JERSEY CITY, NJ, October 07, 2021 (GLOBE NEWSWIRE) – Court rulings can have a profound impact on insurance companies, affecting everything from the types of exposures insurance companies are willing to insure to strategies reserve allocation and claims management. The verdicts associated with these court decisions can vary widely depending on the jurisdiction, the subject of the insurance and the amount, be difficult to access, time consuming and expensive to research.
To help insurers meet these challenges, Verisk (Nasdaq: VRSK), one of the world’s leading data analytics providers, has enhanced its insurance-specific legal dashboard, CourtSide ™, with a database Verdict. Verisk’s new verdict database provides aggregated information on verdicts by jurisdiction and by insurance subject to support daily decision-making and strategic planning for insurers.
“The addition of the Verdict database to CourtSide will allow operators to create a quantitative analysis of how courts assess coverage issues and can help them consider the potential effects of social inflation on court decisions. related, ”said Deborah Morris, senior vice president. ISO business lines at Verisk. “With better visibility into historic verdict scenarios, carriers are better equipped to take into account potential exposures and manage reserve allocations and settlements, while providing underwriting, claims and product teams the ability to ” integrate data from court decisions into their daily decision-making. ”
New verdict data expands CourtSide’s capabilities
The addition of the Verdict database expands the capabilities of CourtSide, a Verisk solution that visualizes insurance legal decisions, providing jurisdiction-by-jurisdiction analysis and scoring on a wide range of insurance topics.
With the addition of the verdict database, CourtSide now offers:
- Quantitative assessments of coverage issues designed to assist with product management, underwriting and claims
- Comparisons of aggregate verdict data between state and federal courts that will provide insight into the variability between different jurisdictions and courts
- Information on “nuclear verdicts” related to various coverage issues, providing a better understanding of “worst-case scenario” exposures and claims
For more information visit Verisk.com/courtside.
Verisk (Nasdaq: VRSK) provides predictive analytics and decision support solutions to customers in the insurance, energy, specialty markets and financial services industries. Over 70% of the FORTUNE 100 relies on the company’s advanced technologies to manage risk, make better decisions, and improve operational efficiency. The company’s analytical solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, disasters, economic forecasting, geopolitical risks, as well as environmental, social and security issues. governance (ESG). Celebrating its 50th anniversary, the company continues to make the world a better, safer and stronger world, and fosters an inclusive and diverse environment culture or all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk regularly achieves certification by Great place to work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and Youtube.