Verisk Acquires Franco Signor
September 11 2020 - 09:05AM
Verisk (Nasdaq:VRSK), a leading data analytics provider, announced
today that it has acquired Franco Signor, a highly-regarded
Medicare Secondary Payer (MSP) service provider.
Franco Signor will become part of Verisk’s Claims Partners
business, a leading provider of MSP compliance and other analytic
claim services. Claims Partners and Franco Signor will be combining
forces to provide the single best resource for Medicare
compliance.
“We’re pleased to add Franco Signor’s well-regarded capabilities
to Verisk’s strong offerings in the Medicare space,” said Mark
Anquillare, chief operating officer of Verisk. “We anticipate that
this acquisition will have substantive long-term advantages for the
industry, as Verisk will now be able to offer unparalleled guidance
and an all-inclusive solution suite for all aspects of an insurer’s
Medicare compliance needs.”
While Claims Partners and Franco Signor have both delivered
valued Medicare compliance services for decades, their approaches
are very complementary. With the addition of Franco Signor’s
offerings to Claims Partners’ MSP compliance suite, Verisk now
offers the broadest range of Medicare solutions powered by its
sophisticated analytics and the highest quality data available.
With the synergies resulting from the acquisition, the industry
will benefit from flexible service levels that fully support
insurers, self-insureds, and third-party administrators (TPAs) in
their compliance needs throughout the life of a claim, as well as
the industry-leading quality and service for which Claims Partners
is known.
“The complexities of Medicare compliance obligations are
extremely challenging,” said Richard Della Rocca, president of
Claims at Verisk. “With the addition of Franco Signor to the
Claims Partners team, we can offer the insight and experience of
the country’s top MSP experts under one roof for the benefit of the
entire industry and look forward to providing the very best
experience and service for our customers.”
“We are excited to join Claims Partners in order to
provide integrated solutions and enhanced support to claims
professionals,” said John Williams, chief executive officer of
Franco Signor. “Becoming part of the Verisk family will enable us
to offer added value to our current customers through advanced
analytics.”
The comprehensive Medicare compliance suite includes highly
accurate Section 111 reporting with flexible service that is
tailored to the way insurers and TPAs do business, including
automated conditional payment processing, and a full range of
Medicare Set-Aside (MSA) services including professional
administration. In addition to full compliance support, including
First Report of Injury (FROI)/Subsequent Report of Injury (SROI)
and other Electronic Data Interchange (EDI) reporting, claims
professionals can avail themselves of Claims Partners’ robust
analytic solutions for workers’ compensation and liability claims
and can leverage litigation analytics for improved claim results,
as well as Verisk’s more comprehensive claim offerings which
include fraud detection, investigation resources, subrogation
support, and more.
The purchase price was $160 million.
About Franco Signor Franco Signor,
headquartered in Bradenton, FL, is a full-service provider of MSP
compliance software and services. The company’s customers rely on
their deep domain expertise, robust integrated technology platform,
and flexible reporting capabilities to manage MSP matters on
workers’ compensation, no-fault, and liability claims in compliance
with long-established, complex and evolving MSP regulatory
guidance.
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 and part of the Nasdaq 100 Index. For more
information, please visit www.verisk.com.
Contact:
Investor Relations Stacey Brodbar Head of
Investor Relations Verisk 201-469-4327
stacey.brodbar@verisk.com
Media Joe Madden Verisk Public Relations
201-232-4486 Joseph.madden@verisk.com
Brett Garrison Edelman (for Verisk) 212-639-4903
Brett.Garrison@edelman.com
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