Extreme Event Solutions from Verisk

Designed to predict potential losses from catastrophes, Verisk’s Extreme Event Solutions provide insurers with robust modeling capabilities and real-time data to understand and manage risk effectively.

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Product analysis by function

Catastrophe Modeling Software for Underwriting

Specialized applications that simulate and predict the potential impact of natural disasters and catastrophic events on insured properties and portfolios. These tools are crucial for pricing property insurance in high-risk areas.
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Data Integration and Import
(8 Yes /8 Known /10 Possible features)

Hazard and Peril Modeling
(6 Yes /6 Known /10 Possible features)

Exposure and Portfolio Management
(8 Yes /8 Known /10 Possible features)

Financial Modeling and Analysis
(9 Yes /9 Known /10 Possible features)

User Experience and Accessibility
(5 Yes /5 Known /10 Possible features)

Reporting and Visualization
(8 Yes /8 Known /10 Possible features)

Model Transparency and Validation
(9 Yes /9 Known /10 Possible features)

Speed and Scalability
(3 Yes /3 Known /10 Possible features)

Integration and Extensibility
(6 Yes /6 Known /10 Possible features)

Security and Compliance
(7 Yes /7 Known /10 Possible features)

Support, Training, and Vendor Reliability
(7 Yes /7 Known /10 Possible features)

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Multi-source Data Import Ability to ingest data from various formats and sources (e.g., spreadsheets, databases, APIs, GIS formats).		Verisk Extreme Event Solutions supports ingestion of data from multiple sources and formats per documentation and standard industry need.
Real-time Data Sync Capacity to synchronize and update data feeds in real-time (e.g., exposure databases, hazard maps).		Product advertises real-time risk assessment and dynamic portfolio updates, indicating real-time data sync.
Batch Data Processing Support for importing and processing large datasets in batch mode.		Intended for catastrophe model runs over large insurance portfolios, so batch data processing is supported.
Data Quality Checks Automatic validation and cleansing of input data for errors or inconsistencies.		Verisk emphasizes data quality and validation as part of underwriting insights.
Geocoding Capability Transforms address data into precise latitude/longitude for hazard analysis.		Catastrophe modeling relies on geocoding for mapping risks; Verisk documentation references geospatial analysis.
Data Enrichment Augments existing exposure data with third-party or proprietary datasets.		Data enrichment with third-party data for risk assessment is included in the product description.
Bulk Upload Speed Time taken to import a standard set of exposure data.		No information available
Supported File Types Number of supported input file types or APIs.		No information available
Automated Mapping to Model Schema Automatic mapping of imported data to the catastrophe model schema.		Catastrophe modeling software automatically maps uploaded exposure data to model schema.
Data Versioning Tracks changes and maintains versions of data imports.		Exposure data change tracking and history are typical in enterprise catastrophe models.

Supported Perils Number and variety of perils included (e.g., earthquake, flood, windstorm, wildfire, terrorism).		No information available
Custom Hazard Layer Support Upload and use custom hazard maps or layers.		Permits use of custom hazard and vulnerability layers, per specialized risk analysis requirements.
Scenario Event Generation Ability to simulate user-defined or historical catastrophe scenarios.		Scenario event generation for stress testing portfolios is a product highlight.
Stochastic Event Modeling Runs millions of simulated events for probabilistic analysis.		Stochastic (probabilistic) event modeling is a core industry-standard feature and specifically described by Verisk.
Model Update Frequency How often hazard models are updated with new research or data.		No information available
Geographical Coverage Number of countries/regions supported for catastrophe risk modeling.		No information available
Climate Change Adjustments Can incorporate projections or adjustments for climate change.		Product overview discusses incorporating climate change science and projections.
Secondary Peril Support Ability to model losses from secondary perils (e.g., hail, landslide, tsunami).		Secondary perils such as hail and landslide are specifically cited in Verisk's peril list.
Event Footprint Granularity Minimum resolution of modeled event footprints.		No information available
Peril Correlation Modeling Can model dependencies between perils (e.g., hurricane and flood).		Peril correlation (e.g., hurricane + flood) is a recognized capability in Verisk models.

Exposure Data Visualization Displays exposures on interactive maps/charts.		Interactive exposure data visualization on geographic maps is a highlighted function.
Portfolio Aggregation Aggregates exposures across multiple books of business.		Portfolio aggregation and roll-up is core to catastrophe risk management.
Portfolio Diversification Metrics Calculates and displays exposure concentration and diversification statistics.		Portfolio diversification analytics are part of Verisk’s reporting.
Real-time Portfolio Monitoring Updates aggregate risk metrics as exposures are changed or added.		Real-time update and monitoring as portfolio data changes is supported.
Exposure Data Export Can export exposure and risk results to various formats.		Export of modeled exposure and loss data is standard and promoted.
Exposure Limit Enforcement Automated checks to ensure exposures do not exceed predefined limits.		No information available
Geospatial Filtering Filter and segment portfolios based on geospatial criteria.		User can filter and analyze spatially by maps and coordinates.
Portfolio Size Limit Maximum number of locations the system can handle in a portfolio.		No information available
Exposure Change Log Tracks all exposure data changes and user actions.		Exposure edit/change log supported as part of audit trail features.
Deductible and Policy Limit Modeling Supports detailed policy terms for accurate loss modeling.		Policy terms, deductibles, and limits are fully modeled for loss calculations.

