VERISK ANALYTICS To buy or not to buy the share? VRSK Analysis & Overview

SB

Stacey Brodbar executive

Good morning, everyone. It is so nice to see so many familiar faces in the audience, but for those of you that I don't know and are new here to Verisk I'm Stacey Brodbar, I'm Verisk's SVP of Finance and Investor Relations. So let me be the first to welcome you to our 2026 Investor Day. We are so excited to be here to gather together here in beautiful Jersey City. We're going to discuss our strategic priorities, our competitive positioning, and we'll detail for you how we are going to deliver durable compounding growth and strong shareholder returns over the next 3 years.

Before we begin, let me take this opportunity to direct [indiscernible] the slide on the screen and remind you that some statements made in today's presentation may include forward-looking statements about Verisk's future performance, including those related to our 3-year financial targets and our guidance. Actual performance could differ materially from what is suggested by our comments today. Information about the factors that could affect future performance is contained in our recent SEC filings.

With that, we have a full agenda for you today. We'll begin with a President and CEO, Lee Shavel, who will provide a strategic overview for our business. Then 3 of our key division leaders will offer details on their strategies to drive growth. We will then feature a panel discussion focused on how we are driving growth and supporting our clients by building out our ecosystem businesses. And finally, Elizabeth Mann will wrap it up with her financial review, including our financial target for the next 3 years. Based on your feedback, we will have dedicated lots and lots of time for your questions, so please don't be shy.

And with that, let me turn the stage over to Verisk's President and CEO, Lee Shavel.

[Presentation]

LS

Lee Shavel executive

Good morning, everyone. It's really great to have you here. I appreciate you making time to be with us. There are, obviously, a lot of issues. The market has been sorting through. I'm very excited and we're collectively very excited to share with you the opportunity that we see ahead of us and how we're positioned for us. for it. I'm sure there's a lot on your mind. So we have a lot to cover today, so we're going to jump right into it. When we were together and many in the room were with us in this hotel 3 years ago, we outlined a vision for a Verisk that was wholly focused on the insurance industry, that was going to be working to elevate the strategic relationships that we have in the insurance industry that we were going to be integrating more of our data sets to serve comprehensively the needs of our client base. And we outlined financial goals in revenue growth and margin and overall financial performance. that I am very proud of this team in terms of what they have accomplished.

We have met or exceeded the revenue growth and the margin targets that we set at that time. Elizabeth will go into more detail, but I'm even more excited about the progress that we've made in elevating the dialogue with our clients and our ability to integrate data sets across our business and improve the core that we started with 3 years ago. And that's going to be a lot of the focus that you're going to hear today. And you're going to hear it not just for me. You're going to hear it from my colleagues in terms of the businesses that they operate. You're going to hear it from our clients importantly. And we know their word is worth 10x what we're able to say about the value that we're delivering to them and to the industry. And you're also going to be able, in our solutions gallery, to test and see and ask questions in the specific products and how we are innovating, how are we integrating the new technology.

And all of this will make very clear to you how we have strengthened the core foundation, the data sets and the platforms that are critical to the industry, how we have developed new sources of growth through innovation, through investing in and enhancing and integrating new technologies into our products, how we have elevated the dialogue with our clients and what that has translated into in terms of new opportunities and a greater ability to connect those relationships and how all of that has translated into the compounding growth and the improving margins that are the core of our value proposition.

So over my presentation, I'm going to talk about how we've strengthened that core, how we've grown the marketplace, how our competitive advantages will position us for that further growth and then underscore the ongoing strength of our financial model. I think all of you are familiar with the basic outlines of our business, focusing on the insurance industry with high penetration within that business, the strong recurring revenue, but what's important to understand is that this base gives us a massive embedded client base that we can deploy our data and our technology against so that we can deliver value to them much more quickly and much more efficiently than if they were to do it themselves and an ability to do that with breadth that no competitor is able to match and with data sets that are incomparable and irreplaceable to the industry. We sit at the center of a broad industry with a wide variety of risks, a wide variety of functions. And behind each of those risks or functionalities are very specific products, data sets, analytics that are embedded into specific workflows that are critical to the functioning of the insurance industry, and critical not just for our individual clients, but critical in terms of the necessary interaction between multiple constituents and critical in terms of their regulatory relevance to the industry. And behind each of those products are data sets that are unique and incomparable that underpin over 90% of our revenue. They consist of contributory data like the broad loss costs that we receive from the industry to help them calibrate their underwriting functions. The claims data that support our antifraud solution that saves the industry billions of dollars by their estimate in terms of fraud costs that are unique, historically deep and with tremendous detail that's necessary for the work that they do.

It also consists of proprietary data, data that we gather through our field survey forces, evaluating every fire department in the country so that insurers can know what is the quality, what is the response time, what is the level of training to assess their risk and fires, which is critical. Information that we gather on commercial properties like this building and virtually every other commercial building in the United States that allows insurers to understand very specific detailed data that's relevant to their underwriting, and we can source that data much more efficiently as one company acting on behalf of the industry than they could individually. And off of this contributory and proprietary data, we add proprietary intellectual property like our catastrophe modeling, which builds off a very detailed risk accumulation data, property cost data and repair data, claims information, underwriting standards, all of which support the value of that proprietary intellectual property that we have in weather, in construction, in claims and in underwriting. And software networks that we've invested in to deliver those data sets and those analytics and connect the industry.

