Insurers Gain Easy Access to Critical Insights on Court Verdicts with New Verisk Database
October 07 2021 - 9:00AM
Court decisions can profoundly impact insurance companies,
affecting everything from the types of exposures carriers are
willing to insure to reserve allocation and claim management
strategies. The verdicts associated with these court decisions can
vary significantly by jurisdiction, insurance topic, and amount, be
challenging to access, and time-consuming and costly to research.
To help insurers address these challenges, Verisk (Nasdaq:
VRSK), a leading global data analytics provider, has enhanced its
insurance-specific legal dashboard, CourtSide™, with a Verdict
Database. Verisk’s new Verdict Database provides aggregate verdict
information by jurisdiction and insurance topic to support
insurers’ daily decision making and strategic
planning.
“The addition of the Verdict Database into CourtSide will
provide carriers the ability to build a quantitative analysis of
how courts are evaluating coverage issues and can help them
consider the potential effects of social inflation on related court
decisions,” said Deborah Morris, senior vice president of ISO
Commercial Lines at Verisk. “With better line of sight into
historic verdict scenarios, carriers are better equipped to
consider potential exposures and address reserve allocations and
settlements, while providing underwriting, claims and product teams
the ability to incorporate court decision data into their daily
decision making.”
New Verdict Data Expands CourtSide’s Capabilities
The addition of the Verdict Database expands the capabilities of
CourtSide, a Verisk solution which visualizes insurance legal
decisions, providing jurisdiction-by-jurisdiction analytics and
scoring on a wide range of insurance topics.
With the addition of the Verdict Database, CourtSide now
provides:
- Quantitative evaluations of coverage issues designed to assist
with product management, underwriting and claims
- Comparisons of aggregate verdict data between state and federal
courts that will provide a better understanding of variabilities
between different jurisdictions and courts
- Information on “nuclear verdicts” related to various coverage
issues, providing a better understanding of “worst-case scenario”
exposures and claims
For more information, visit Verisk.com/courtside.
About Verisk
Verisk (Nasdaq:VRSK) provides predictive
analytics and decision-support solutions to customers in the
insurance, energy and specialized markets, and financial services
industries. More than 70 percent of the FORTUNE 100 relies on the
company’s advanced technologies to manage risks, make better
decisions and improve operating efficiency. The company’s analytic
solutions address insurance underwriting and claims, fraud,
regulatory compliance, natural resources, catastrophes, economic
forecasting, geopolitical risks, as well as environmental, social,
and governance (ESG) matters. Celebrating its 50th anniversary, the
company continues to make the world better, safer and stronger, and
fosters an inclusive and
diverse culture where all team members feel
they belong. With more than 100 offices in nearly 35 countries,
Verisk consistently earns certification by Great Place to
Work. For more:
Verisk.com, LinkedIn, Twitter, Facebook,
and YouTube.
Media Contact:
Michelle Pantina
201-469-3177
michelle.pantina@verisk.com
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