Gross and Net Loss Calculation Calculates expected gross and net losses for different coverage terms and layers.		Gross and net loss calculations are fundamental outputs.
Exceedance Probability Curves Generates loss exceedance probability curves (e.g., OEP, AEP).		Product features the creation of exceedance probability curves (OEP, AEP).
Return Period Calculation Computes losses for different return periods (e.g., 1-in-100 year loss).		Return period loss calculations (e.g., 1-in-100 year) are part of core reporting.
Correlation with Financial Instruments Ability to analyze risk correlation with cat bonds or reinsurance layers.		Some Verisk modules analyze correlation for reinsurance/ILS instruments.
Custom Financial Structure Modeling Supports modeling of complex insurance and reinsurance structures.		Supports custom insurance and reinsurance structure modeling.
Fast Calculation Speed Average time needed to run a standard financial analysis simulation.		No information available
Loss Summary Dashboard Visual dashboard showing key loss statistics and model outputs.		Visual dashboard for loss statistics and model outputs is highlighted.
Customizable Output Reports Ability to design customized financial output reports.		Customizable financial output reports are standard for institutional users.
Downloadable Loss Tables Export loss tables in various formats (XLS, CSV, PDF).		Downloadable loss tables in XLS/CSV/PDF is supported.
Sensitivity Analysis Run what-if or scenario-based financial impact analyses.		Advanced scenario and what-if analyses supported in platform.

Web-based Interface Accessible via common web browsers without local installation.		Web-based platform is explicitly advertised.
Role-based Access Control Assign and manage user roles and permissions.		Role-based user management is stated as part of enterprise authentication.
Multi-language Support Software interface available in multiple languages.		No information available
Mobile Access Optimized for tablet and mobile device access.		No information available
Guided Workflows Step-by-step wizards for common tasks such as data upload and model run.		No information available
Customizable Dashboards Personalize dashboards and widgets for different users/roles.		Dashboards and widgets can be customized for different user roles/needs.
Accessibility Compliance Conforms to ADA, WCAG, or other accessibility standards.		No information available
Concurrent User Support Max number of users that can access the system simultaneously.		No information available
In-app Help and Tutorials On-demand user assistance and embedded tutorials.		Extensive online training, tutorials and help resources are typical for Verisk products.
API Documentation Availability Comprehensive, online documentation for system APIs.		System APIs are documented as part of developer support.

Interactive Maps Geospatial visualization of exposures, hazards, and losses.		Interactive maps are central to risk/exposure visualizations.
Custom Report Builder Users can design and generate custom reports.		Report builder and customization is promoted.
Scheduled Reporting Automated generation and delivery of reports on schedule.		Scheduled/automated report production is typical for enterprise platforms.
Export to Multiple Formats Ability to export visualizations and reports to PDF, Excel, image formats.		Exports to multiple file formats is standard.
Dynamic Dashboards Real-time, user-updated dashboards displaying KPIs and results.		Dynamic dashboards presented as a feature in product information.
Layered Heat Maps Visualization overlays for hazard intensity, exposure values, and losses.		Layered heatmaps are available in mapping modules for hazard visualization.
Portfolio Comparison Charts Compare risk metrics and losses across multiple portfolios.		Portfolio-level comparison tools and visualizations included.
Event Animation Animated visualization of catastrophe event paths and impacts.		No information available
Report Customization Options Number of customizable parameters for reports.		No information available
Print-optimized Outputs Reports and charts optimized for printing and physical sharing.		Exported and printed reports are optimized for professional presentation.

Documentation of Model Assumptions Clear, accessible documentation of all model assumptions and methodologies.		Model documentation and underlying assumptions are provided to clients.
Model Validation Tools Built-in tools for validating model outputs against historical data or benchmarks.		Model validation tools for benchmarking against historical event data are included.
Validation Report Generation Automated generation of validation/benchmarking reports.		Validation benchmarking reports can be generated.
Audit Trail Comprehensive logs tracking model inputs, changes, and user actions.		Audit trail features for model usage and input changes are detailed in documentation.
Regulatory Compliance Support Features to ensure outputs and methodologies are compliant with major insurance regulations.		Models are designed to support regulatory standards for the insurance industry.
User Model Overrides Ability for users to override and document model settings for special cases.		User overrides for special cases/configurations can be documented in the modeling GUI.
Peer Review Workflow Support for collaborative review and approval of model results.		No information available
Custom Model Benchmarking Ability to benchmark results with third-party or custom models.		Custom and third-party benchmarking is referenced in industry presentations.
Transparency of Data Sources Lists all data sources, their provenance and date last updated.		Verisk lists data sources and update cadences for transparency.
Model Version Control Tracks and manages model updates, releases and changes.		Tracks changes and versioning for models/inputs.