So that's the foundation, and we have invested intensely in each of these data sets. They're not static. They're not what they were. And one of the benefits of moving to a purely insurance focus is that we've been able to dedicate more of the capital that we generate to investing in and strengthening those data sets, which will become even more important in this much more AI-driven world. We've improved the frequency with which we can take those data sets on the contributory side and provide more frequent updates more insights from that data that has been enhanced by AI and our analytics. We've allowed our customers to be able to access that data more easily, to query it more effectively and we've accelerated our ability and the breadth of the data sets that we can collect on the proprietary side. And we've also applied AI to improve our proprietary intellectual property by investing -- by testing our models more quickly and more actively. So these data sets are at the core. They will remain critical. You've heard it not just from us, but you'll also hear it from our clients, and you'll hear it even from the AI companies that have recognized the importance of good quality data for the importance of the effectiveness of this new technology across the industry.

So with the strength in core, let me move to the growing marketplace [indiscernible] supports our opportunity and the competitive advantages that we bring to bear in pursuing that opportunity. So the U.S. property and casualty insurance industry, our most important market, is projected to grow at a very solid mid-single digits, 5% growth rate, and that's higher than the historical rate of 4.3%. And the reason it's higher is that we are seeing increased severity in a number of areas and across various insurance product lines. And we're also seeing above-average growth in new markets like excess and surplus, which has been an important opportunity for us to gather new data sets and reference existing admitted lines data sets that are guiding the excess and surplus [indiscernible].

Now from that base industry level, our ability to grow at a higher rate has historically and will continue to be driven by ongoing increases in the demand for data and analytics from multiple sources. We see increased demand from carriers for more data to support more efficient automation of their core functions on underwriting [Audio Gap] claims risk management. We clearly see increased demand for data to support AI applications and particularly data that is broad across the industry and detailed in terms of level of costs, underwriting aspects, regulatory complexity, all of which are going to be relevant in how AI can make the insurance industry better. We're seeing growth in demand for data from market sectors, increasing growth in demand in the intermediary space, including brokers, agents, MGAs [indiscernible] creating a new source of demand that we're satisfying for data and technology. Growth in the excess and surplus in the specialty markets, as I've described, is also creating new opportunities for us to gather data sets and leverage the data sets that we have to meet their needs.

And finally, there are key macro trends that we are seeing demand for information from regulators and from our carriers on affordability, climate risk and social inflation. So all of these are contributing to a market environment where we have the unique ability to pull these data sets together efficiently and ensure the quality and the trust that the industry seeks and using them. And to pursue that opportunity, we have several distinct competitive advantages. I'm going to talk briefly about each of them.

The first differentiator is simply the quality of the data that we have built, that we have invested in improving. It is at the core of critical functions of underwriting and claims and risk management. It's used broadly by the industry. And because of that, it becomes an industry standard that our clients rely on to benchmark their own performance. It also becomes a basis for communication between multiple constituencies between carriers and reinsurers and contractors and adjusters and regulators that support the overall activity. And it's that regulatory aspect that I think is important to understand. The regulators want to make certain that the underwriting and the claims decisions that are being made are supported by reliable data, and it needs to be auditable. It needs to be transparent. It needs to be standardized. And that's an incredibly important role that we play for that constituency, and it's not an easy constituency to satisfy because we still operate in a state-based regulatory environment, and these regulations are changing across those states [indiscernible] and frequently with different issues and a lot of what we do is staying on top of what's happening from a regulatory perspective.

And finally, the unmatched [indiscernible] breadth of the data and the level of trust that we have in the industry is a unique advantage for us to be able to continue to expand and develop those data sets.

Now let me turn to the second differentiator, which builds on the quality of the data. And that's our ability to draw information, particularly current information and integrate it with our scale, with our technological capability, with our industry knowledge to be able to deliver real tangible functional benefits to the industry. We're able to utilize this data from across this industry [indiscernible] to improve underwriting speed, to get pricing uplift on the underwriting side, to improve claims estimates, to accelerate the settlement of claims, which saves insurers monies. We're able to build new catastrophe models, broader models, more frequently updated models. We can improve compliance cost and compliance speed, and we're now improving the distribution, the distribution effectiveness for brokers and agents within the business. So it's a tremendous breadth that allows us with our industry knowledge to apply it to real economic advantage for the industry

Now adding to that is our third differentiator, which is our unique ability. No one else has this capability to take AI and deploy it internally, where we're utilizing it to improve our knowledge, our insights [indiscernible] experts that we can deliver to our clients to improve the quality of our products, the efficiency and the productivity of what we are doing, not just in coding, but in the aggregation and the normalization of the data sets that we are gathering, our ability to query and gather insights that we can deliver to the industry.

Secondly, to enhance our existing products where there is already an existing revenue [indiscernible] relationship. And by integrating the data -- AI into those products we're enhancing the value of those, and I encourage all of you to spend time and ask questions in our solutions gallery. You'll see in each of those how we are utilizing AI to make those products more valuable, more usable and expanding their capabilities.

