Texas Department of Insurance to Deploy Verisk’s Mozart Form Composer
May 12 2020 - 9:48AM
Verisk (Nasdaq:VRSK), a leading data analytics provider, announced
today that the Texas Department of Insurance (TDI) will be
leveraging the machine learning and natural language processing in
Verisk’s Mozart Form Composer® to accelerate the regulatory review
of thousands of property/casualty forms filed by insurers each
year.
TDI's use of Mozart®, Verisk’s platform for forms management and
product development, is being coordinated with the National
Association of Insurance Commissioners (NAIC) and marks an
expansion of the market for Mozart – from insurers, brokers, and
managing general agents (MGAs) – to insurance regulators.
With Mozart, Texas insurance regulators will be able to
streamline the filing intake process and accelerate review of new
form filings by analyzing how newly filed wording compares to
previously approved wording. They’ll also be able to quickly
identify and evaluate emerging insurance concepts, such as
ridesharing, in newly filed forms. Last year, insurers filed more
than 26,000 property/casualty forms with the Texas Department of
Insurance.
“Many insurers are appreciating the efficiencies Mozart brings
to their operations, and we’re excited that the regulatory
community will now be able to enjoy many of those same benefits,”
said Deborah Morris, senior vice president of commercial lines at
Verisk. “Mozart enables regulators to boost the speed and
efficiency of the filing review process and can help accelerate the
approvals that insurers require to meet the needs of the market.
This expansion of Mozart into the regulatory space marks a
significant development in the platform’s evolution and continued
growth and could enhance the forms development and approval process
for years to come.”
To learn more about Mozart,
visit www.verisk.com/mozart.
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.
Contact:Brett GarrisonEdelman (for
Verisk)917-639-4903Brett.Garrison@edelman.com
Verisk Analytics (NASDAQ:VRSK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Verisk Analytics (NASDAQ:VRSK)
Historical Stock Chart
From Apr 2023 to Apr 2024