflow optimization.
• Actuarial Services: Actuarial services to help clients analyze and price their risks, including pricing, loss reserving, and market analysis.
• Underwriting Data and Analytics Solutions: Information on individual properties, vehicles, and communities to support clients in evaluating, segmenting, and pricing insurance.
• Extreme Event Solutions: Probabilistic catastrophe modeling for hurricanes, earthquakes, winter storms, tornadoes, hailstorms, wildfires, floods, and pandemics.
• Life Insurance Solutions: Solutions that apply advanced analytics, automation, and machine learning to transform workflows in life insurance underwriting, claim insights, policy administration, and fraud detection.
• Specialty Business Solutions: Software solutions for the global specialty insurance market, particularly the London market.
• Marketing Solutions: Data and workflow capabilities to help the global insurance industry drive improvement in customer acquisition, growth, and retention.
• International Underwriting Solutions: Data and solutions to include international markets, including Canada, the U.K., and Ireland.
• Claims Solutions: Analytics in fraud detection, compliance reporting, subrogation liability assessment, litigation, and repair cost estimation and valuation.
• Property Estimating Solutions: Data, analytics, and networking solutions for professionals involved in estimating all phases of building repair and reconstruction.
• Casualty Solutions: Casualty/bodily injury solutions to serve the P&C industry, third-party administrators, and self-insured employers.
• International Claims Solutions: Claim product offerings to international markets through internal innovations and acquisitions in both the United Kingdom and Continental Europe.

Verisk operates in one segment, Insurance, which primarily serves P&C insurance customers. The company previously had three segments: Insurance, Energy and Specialized Markets, and Financial Services. The Energy and Specialized Markets segment was divested in February 2023 and the Financial Services segment was divested in April 2022.

Verisk's business strategy is driven by the following priorities:

• Drive Consistent & Predictable Growth: Leveraging strong client relationships, modernizing core solutions with cloud technology and advanced analytics, and building leadership positions in adjacent markets.
• Drive Operating Efficiency and Profitability: Delivering productivity enhancements and operating efficiency through advanced technology and a global talent workforce.
• Ensure Disciplined Capital Allocation: Prioritizing organic reinvestment, strategic acquisitions, and returning excess capital to shareholders.

Verisk operates primarily in the U.S. P&C insurance industry. The company competes with insurers that develop internal technology and actuarial methods, other statistical agents and advisory organizations, regional providers of commercial property inspections, and specialty technology and consulting firms. In the life insurance sector, Verisk competes against numerous independent vendors, as well as in-house technology departments of life insurers. In the P&C insurance claims and catastrophe modeling markets, Verisk competes with companies in catastrophe modeling, repair cost estimating, claims investigative reports, claims fraud analytics, and injury claims analytics.

• Market Position: The company is a recognized leader in the U.S. for industry-standard insurance programs.
• Key Competitors: Competitors include insurers that develop internal technology and actuarial methods, other statistical agents and advisory organizations, and various technology and consulting firms.
• Industry Trends: Key market trends include rapidly changing technology, growing regulatory focus, and value creation.

• Competition: The company faces competition in many markets and may not be able to compete effectively.
• Data Availability: The company could lose access to data from external sources, which could prevent it from providing its solutions.
• New Solutions: The company's growth depends on its ability to develop and sell new solutions, and delays or defects in new solutions could harm the business.
• Long Selling Cycle: The company typically faces a long selling cycle to secure new contracts, which results in a long lead time before receiving revenues.
• Cybersecurity Breaches: Fraudulent or unpermitted data access and other cyber-security or privacy breaches may negatively impact the business.