And then finally, an important dimension of this is that we've been directly engaged as a result of our elevated strategic dialogue with our clients around how we are matching our investments, our data sets to meet the very specific needs that our clients have for their AI strategy. We've already had multiple meetings with our largest clients. I just got a call 2 weeks ago with a client who wanted to talk about their data architecture and how we can integrate our data sets into that architecture to support their AI strategy. That's a true partnership where we're finding ways to deliver the data in a safe, protected way and allowing them to achieve their objectives from an AI standpoint. And all of this has been not just with dialogue with our clients. But with dialogue with other partners like the AI companies, whose large language models we're utilizing that we are brainstorming around how we can apply that technology to our data sets as well as with consultants that are working with our clients to understand how they adapt. And many of them are coming to us and saying, "Look, there is an opportunity for us to work with you to figure out how to utilize these data sets more broadly."

And I want to expand on that because from our perspective and from our experience, AI is not only leveraging the unique advantages that we have, but it's also reinforcing them. You've probably heard a variety of constituents say, without good quality data, AI is not effective. It needs that data. We have unique and valuable and critical data that supports this application. Now we need to protect that industry, not just from Verisk's perspective, but also from the perspective of our clients who contribute to it. But if we can deliver that in a way that adds value, it reinforces the value. It expands the value of that data set, and it encourages more contribution of that data.

The other advantage that it leverages and we benefit from is the ability to integrate those data sets into established workflows. The industry operates in a heavily regulatorily-driven environment. It also exists in a highly cooperative environment. And those established workflows are the means by which this can be integrated in an effective regulatory environment. And so our ability to tie AI into those workflows where we're embedded from a data standpoint is another unique advantage that no one else can provide at the breadth that we're able to deliver. And we're able to leverage the scale and the network that we've established across these various functionalities, which in turn adds value and reinforces the value of those existing networks. So we believe very clearly, and you'll hear today how AI and other new technologies reinforce and require the strengths that we have to offer to the industry as a whole.

And so finally, to turn to the final differentiator. All of this is something that we can deliver at a compelling cost advantage to the industry. We've talked about this before, and it's been a very positive trend. But our total revenues as a percentage of the U.S. net written premium is less than 1/3 of 1%. And if you take that revenue and take it across industry expenditures, it's slightly over 1/3 of a percentage. Now if you think about all of the data sets, all of the modeling, all of the analytics, that's an extraordinarily low cost relative to the overall cost of the industry. And we certainly believe and we believe our clients recognize that there is tremendous economic value to them of this relationship. And it's something that they can continue to leverage going forward. And in fact, we've seen a very clear trend as you see on this page that we've been able to increase that percentage of revenues and of net written premium by about 20% from 2015. And that's a sign of the increasing demand for data and its integration into the overall system. And that's on top of the historic base rate of growth in net written premium, and we'll continue to support our ability to grow at a faster growth rate.

So let me turn finally to our strategy to drive client and shareholder value. There are 3 clear pillars drive compounding growth from multiple sources and I'll talk about each of those, continue to deliver margin expansion from a variety of dimensions and deliver great returns through our balanced and disciplined capital allocation strategy. On the first front, A primary contributor to our ongoing revenue growth has been the elevated strategic dialogue that I spoke about as an ambition 3 years ago. And I'll have to tell you our progress in this area has exceeded my expectations. And it's been a function of the extraordinary receptivity that we've had to that dialogue. We've had clients saying, we've wanted to have a more strategic dialogue. We're dealing with issues at a business level that we think it's important for Verisk to integrate these data sets and provide more. And my team has been absolutely phenomenal in throwing themselves into broad discussions where we view our entire relationship and understand how we can better align our existing products and data sets to what our clients' needs are. as well as aligning our investments to where our clients see the greatest need. And beyond that talk, it's translated into a clear improvement in the overall revenue growth rate from our largest clients. You can see that our top 25 revenue growth rate over the past 3 years has accelerated from where it had been the prior 3 years.

Now in addition to us being able to better articulate the value of our products and how they can deliver strategic value. We've also been able to explain how they can get value from increased data contributions and how they can get more value out of the relationship. And that's translated into an increase of over 100 data sets over the past year that have been added to our capabilities and our data portfolio. So all of this is demonstrating the value of how that strategic dialogue has opened up new aspects of growth for us. Selling our products more effectively from a value standpoint, designing new products to meet their specific needs and investing in areas that we know our clients are going to value. Now another way to look at this and we know has been -- and a demonstration, which we know has been popular for our investors and our analysts in past Investor Days is looking at the number of products that we are selling our clients at multiple scale levels. And you can see on this slide that whether it's the top 10, the top 25, the top 100 or the top 500, we've been able to increase the number of products and importantly, increase the pace of the number of products that we are delivering to each of these constituencies. And it's been a function of our ability to better communicate the value, better understand their needs and also importantly, to innovate on the basis of what they are looking for and where the industry is headed, so that we can create new products in a variety of ways.

That brings me to the second growth pillar, which is the requirement of our constant innovation at scale. And on this slide, you can see our plan over 2025 and over the next 3 years of our largest innovation initiatives. This, by no means, are the only innovations that we are delivering, but they are the ones at scale at that have relevance to the industry. And you see innovations in core lines that you'll hear Saurabh talk about. Our core lines reimagine initiative, the ability to add analytical objects leveraging data sets from across our businesses in the auto suite, the ability to add regulatory capabilities on life. You'll see innovations and claims that you'll hear Stephen talk about in terms of our exact suite upgrade and platform improvement, the broadening ecosystem in anti-fraud and new products that we're developing and new innovations within our catastrophe modeling business. And in every one of these on this page, you will see AI embedded to support the solutions that we're providing to our clients and provide new dimensions of value to them and growth for us.