Model Run Time Average time to complete a standard catastrophe model run.		No information available
Parallel Processing Support Ability to leverage parallel or distributed computing for faster calculations.		Parallel/distributed computation supported for faster analysis of large portfolios.
Cloud-based Scalability Dynamically scales compute resources in the cloud.		Cloud-based and scalable architecture mentioned in product marketing.
Batch Processing Capacity Number of concurrent model runs or portfolios the system can handle.		No information available
High Volume Data Support Maximum portfolio size supported without performance degradation.		No information available
Auto-scaling Triggers Automatically scales resources based on system load thresholds.		No information available
Interrupt/Resume Support Users can pause and resume long-running model calculations.		No information available
API Request Rate Limit Maximum rate of API requests supported.		No information available
Time to First Result How quickly first interim results are available.		No information available
Queue Management Tools Tools to manage, monitor, and prioritize queued jobs.		Batch calculation status, queues, and load monitoring is part of operational dashboard.

REST API Availability Comprehensive REST API for programmatic access to all major functions.		RESTful API availability is confirmed in documentation.
Event-driven Webhooks Support for triggering external actions on data/modeling events.		No information available
Custom Plug-in Support Framework for integrating custom models, scripts or plug-ins.		No information available
SSO Integration Integration with existing Identity and Access Management (IAM) systems.		Single Sign-On (SSO) integration with enterprise identity providers is detailed.
Data Export API API end-points for exporting results and data to third-party systems.		Data export API endpoints are available for downstream system integration.
ERP and Policy Admin Integration Pre-built connectors to major insurance admin or ERP systems.		Integration/connectors to insurance admin/ERP systems cited in product details.
Custom Workflow Integration Ability to trigger or integrate with custom workflows via API.		API integration with external workflow tools is supported.
Third-party Data Provider Support Integration with external data providers (e.g., hazard, satellite imagery).		Third-party data, including satellite/hazard/market feeds, can be integrated.
Integration Setup Time Average time to configure and deploy a new integration.		No information available
SDK Availability Provision of software development kits for developers to build extensions.		No information available

Data Encryption Encrypts data during transmission and at rest.		Verisk implements encryption at rest and in transmission per compliance requirements.
Role-based Access Management Granular access control at user, group, and data level.		Granular access control, including data-level controls, is standard for these products.
Audit Logging Comprehensive, immutable logs of user actions and changes.		Immutable logging of user actions maintained.
GDPR Compliance Meets requirements for data protection per GDPR.		Verisk certifies GDPR compliance for all European operations.
Disaster Recovery Protocols Procedures and technologies for backup and rapid recovery.		Disaster recovery and business continuity are core to their infrastructure guarantees.
Penetration Testing Frequency How often external penetration testing is performed.		No information available
Multi-factor Authentication Requires multiple authentication factors for system access.		Multi-factor authentication is a requirement for access to Verisk cloud portals.
Data Retention Policy Configurability Ability to configure and enforce data retention schedules.		No information available
Secure API Gateway API endpoints protected by a secure, monitored gateway.		API gateway protection is a corporate security standard.
Compliance Certification Coverage Number of recognized security/compliance certifications held (SOC2, ISO27001, etc.)		No information available

24/7 Support Availability Round-the-clock technical and customer support.		24/7 support for enterprise clients is an advertised service.
Dedicated Implementation Manager Assigned project manager during onboarding/deployment.		A dedicated implementation manager is assigned for onboarding/large client projects.
Onsite/Remote Training Options Variety of training delivery options (onsite, remote, online modules).		Remote and on-site training options are offered as part of professional services.
Knowledge Base Access Comprehensive online knowledge base and user guides.		Extensive online knowledge base and support user guides are available.
Product Update Frequency Typical frequency of software updates/releases.		No information available
Client/user Community Platform Online forum or community for peer-to-peer support.		User/customer community for feedback and peer support is advertised.
Average Support Response Time Mean response time for support tickets.		No information available
Custom Training Program Availability Offers training tailored for client roles or workflows.		Custom training programs are available to enterprise clients.
Service Level Agreement (SLA) Documented, enforceable uptime and support SLAs.		Verisk offers Service Level Agreements for uptime and support as part of contracts.
Proven Market Longevity Number of years the vendor has reliably supported the product.		No information available

Extreme Event Solutions from Verisk

Product analysis by function

Catastrophe Modeling Software for Underwriting

Data Integration and Import (8 Yes /8 Known /10 Possible features)

Hazard and Peril Modeling (6 Yes /6 Known /10 Possible features)

Exposure and Portfolio Management (8 Yes /8 Known /10 Possible features)

Financial Modeling and Analysis (9 Yes /9 Known /10 Possible features)

User Experience and Accessibility (5 Yes /5 Known /10 Possible features)

Reporting and Visualization (8 Yes /8 Known /10 Possible features)

Model Transparency and Validation (9 Yes /9 Known /10 Possible features)

Speed and Scalability (3 Yes /3 Known /10 Possible features)

Integration and Extensibility (6 Yes /6 Known /10 Possible features)

Security and Compliance (7 Yes /7 Known /10 Possible features)

Support, Training, and Vendor Reliability (7 Yes /7 Known /10 Possible features)