Verisk Offers New Products To Tap Underserved Market
Zacks Investment Research | Jan 11, 2018 09:35PM ET
Verisk Analytics, Inc. (NASDAQ:VRSK) recently unveiled a slew of flood insurance solutions for the personal property market. The service will be provided through ISO, a unit of Verisk Insurance Solutions group.
The flood insurance program will allow insurers to provide optional coverage for risks in excess of those typically covered by the National Flood Insurance Program. It will also include the option to provide coverage for detached garages, fences, pools or personal property in a belowground area.
By providing homeowners with greater and more flexible insurance options, specified in terms already familiar to them, ISO aims to capitalize on an underserved market with huge revenue-generating potential. ISO hopes that through the information that it provides, insurers will be able to develop more innovative coverage plans for the personal insurance market. Judging from the impact of floods in the recent years, many American homeowners are grossly underprepared for expenses rising from such natural calamities. ISO intends to increase its flood risk insurance plans designed for homeowners in the entirety of the United States, using its personal insurance solutions.
Notably, in August 2017, ISO had launched a flood insurance program aimed for the commercial market. The program aimed to provide insurers with the necessary tools required to develop and provide flood policy coverage to affected businesses.
ISO is a leading information source for participants in the property/casualty insurance market. Location-specific risk assessment, replacement cost estimation, catastrophe management and predictive analytics are some of the services that it provides to homeowners for personal property insuring. These products form an integral part of its parent firm Verisk, which provides various services for informed decision making about risk, investments, and operations with greater precision, efficiency, and discipline.
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