Now I realize to a noninsurance specialist that it's hard to appreciate the innovation that we bring to this industry. It's complex, it's diverse. But there is one metric that we use to understand how our clients feel about it. And our clients clearly view us as innovative in what we're doing across our product set. After every conference, in a survey on the effectiveness of the event, we ask them what word best describes Verisk. And at our most recent ELEVATE conference in Salt Lake City, which brought together not just carriers, but contractors and adjusters, this was the result. By far, our clients view us as an innovator within their businesses that is delivering value for them. Now there's a lot of other good stuff on this page. I love partner as being a prominent theme. Certainly, essential speaks to the criticality of what we are doing. Connected means an awful lot to me because they recognize how we are helping connect the overall industry. But this is a great demonstration. And if you were to look at not just ELEVATE, but also our Verisk Insurance Conference, you'll see very similar themes.

So turning to the third opportunity and kind of building off of that connected theme. Over the last 3 years, one theme that I have emphasized, and we talked about it at Investor Day, if you go back to the presentation, is moving from being that technology partner to being more of a network company. We have been building networks across multiple ecosystems, which has created a new dimension for us to deliver value to our clients and to gather new data sets that are relevant for their purposes and to capture other value that participants within those networks are able to provide. You'll hear Tim Rayner talk about what we've been doing within white space. You'll hear about from Aaron Brunko on how we've been better connecting the claims and restoration ecosystem. And you'll hear from Rob with our Synergy Studio platform and open model platform, how we are expanding the connectivity and the value we deliver through that function.

Now the white space platform will be a great example of the growth potential and how we've taken a great technology and been able to accelerate it because of the breadth of our relationships and our credibility with our scale and capital as a partner. This business in terms of risk place has grown tenfold over the last 5 years. We now have 385 firms trading on the platform and 16,000 active users. And it represented in 2025, over $15 billion of net written premium that was placed on the platform, and that's 30% to 40% of the Lloyd's specialty market with room to grow, and we are expanding, as you'll hear later today into Dubai and Singapore. But I'd like you to hear the perspective from a very important client, Dominic Samengo-Turner, who is the Head of Marsh's Specialty business. So in other words, anything that runs through Lloyd's goes through Dominic's business.

[Presentation]

LS

Lee Shavel executive

So that's certainly is a tremendous endorsement. And while AI is incredibly powerful, and we're excited about the opportunity, one thing that it can't do is get complex constituencies to agree in terms of how they're going to work together there. And that's something that we have been doing for decades and is a great opportunity for us going forward. So I'll move to conclusion. In addition to that growth, you're going to hear Elizabeth talk about how we will continue to drive margin expansion through multiple sources. Our operating leverage from scale, investments that we're making with technology, including AI, to drive efficiency and productivity gains and good old-fashioned cost discipline. And you'll also hear Elizabeth talk about how our capital allocation strategy will remain balanced and disciplined. Over the past 5 years, we've generated about $10 billion of capital and invested about 15% of that inorganic growth with very attractive double-digit returns. We've made acquisitions for insurance, bolt-on acquisitions, for about 10% of that amount where we've been able to leverage our scale and rapidly penetrate the industry with these new products. You'll hear about several of those that we've been able to generate. And then, I'm sorry, 3/4 of that capital, we've returned to shareholders through increasing dividends and share repurchases, all with a very strong balance sheet that benefits from the consistent and strong EBITDA growth that supports our capital generation.

So the financial model is simple, but it's economically powerful. It consists of strong recurring revenue growth from multiple sources in a growing market where we have distinct competitive advantages. Our ability to drive margin improvement, which supports even stronger EBITDA growth, double-digit EPS and very attractive returns on capital from a wide portfolio of investment opportunities within our business and within the industry, as you'll see demonstrated in our solutions gallery. And so I'll return to the primary themes that I started with.

We have a phenomenal foundation that we have strengthened by more focused investment in our data sets and the expansion of those data sets in the platforms that tie the industry together. And with that platform and with the differentiation that we have in terms of the quality of our data, the trust that we've built and enhanced with our clients and our ongoing innovation drive, we have the ability to continue to deliver substantial value with ongoing attractive revenue growth, margin expansion and very strong returns on capital.

And so with that, I will turn it over to my colleagues, starting with Saurabh Khemka, the President of our Underwriting Solutions, and I will very much look forward to being together with you again during our Q&A session. So thank you very much.

SK

Saurabh Khemka executive

Thank you, Lee, and good morning, everyone. My name is Saurabh Khemka. And at Verisk, I have the pleasure of leading our Underwriting Solutions business. I've been with Verisk for 12 years. And prior to that, I was at Bain & Company. This morning, I'm excited to share with you the progress we have made in scaling our underwriting business and our growth drivers for the future.

