Universal Property Expands Underwriting and Claims Analytics, Improves Customer Experience with Verisk’s Ecosystem of Insurance Solutions
Rapid access to integrated property and claims information, along with robust data on local risks and replacement costs, helps Universal serve customers across the insurance value chain
FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–Universal Property & Casualty Insurance Company, a wholly-owned subsidiary of Universal Insurance Holdings, Inc. (NYSE: UVE), is expanding its property underwriting and claims workflows to support critical touchpoints with customers across the insurance value chain. The additional solutions are powered by the growing end-to-end ecosystem developed by Verisk (Nasdaq: VRSK), a leading data analytics provider. Verisk’s innovative solutions enable insurers to drive improved business performance and customer experience from quote to claim by leveraging unique data, technology, and expertise.
As part of the expansion, Universal will add Xactimate®, the industry standard property claims estimating solution to its current use of two Verisk solutions: 360Value®, which delivers component-based, replacement-cost estimates, and LOCATION®, which provides address-level information on a variety of risks. These integrated solutions are part of the Verisk ecosystem and will let Universal harness claims analytics, including localized pricing data for labor and materials, to refine underwriting and ensure customers have the coverage they need throughout the life of the policy.
Universal will also gain access to Verisk information on the ages of roofs and the loss histories of customers — two critical factors in underwriting property insurance — and XactAnalysis®, a full-cycle claims management tool that can help benchmark and improve claims performance.
“To meet the needs of our customers, we need current and reliable information about risk at our fingertips,” said Michael Poloskey, Chief Operating Officer at Universal Property. “We made the switch to Verisk’s integrated ecosystem because it will enable us to quickly access critical data and increase the speed and precision our customers need when they require coverage or suffer a loss.”
Verisk continuously combines unique data, advanced analytics, and leading technologies, such as artificial intelligence and machine learning, to improve its insurance solutions. Last year, Verisk enhanced its roof age tool, adding building permit information from its BuildFax business, a leading provider of property condition and history data.
“By focusing on the end user, we are creating innovative solutions that streamline insurance workflows, increase operational efficiencies, and improve the customer experience,” said Mark Anquillare, Chief Operating Officer at Verisk. “We’re excited to expand our relationship with Universal and help them further improve their digital underwriting and claims experience.”
About Universal Insurance Holdings, Inc.
Universal Insurance Holdings (UVE) is a holding company offering property and casualty insurance and value-added insurance services. The company develops, markets, and writes insurance products for consumers predominantly in the personal residential homeowners lines of business and perform substantially all other insurance-related services for its primary insurance entities, including risk management, claims management and distribution. The company sells insurance products through its appointed independent agents and its direct online distribution channels in the United States across 19 states (primarily Florida). Learn more at UniversalInsuranceHoldings.com.
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.
Rob Luther, 954-958-1200 ext. 6750
VP, Corporate Development, Strategy & IR