Verisk visualize software#

The work includes the creation of both proof-of-concept demonstrations to illustrate specific

You will help our clients in decision analytics, forecasting, and risk management. As a DSEP data scientist, you’ll receive hands-on analytics experience doing everything from data wrangling, querying, modeling, visualizing, and productizing as you work in business areas including insurance, finance, energy, and climate. The program consists of three 18-month rotations within Verisk’s business units as a fulltime Verisk employee. I'm heartened to see Verisk management aggressively acquiring the technology it needs to move forward, but I expect it will need to continue its aggressive approach as the risk management industry responds to a changing technology environment.Verisk’s Data Science Excellence Program (DSEP) is a 4.5-year rotational program designed to develop the next generation of data scientists. While the acquisition of Arium expands AIR's offerings to the casualty side of the business, and will no doubt be accretive over time for VRSK, we are still in early days for the technological disruption of insurance and risk management.

Verisk visualize software#

There continues to be significant analytics innovation in the insurance startup world, which is seeing dramatic growth in venture capital investment, so I expect to see more acquisitions in the future.Īlso, with the rise in AI-driven technologies becoming more widespread, I expect to see more innovation-based disruption in the insurance technology space.īelow is a chart indicating the rapid growth of global venture capital investment in AI companies:įunding is expected to have reached $4.2 billion in 2016.Īs the volumes of data about supply chains and other business activities continue to grow at a startling rate, technology companies that are designed to ingest that data and use the latest software to make sense of it will be able to better optimize their client's operations. Verisk has been on an acquisition binge recently, acquiring MarketStance, Analyze Re, Quest Offshore's data and subscriptions business, Greentech Media, and Risk Intelligence Ireland in the past twelve months alone. The acquisition of Arium will extend and expand its offerings to casualty assessment, enabling significant cross-selling capabilities to its existing client base, as well as providing a more complete range of services to secure new business. Thus, the Arium approach provides AIR with a more holistic solution for its clients, many of whom want comprehensive risk management throughout their supply chains.ĪIR has been focused on property catastrophe modeling since 1987 and has clients in the insurance, reinsurance, financial, government and corporate sectors. The Arium system enables 'companies to run historical and emerging scenarios and build their own scenarios across all casualty lines to visualize how a single event can quickly spill over into other industries and their supply chains.' The two companies did not announce financial terms of the transaction.Īrium will become part of Verisk's AIR Worldwide division.Īccording to a company statement by Bill Churney, president of AIR, 'We believe Arium's capabilities will allow us to do for casualty analytics what we've already done for property analytics, helping insurers and reinsurers comprehensively manage risk across their portfolios.'

The company has developed a modeling approach based on 'dependency theory' that promises to provide a more success-based process to reframe the problem of quantifying risk and the conditions under which companies may operate profitably.Īrium's solutions are focused on helping companies better understand 'extreme event risk' for both property and casualty catastrophe events. London, UK-based Arium (Architects for Risk Identification, Understanding, and Management) was founded in 1998 by Robin Wilkinson, who was formerly the Head of Legal Services at British Airways. I expect to see more of the same, possibly with a focus on acquiring advanced AI (Artificial Intelligence) technologies as they become more powerful and disruptive. The acquisition is one of several that Verisk has closed in the past year as it bolsters the analytics capabilities of various subsidiaries. Jersey City, New Jersey-based Verisk Analytics ( NASDAQ: VRSK) announced that it has acquired risk modeling technology company Arium for an undisclosed amount.Īrium will add catastrophe risk modeling capabilities for casualty exposures to Verisk's AIR Worldwide division, which previously provided the same for property lines.