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Verisk Analytics, Inc. VRSK announced the launch of SmartSource, which is considered to be the next generation of property characteristics prefill. It is designed to answer customers’ expectations for speed and data reliability. SmartSource prefill delivers property characteristics directly into 360Value, the Verisk replacement cost calculator.
It enhances the homeowners underwriting and quoting process and is developed specifically for insurance underwriting. The solution integrates seamlessly for immediate and expedited underwriting use, focuses on both data quality and quantity, prefills reliable data instantaneously from continuously processed data, automatically purges bad data from the system (self-learning) and provides the backbone for a homeowner’s online quoting solution when combined with the 360Value digital front end.
With a rapid change in consumer expectations, insurers are constantly being challenged to improve their customer experience. However, quick underwriting decisions without reliable property data result in inaccurate rates, pre-bind defection and abandoned quotes.
SmartSource offers insurance-ready, property-specific information. It is aimed to provide a better customer-driven experience, streamline new business process, reduce changes from quote to bind. The solution accelerates the underwriting process without sacrificing reliability.
SmartSource incorporates data from multiple proprietary and public sources and uses self-learning algorithms to continually improve the quality of its data. The application currently features up to 68 property-specific characteristics for more than 104 million U.S. residential properties. The numbers are expected to grow as new data sources become available and are added to the application.
Leveraging unique data assets and deep domain expertise, Verisk provides first-to-market predictive analytics and decision support solutions that are integrated into customer workflows for a positive outcome. The company has extended its scalable data and analytic solutions by steadily putting resources into overseas markets.
The scalability of its products has further led to highly cash-generative businesses characterized by increased net margins and relatively low capital intensity. Verisk’s shares have outperformed the industry in the last three months, with an average return of 8.7% compared with growth of 5.9% for the latter. The company continuously seeks to expand its portfolio by leveraging its deep knowledge and embedded position to develop new, proprietary data sets and predictive analytics.
Zacks Rank and Other Stocks to Consider
Verisk has a Zacks Rank #2 (Buy). A few other top-ranked stocks in the industry are The Dun & Bradstreet Corporation DNB, FactSet Research Systems Inc. FDS and IHS Markit Ltd. INFO, each carrying a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Dun & Bradstreet has an expected long-term earnings growth rate of 4.5%. It exceeded estimates in each of the trailing four quarters with an average beat of 11.8%.
FactSet Research has an expected long-term earnings growth rate of 10.9%. It exceeded estimates in each of the trailing four quarters with an average beat of 1.2%.
IHS has an expected long-term earnings growth rate of 11.6%. It exceeded estimates thrice in the trailing four quarters with an average beat of 1.8%.
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