Verisk Analytics announced last week that the firm has formed Verisk Climate, a division to respond to customers’ needs for new solutions to manage enterprise climate and environmental risks.

Verisk said Verisk Climate will also increase the company’s service to customers during high-impact events, and improve resilience to the growing effects of environmental extremes.

Kyle Beatty has been appointed division president of Verisk Climate. Beatty was formerly senior vice president of the Verisk’s Atmospheric and Environmental Research (AER) unit, where he was responsible for introducing new products that translate the effects of climate into decision analytics for manufacturers, insurance carriers, and commodities traders.

AER will operate as a unit of Verisk Climate under the leadership of AER President Ron Isaacs, with a continued focus on providing science-based services to government customers.

Explaining the new unit, Verisk Analytics President and CEO Scott Stephenson noted that “Verisk’s customers in insurance, in government, and across the supply chain are increasingly voicing concern for the effects that climate volatility and environmental extremes are having on their operations and earnings.”

“The climate division was formed to introduce new weather and environmental analytics that will enable our clients to assess and plan for environmental impacts and implement strategies to differentiate and grow their businesses despite those impacts,” Stephenson said in a statement. “Advancements will be realized by creating integrated solutions that directly leverage the data and platforms of our other Verisk operating units.”

Beatty said: “Verisk Climate is fundamentally different than a weather forecasting company: The breadth of our scientific knowledge, our access to environmental big data, our ability to transform that data into decision analytics, and the integration we offer into clients’ workflows through Verisk software platforms allow us to effect change in unprecedented ways.”

“Insurers using Verisk Climate analytics are increasing customer retention while meaningfully reducing expenses, and manufacturers are realizing significant competitive advantage while reducing corporate risk,” Beatty said.

Isaacs said: “AER remains deeply committed to providing world-class scientific research, development, and operational support to its government clients, including NOAA, NASA, and the Departments of Defense and Energy, and to its university and industry partners.”

“The new Verisk Climate Division will leverage AER’s more than 100 advanced-degree scientists and software engineers, global environmental data resources, and satellite remote-sensing expertise to innovate new products for all the markets our division serves.”

Beatty reports to S. Ming Lee, group executive of Verisk Analytics and president and chief executive officer of AIR Worldwide. Verisk Climate’s focus on reducing risk in operational processes, such as mitigating environmental disruption across the supply chain or informing underwriting at the point of sale, will complement AIR’s focus on managing the risk of financial loss for insurers, reinsurers, brokers, and insurance-linked-securities investors, Verisk said. The independent operating units’ research and development teams will work together on strategic initiatives that increase the range of analytical tools offered to current and new customer sets.

“Kyle’s deep understanding of AIR Worldwide’s natural disaster and weather risk models will serve as the catalyst for a new suite of derivative innovations targeted at supply chain executives and corporate risk managers,” said Lee. “When combined with the scientific capabilities and data within AER, Verisk Climate will further extend Verisk’s leadership position in risk-based analytics.”

Source: Verisk Analytics