So let's get started, and let's start with an overview of the underwriting business. On your left, you will see that we are a $1.7 billion business, operating in 4 primary segments: One, the ISO forms rules and loss cost business; second, the underwriting data analytics business and then the life business and our international business. And each of these businesses is anchored by differentiated and proprietary technology and data assets. So for example, the 39 billion records that you see here, these are actual premium and loss transactions that we gather from hundreds of clients to create what we call our loss costs. And those loss costs are used by our clients as a critical input into their rating and pricing decisions. And there's examples like this across our businesses.

So let's look at how we've done in the past. Over the last 5 years, we've had steady and predictable growth. And if you look at the composition of our business, we are a high recurring revenue business with very strong client retention rates. In fact, over the last 3 years, we've accelerated our growth. And more importantly, as Lee mentioned, we've done that through innovation across our businesses, whether it's modernizing our core offering, expanding the data depth and market reach of our proprietary technologies, or penetrating the life and annuities market. Just as an example, in our underwriting data business, in the last 3 years, we've added 20 million new personal and commercial property records. And we've also expanded our proprietary LightSpeed technology to new customers, new lines of businesses and new geographies. So where do we go from here? Well, let's start with the underlying market. We have significant headroom to grow in the market that we serve. As you can see, we only have about 19% share of the market. And historically, we've been able to outgrow that market by 200 to 300 basis points by innovating to meet our customers' needs. And that underlying market, as we look at the future is strong, it's resilient, but the complexity is increasing. And we believe that we are uniquely positioned with our proprietary data, our expertise and our investments like the ones we're making in to help our clients meet their objective, which is profitable growth.

Now let me take a moment to talk about our proprietary data assets. And why in the world of AI, we continue to have a structurally differentiated offering. So I'm going to bring you back to those 39 billion records that I talked about. Well, these are actual premium and loss transactions that we get from hundreds of clients from their admin system from their claims systems, sometimes multiple systems at one client and we bring it all together and standardize [indiscernible] to create a loss cost. And what is standardization? So I'm going to give you a simple example. So we're sitting here in this building, the Hyatt hotel. Let's for a second, assume that over the last 5 years, this hotel was insured by 3 different insurers, okay? So the first insurer insured this hotel and classified it as a full-service hotel, makes sense. They offered a $500,000 deductible on their policy with certain limits on the payout and endorsements and coverages. The second insurer called it a hotel with a conference center, still makes sense. They had a higher deductible, different limits, different endorsements. And a third insurer classified it as a mixed-use hospitality with a much higher deductible, different limits. Now we bring all of these together and map it to our proprietary classification code, [indiscernible] map it to a standard base deductible base limits and this is all the constructs of our filed ISO program. And this is how we create what we call our industry standard loss cost. So quite honestly, after that, the fourth insurer can use it. And imagine doing this across 32 lines of business and hundreds of classifications within those lines of business. That is standardization. And we're not done yet. So we standardized. We created the loss cost. Well, then we go out and file those loss costs with regulators. As Lee mentioned, credibility, how much data do you have? What's behind these loss costs is very important in those discussions. So we file these and then our clients use it. And typically, they will coat it into their workloads.

This is what we call proprietary regulatory-grade embedded analytics. And this is why in the world of AI, our differentiation continues. So I talked about the market need. How are we going to meet it. We have 3 growth drivers that we're going to focus on, and I'll walk you through each one of them. So let's start with the first one. We have seen and we've proven that when we invest in our core assets, like our forms [indiscernible] and loss cost business like our commercial property business, we create more value for our clients and we can participate in that value. Let's take an example. We've talked to you about our core line Imagine program. It is our biggest investment in this product, and it has fundamentally transformed this product from one that was driven by a point-in-time analytic delivered over PDFs in a user experience that was dated and quite frankly, where there was a value perception gap at our clients, especially within the executives, to one, which is now driven by continuous innovation and insights backed by much more data delivered through a digital platform and where the perception has changed to, it's a premium product, but you're highly innovative.

And let me give you just a tangible example of the new value that we've been creating. And I'll stick with loss cost. You guys are all going to be really schooled in loss cost by the end of this. But put yourself in the seat of a product manager at one of the insurance companies who manages the homeowners insurance line of business in the State of New Jersey. Historically, we would have provided our annual loss costs to this product manager. So let's say that we provided that in December of 2025. Very important analytic and input into their pricing decisions. The next time we would provide this would be a year from December 2025. Now with reimagine, between that 12-month period, every 6 months, we're providing this product manager, executive insights, and ability to benchmark their book relative to the market across dimensions that's not available anywhere else.

Every quarter, we're providing the experience index which creates and tracks the trends in losses and experience over the 12-month period so that they can make pricing actions according to their time line. And every 2 months, our SMEs are looking at our proprietary market database and finding trends in segments that our clients cannot see. And in fact, the loss costs that we provided at the end of this 12 month is also in a totally new format, which you can see in our solutions gallery. So you can see a lot more value. And just to put this in context, we've talked about 35 new customer modules that we have provided to our clients to reimagine. These are 3. So how does that now translate to the conversations we are having with our clients.

