Verisk Analytics (VRSK) Bernstein 42nd Annual Strategic Decisions Conference summary

AI strategy and product innovation

• Launched MCP server to enable secure, efficient AI-powered data access for insurance workflows, with connectors to underwriting and restoration analytics datasets, enhancing client productivity and value creation.

• Collaborated with Anthropic to integrate large language models, allowing clients to query proprietary datasets without exposing underlying data, supporting underwriting and claims estimation.

• AI viewed as a distribution channel and partnership opportunity, not a competitor, with focus on integrating proprietary, high-quality datasets into client and industry workflows.

• AI adoption among clients increases demand for data products, with productivity gains in underwriting and claims estimated at 5%-10%.

• Regulatory engagement focuses on transparency and predictability, with neuro-symbolic AI being piloted to meet compliance needs.

Client adoption, build vs. buy, and competitive landscape

• Large clients prefer integrating proprietary datasets into their own AI strategies, while smaller carriers often adopt turnkey solutions.

• AI startups mainly focus on workflow automation and analytics layers, but face challenges scaling with large insurers due to risk concerns.

• Internal strategy emphasizes applied technology and client-driven use cases, leveraging existing models rather than building foundational AI models.

• Competitive moat is strongest in proprietary datasets, catastrophe models, and underwriting analytics, with ongoing investment in data quality and integration.

Growth opportunities and product roadmap

• AI-driven data consumption and workflow integration expected to drive medium- and long-term growth, with gradual industry adoption due to regulatory caution.

• New SaaS-based Synergy Studio platform enables faster, more robust catastrophe modeling and opens the ecosystem to third-party models.

• Core Lines Reimagined program digitizes data delivery and enhances API-driven infrastructure, positioning for future AI integration.

• Expansion targets include excess and surplus markets, international growth (notably London, Middle East, Asia), and life insurance analytics via FAST and SuranceBay.