Texas Regulators Plan to Use Verisk’s InsurTech Platform to Help Automate and Accelerate Review of Thousands of New Property/Casualty Forms
Jersey City, N.J., May 12, 2020 (GLOBE NEWSWIRE) -- Verisk (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.
Verisk (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.
Edelman (for Verisk)