This is an actual example of a top 20 client where that value perception gap was real. Taking Lee's lead, we elevated the engagement. We shared all the innovations. We shared our reimagine road map. And what you see is a perception difference where their understanding that we're providing a differentiated asset, differentiated insight that creates a lot of value for them. And yes, we are participating in that value creation. And what reimagine has really done is that not just a foundation from a platform perspective, it has really changed the culture of that product to one of continuous innovation. And we have a strong pipeline of new innovations that we can bring to market on this platform and continue to create new value for our customers as we move forward.

So let me now go to the second growth driver, which is focusing on differentiated analytics and technologies. And I'll use 3 examples to share here. Let's first start with aerial intelligence. Aerial images have become a critical part of property under riding. And we're investing behind it, but we're doing it differently. We realize that the coverage, so how many homes you have an aerial image on and the refresh rate, so how often you update that image is a critical differentiator. So we're taking a multimodal approach to make sure we have the broadest coverage and the best refresh rate in the industry. We're also incorporating aerial image into multiple existing products and enhancing the value that they drive. We're also connecting our various data sets with aerial imagery to create new analytics like wind and hail and useful life, which create extra segmentation power. This is resonating. Just last year, we signed 14 new customers on our products enhanced by aerial image.

Now let's move to auto. If you go out [indiscernible] today, to shop for an auto insurance quote. Prior coverage, so what coverage you currently have, is an important [Technical Difficulty] input into that process. And we compete in that market. But the use of that input hasn't really changed. We're changing it. We are looking at the 7 years of longitudinal policy history that we have to see if there are patterns in how a policyholder engages with their policy over that time period. What changes do they make? When do they make it? How many times do they make it? And we try to see if that could be indicative of their risk level. And we actually found 40 such patterns, we call it objects, that are predictive. And in fact, some of them identify risks that are 2 to 3x higher from a loss perspective, pretty significant. We are providing this differentiated analytics through our LightSpeed product, and we are sharing this with all our clients, and it's resonating. In fact, late last year, this was a critical reason why we won a competitive bid in the LightSpeed auto space.

Now let's talk about Advanced Technologies and specifically AI. As Lee mentioned, AI is now pervasive in all we do in underwriting. With guidance from our AI governance board, we are rethinking how we create products so that we can be the most efficient and effective. But beyond that, we're incorporating AI into our product strategy. First, we are enhancing our clients' experience of these proprietary data sets we have by adding an AI experience layer. And what we see is when we do that, there's more engagement from our clients, like in the case of our POS AI, which is the premium audit solution or there's more purchase intent as it's in the case with our [indiscernible] product. We're also finding opportunities to create new analytics and capabilities around our data and technology assets using native AI. So whether it's underwriting assistance, which sits on top of our commercial property database or our S-Max and Telemax capability that sit on top of our fast platform. And you can see both of these in the solutions gallery.

And then finally, we believe that this technology provides us an opportunity to serve our clients totally differently, whether it be through Agenetic or technologies like MCP. We're looking at opportunities to serve our clients so that they can be more efficient and use our products more effectively.

Let me now go to the third growth driver, which is our life business. Just as background, 6 years ago, we thought that the life insurance industry was ready for modernization and digitization. And we spotted an emerging differentiated platform in fast. Fast, low-code and no-code architecture creates significant value for clients, whether it's faster time to market or much lower operating cost. And as you can see, we've been able to more than triple this business over the last 6 years. And we've done so through continuous innovation and a client orientation. And we continue to see opportunities in this business, whether it be adding AI capabilities or moving into new segments like distribution, group, pension risk transfer. So as we bring all of these 3 growth drivers together, we can compound on that accelerated growth that I talked about, and continue to grow at a 6.5% to 7% growth rate going forward.

Now you've heard me talk about the value we bring to clients and what we offer. But let me now share with you what's most important, a voice from one of our key clients.

[Presentation]

SK

Saurabh Khemka executive

Thank you, Dave. And just one topic here that Dave mentioned in situations like wildfire risk, Verisk is going to market and helping our clients with all our might, not just underwriting, but as you heard Dave say, our cat modeling business, our claims business all of those together to help our clients.

So let me summarize. We've delivered on our objectives in the past. Our underlying markets are resilient and growing. We are uniquely positioned to help our customers, and we have multiple growth drivers to support our growth objectives in the future. I thank you for your time. I look forward to any questions you have later on.

And with that, I'll pass it over to Rob Newbold.

RN

Robert Newbold executive

all right. Thanks, S.K. Good morning, everyone. My name is Rob Newbold, President of Catastrophe and Risk Solutions. It's my 24th year with Verisk, all of which have been in the catastrophe modeling business. I joined as an entry-level analyst and have had the opportunity to build and lead global teams focused on client service, cap on analytics, sales, marketing, IT and operations. But by far and away, my greatest privilege is leading this organization doing the really cool and important stuff we'll talk about over the next 17 minutes or so.

