So what exactly does the Jersey City-based, billion-dollar Verisk Analytics do?
That’s easy. President and CEO Scott Stephenson can summarize it like this:
“We help our clients make crucial decisions every day that affect millions of lives and tens of thousands of businesses around the world.”
And you thought your job was important.
Here’s one example of Verisk’s impact: It manages a database of more than 960 million property casuality insurance claims. That database is tapped by more than 90 percent of the property casuality insurance industry in the U.S.
So Verisk is the reason trying to pull a fast one on your insurance company isn’t advisable.
The analytics Verisk deploys help make determinations as to whether a claim should be paid quickly or if there is some suspicious activity that warrants a red flag.
For that, the 1,400 New Jersey Verisk employees — and the roughly 6,500 worldwide — pull information about countless industries. And there’s lots of it.
They speak in terms of petabytes by the hundreds, which, for the unfamiliar, is 1,000 terabytes each (and, for the totally unfamiliar, is an extravagant amount of data).
That information — when paired with analytics — has value. It’s worth something like $1.6 billion, if last year’s revenue is any indication.
“(And it also) speaks to the trust that we have with our customers — that they trust us with their data,” said Chris Perini, Verisk Analytics’ chief marketing officer. “It also speaks to the culture of the organization, in that we value (our customers’) trust.”