Verisk (Nasdaq:VRSK), a leading data analytics provider, today
announced the release of Life Risk NavigatorTM, an innovative,
cloud-based stochastic risk modeling platform that offers in-depth
portfolio analytics which can enhance risk selection, quantify
changes in mortality rate, improve hedging strategies, and drive
better financial decision-making. The cutting-edge analytics
provided by Life Risk Navigator are driven by Verisk’s Life Risk
Models, a comprehensive set of probabilistic risk models that
simulate mortality trends, causes of death, and excess mortality
events at a granular level.
“As the life insurance industry undergoes a digital
transformation, the demand for modern analytics platforms has grown
significantly,” said Maroun Mourad, president, global underwriting
at Verisk. “Life Risk Navigator brings together a robust modeling
suite and allows organizations to streamline their pricing, ERM,
and portfolio optimization workflows into a single platform.”
The web-based Life Risk Navigator was built to consider the
workflows of life insurers, annuity providers, and reinsurers. It
enables insights across a full probability distribution of risk,
capturing uncertainty and offering insight into correlations
between policies and portfolios. This full range of tail risk
metrics enables portfolio benchmarking, optimization, and Solvency
II modeling. By capturing trend risk at an individual level,
regardless of the granularity of data inputs, the platform
diminishes adverse selection and can enhance profitability through
greater pricing precision.
Verisk’s Life Risk Models are now available in the Life Risk
Navigator platform. The comprehensive set of models allow users to
access targeted analytics in a single tool to make efficient risk
selections. The Mortality Projection Model, part of the risk model
set, provides mortality assessments categorized by age, sex, and
cause of death.
The model simulates causes of death for each age and sex
specifically, considering socioeconomic and related risk factors
and accounting for medical advancements and changing lifestyles
informed by peer-reviewed epidemiological studies and statistics
from relevant ministries and departments of health. Changes in
mortality risk based on associated biomedical factors are
explicitly modeled—such as smoking status, diabetes, body mass
index—incorporating not just the overall trends in mortality, but
the weighted contribution of each risk factor to potential
mortality improvement for each cause of death over time.
“Backed by AIR Worldwide, a trusted leader in risk modeling and
analytics, our Life Risk Models go beyond traditional actuarial
methods to explicitly capture dynamic mortality and morbidity risk
associated with changing habits and lifestyles, as well as excess
mortality events,” continued Mourad. “By incorporating this
detailed understanding of the drivers of mortality risk and
possible trends over a policy’s lifecycle, life insurers and
annuity providers can make better risk management decisions that
align with strategic goals.”
To support life insurers across the policy life cycle, Verisk
has developed a suite of solutions that apply advanced analytics,
automation, and machine learning to existing and emerging data
sources. The solutions are designed to transform current workflows
in life insurance underwriting, life and pension analytics, claim
insights, compliance and fraud detection, and actuarial and
portfolio modeling. To learn more about Verisk’s life insurance
solutions, visit verisk.com/life.
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 AIR WorldwideAIR Worldwide (AIR) provides
risk modeling solutions that make individuals, businesses, and
society more resilient to extreme events. In 1987, AIR Worldwide
founded the catastrophe modeling industry and today models the risk
from natural catastrophes, terrorism, pandemics, casualty
catastrophes, and cyber incidents. Insurance, reinsurance,
financial, corporate, and government clients rely on AIR’s advanced
science, software, and consulting services for catastrophe risk
management, insurance-linked securities, longevity modeling,
site-specific engineering analyses, and agricultural risk
management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is
headquartered in Boston, with additional offices in North America,
Europe, and Asia. For more information, please visit
www.air-worldwide.com. For more information about Verisk, a leading
data analytics provider serving customers in insurance, energy and
specialized markets, and financial services, please visit
www.verisk.com.
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For more information, contact:Kevin LongAIR
Worldwide+1-617-267-6645klong@air-worldwide.com
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