We'll follow a familiar agenda. We'll talk about the business and what we've been up to since the last Investor Day. We'll turn to the markets in which we operate and the value our solutions provide and we'll close by talking about growth. So if S.K. made all of you experts in loss costs, my ambition is to make all of you experts in catastrophe modeling before we leave this room today. And if I could draw your attention to the circle on the right, the catastrophe and risk solutions business is built around the foundational principles of responsible scientific rigor, technological innovation and client-first client-focused, collaborative transparency that results in a global suite of natural apparel property catastrophe models that are so much more than just predicting the weather. These are translating current weather information of today into forward-looking projections of loss potential for property-specific catastrophes that have not happened, but plausibly could. We've also just released the [indiscernible] first probabilistic liability, catastrophe model, and we also have a global suite of external business risk and disease for things like political violence, social unrest and environmental factors that are delivered geospatially, which our clients tell us is valuable because it's so much more than just a risk number, you can visualize on the map, aggregations and accumulations. At a macro level, fundamentally, we are a business about assessing risk and in a world that's increasingly uncertain socioeconomically and climatologically, we have the tools that will help our clients manage this uncertainty and grow profitably into the future. [Technical Difficulty] A couple of slides by the numbers. The catastrophe and Risk Solutions business is roughly $400 million and comes predominantly from insurers, reinsurers and brokers. We report it as part of the underwriting subsegment. And on the right-hand side, you can see our more than 135 PhDs work together to create these global suite of risk indices and property catastrophe models for more than 120 countries around the world. Now because the risk we model is global, so too is our revenue, with more than 45% of our revenues coming from outside the United States.

Now it's going to become redundant, but I'm going to say many times throughout the presentation how proud I am and how excited I am. And the first time is right here. I'm incredibly proud of the fact we've delivered 9.4% compound annual growth since 2021. And our revenue is 90% subscription-based and characterized by a very high degree of client retention at over 98%. And I'm also, again, very proud of the fact that we are the benchmark for the global catastrophe bond market, being selected as the model of choice for more than 70% of the global securitized risk transfer space.

I'm going to spend just a minute on what we've been up to since the last Investor Day because it's foundational to the growth initiatives I'll talk about later in the presentation. Now starting from the left, it may feel like a technical detail, but we're the only catastrophe modeling company in the world who can do a global loss analysis on a completely rearchitected high-precision next-generation loss modeling framework in one single analysis. And our clients tell us this is important because not only do they get that high precision model output, but doing it in one run is something they can't get anywhere else in the market.

Number Two, as Lee mentioned, we continue to update and expand our global risk modeling suite. There are too many new and updated models to list them all, but a few examples. We've added new flood models for Indonesia and Malaysia, which include projections of future climate and maybe closer to home, we've recently updated our U.S. severe thunder store model and an update to our U.S. wildfire model that came to market in advance of the tragic events of Eaton and Palisades that occurred in January of 2025. We have built the foundations of a cloud-native AI-ready SaaS platform, already able to natively compute billions of loss calculations in the cloud and at scale. And we've taken deliberate actions to create the industry's first and only global open catastrophe modeling ecosystem, reinforcing our centrality in this market. And again, I'm incredibly proud of the fact that we've done all of this while continuing to deliver high single-digit growth and putting ourselves in a position to execute on Verisk Synergy Studio and other future growth initiatives.

Now before I leave this first segment, let's spend just a minute talking about AI and the impact on the catastrophe modeling space. Now catastrophe models as a genre exist to solve something of a small data problem actually. And the catastrophes are large, yes, but they're thankfully infrequent. And importantly, there's a huge difference between what's happening with the weather at an atmospheric level to what that means for a given shingle, at a given house, in a given location for a given event. Now we are already using AI to downscale global atmospheric data to local hazard level information and augmenting it with the scientific expertise of our PhDs across meteorology, seismology, hydrology, climatology, statistics and structural engineering to translate that local hazard information to future projections of catastrophe loss potential for a given property.

Now it won't surprise you that the cat modeling workflow is also ripe with opportunities for operational efficiency and things historically done via API or via automation can be reimagined using Agentic AI solutions, and we are natively building those into Veracity Studio as we bring that platform to market. Quite simply, AI is not a replacement for the value we provide, but an accelerator to allow us to provide it to our clients more efficiently.

All right. So let's now turn and talk about the market. Unfortunately, the world is not becoming any less catastrophe exposed. In fact, we would model the global average annual loss from catastrophes in excess of $150 billion and growing, driven by the 4 factors you see outlined here on this slide. Again, starting from the left, there's quite simply more stuff in the way. We continue to build more properties, inflation makes them more expensive to replace, and it seems to be human nature to put things directly in harm's way. People like to have their homes on the coast. People like to build up next to the wildland urban interface. And when you add to that rapid urban expansion, you all of a sudden get an aggregation risk such that a hurricane or a hail event in downtown Dallas is far more impactful in 2026 than it would have been in 2016 or even 2021.

Third, the nature of these events is changing. It is still, of course, about hurricanes and earthquakes, but so-called frequency perils, which we would label as severe thunderstorms, winter storms, wildfires and floods now account for nearly $100 of that $150 billion in global average annual loss. And underlying all of this is the specter of a change in climate, which we have a responsibility to help our clients understand how what they're experiencing is not an outlier, but in fact, a new normal under which they must manage their business operations.

One more look at increasing cat loss. On the left-hand side, you can see the 5-year average outpacing the 10-year average, indicating an acceleration of global cat experience. And importantly, when you look at the pie chart on the right, Verisk has models in market today to address these risks for all of these payrolls globally, adding value to our current client workflows. One more view of the market on the left, you can see we have roughly a 12% share of a $3 billion market growing at mid-single digits. What gives me optimism as I look at that chart is we have tremendous runway to grow and add value within the market in which we operate. And the second view on the right, you can see Aon's current assessment of global reinsurer capital at $760 billion, which incidentally is the highest that number has ever been, and it's an important benchmark for cat modeling because models are the currency by which reinsurance risk is transferred, indicating utility and need for our solutions.

