Technological advances are streamlining the insurance underwriting process. Insider Engage talks to Tim Rayner, CEO of Verisk Specialty Business Solutions at Insurance Insider’s London Market Conference to discuss how its recent acquisitions have enhanced its digital strategy and what’s next for the data analytics provider.
The business has undergone some changes recently introducing its Rulebook product and acquiring pricing platform Whitespace.
Rayner said: “What the Rulebook gave us for the first time is that enterprise rating pricing and distribution capability.
“In March 2021 we acquired Whitespace, the electronic placing platform in the London Market which competes with PPL.
“Bringing those two platforms and capabilities together, we've got the unique ability to have algorithmic underwriting or distribution at the front end, backed off by negotiated placement at the back end.
“There are exciting developments around that digital track strategy and how we can then make the market more efficient to do more than the same by unifying those two capabilities.
Verisk Specialty Business Solutions has realigned its approach following the departure of four senior executives in the organisation, focusing its efforts on a solution-based approach instead of using products to solve they’re issues in the UK London specialty market.
“We've had four senior executive level departures from the organisation. As the new CEO of our business that has allowed me to reset and realign in two different areas,” said Rayner.
“We've had historically the most success in London and the global specialty market. We are refocusing our approach on solutions rather than products.
“As a supplier and a vendor we should be solving our clients and prospects problems, not giving them the choice of how to solve problems with products.
In the US market the business is taking a “partnership approach” and bring together their solutions under the Verisk brand.
“We want to take advantage of the significant relationships that our system business units in what was formerly known as ISO, now called Verisk Underwriting and AIR now called Extreme Event Solutions, leveraging those relationships to become more of a partner to our system business units and take that capability forward,” said Rayner.
“We are driving forward that one Verisk opportunity so bringing in together solutions, whether they're products or datasets from across the global landscape, and bring them together under that one, Verisk strapline and heading.”
