October 4, 2024 – Verisk (NASDAQ:VRSK) launches ‘Whitespace’ in the US. Whitespace is a data analytics platform designed to help insurance companies identify and analyze untapped market opportunities. White Space was initially launched in the London market and is now expanding to the US. The product has experienced significant growth in London, going from just 50,000 lines written in 2022 to nearly 170,000 lines written in 2024. This success demonstrates the value that Whitespace brings to the (re)insurance market and suggests that Whitespace has the potential to contribute to the insurance market. It is also a valuable tool for US-based insurance companies.
Here’s how Whitespace supports our clients:
Market Segmentation: Whitespace helps insurers identify specific customer segments that the industry is not adequately serving by supporting the entire (re)insurance lifecycle, increasing Excess Surplus (E&S) and Connecting brokers, underwriters, and MGAs in the specialty insurance market.
Pricing Optimization: Whitespace helps insurance companies optimize their pricing strategies and improve profitability and competitiveness.
Risk Assessment: This platform can be used to assess the risks associated with entering new markets or expanding your product offering.
Competitive analysis: Whitespace provides insight into the competitive landscape, allowing insurers to identify their strengths and weaknesses.
Verisk leverages advanced technology to help insurance companies more accurately assess and price risk and improve the claims settlement process. The US E&S market will generate more than $115 billion in direct premium revenue in 2023, and Verisk believes White Space will allow it to capture significant market share in the US.
Verisk strengthened its services and expanded its market presence in the insurance industry through a strategic integration with Seek Now in March 2024 and the launch of its next-generation model in April 2004. Seek Now is Verisk’s claims inspection service that reduces claims processing time. Resolution of Claims. Next Generation Models is also part of Verisk’s Touchstone platform, aimed at improving global catastrophe modeling and risk analysis and improving insurance risk analysis. And now Verisk is bringing Whitespace to the US
Verisk’s financial performance for the first quarter of 2024 was strong, with revenue up 8% to $704 million and earnings before interest and adjustment up 11.8% to $380 million. The company’s financial health is reflected in its strategic buyback of $200 million in common stock and a 15% increase in its dividend to 39 cents per share.
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This article first appeared on GuruFocus.