So if I could try to wrap all this together into one summation of why the cat business is insulated from disruption. We have a unique and proprietary data advantage via the information on property exposure and loss validation information we can use together with complex science to put together cat models that add value to our clients' workflows. We are the industry benchmark for the catastrophe bond [Technical Difficulty] on market at over 70% market share, and we're deeply integrated into our client workflows, creating high switching costs and high barriers to entry for possible disruption. And as one example of the value we provide to the market and the way we partner with our clients. Let's here from Frank Fischer, Chief Analytics Officer of Elis Capital.

[Presentation]

RN

Robert Newbold executive

Let's transition and close our discussion by looking at our future growth. So within catastrophe and risk solutions, we have 3 initiatives that will drive our next phase of growth. a technology transformation to Verisk unity Studio, activation of various data assets for better risk analytics and extension of our analytics into adjacent markets.

I'm incredibly excited about the transition to Verisk Synergy Studio because it's so much more than just a software transition. It is, in fact, a platform transformation to the manner in which catastrophe modeling will be done for years to come. Now this platform is a SaaS application. It's built on AWS. It's in client preview right now and plan for market production release of June of this year, and it delivers these 4 value propositions and so much more than this. But as some quick examples, faster delivery of updated models is critical for this segment because we just spent time talking about the accelerating nature of catastrophe activity and the change in climate. And our clients are relying on us to provide that information patients to them as efficiently possible.

The thin deployment nature of the SaaS platform allows us to get to adjacent markets, and we'll talk about that in more detail as our third growth driver. There's a ton of information required to do catastrophe modeling from location level hazard data to property information to hundreds of thousands of simulations. A SaaS platform allows us to do that far more efficiently than ever possible before. And it also opens up the door for us to integrate various data assets, which we'll talk about as our second growth driver.

Now it also sets the baseline through which we can create this open catastrophe modeling ecosystem that Lee talked about and I mentioned earlier in my presentation. In addition to the value our clients get from our solutions, they're also telling us they want additional opportunities to fill gaps where we don't have a model or to put their own assumptions and validations into our models to customize their view of risk. So as one may be tactical example to bring this to life, we do not have in our suite currently a model for Middle Eastern flow. But should one of these 15 providers across their model suite have that model, our client can engage with them and operationalize that view of risk directly in synergy studio to, in one analysis, get a full global catastrophe modeling curve. This offers tremendous operational efficiency, again, that they can't get anywhere else in the market.

And because I haven't said it explicitly yet, this platform is fast. So the ability to do enterprise-wide aggregation in less than 3 hours, 90% performance improvement for complex commercial risks and sub-10 second policy level analysis means, fundamentally, our clients can spend more time understanding their risk, looking at output and making risk decisions rather than waiting for a machine to calculate loss numbers for them.

All right. Second, reimagining various data assets for better risk analytics. Again, taking a step back, a cat model requires 3 fundamental pieces of information to generate a loss estimate. Where is the risk? What's the risk made of and how much does it cost to replace it should something bad happen to it. And you can see in the box on the left, Verisk [indiscernible] proprietary data to answer all of these questions. And Synergy Studio gives us a platform where we can operationalize that data either at the point of sale or at a portfolio level for millions of risks to give our clients a better loss accuracy and clearer visibility into their loss patterns.

So again, one more example, maybe tying our sessions together, S.K. talked about investment in aerial imagery analytics. It won't surprise you that it's incredibly impactful, no pun intended to hail, to know the quality composition and age of the roof. We can capture that data via aerial imagery and put it directly into a cat modeling workflow to allow our clients to get a much more accurate view of their hail risk, and that's just one of many examples.

And last, while of course, we are focused on the global insurance and reinsurance markets, all of these corporations, financial institutions and investment managers have exposure to catastrophe risk. But the historical paradigm of the rather heavy client server application and large catastrophe modeling teams meant it was difficult to get information on cat risk into the hands of these stakeholders. A SaaS platform built on AWS reduces that friction and allows us to access new markets and new revenue streams by giving information to people that so badly needed and have not had it historically.

So to wrap all of this together, these key growth initiatives of transitioning to Synergy Studio, activating Verisk data and expanding to adjacent markets will allow us to continue to grow this business at high single digits over the next 3-year time horizon. So to summarize this discussion, I'm incredibly proud of where we have been and what we've done and even more excited for where we're going. We have market leadership in a critically important and fast-growing catastrophe segment. We already have our platform transition underway and in market via client preview, unlocking speed, scale and operational efficiency and we have clear line of sight into how to continue to grow the business via expansion to adjacent markets.

With that, I will conclude my session and invite Lee and S.K. back up for questions. Thanks.

LS

Lee Shavel executive

I'm going to ask, we'll welcome your questions. And we'd just ask for you to wait until you get a microphone so that those on the broadcast, portal cast are able to listen.

MP

Manav Patnaik analyst

Lee, I just had a question on, obviously, the data. So the 20% that you classified as proprietary cell source through in-person collection, can you just elaborate on some of the examples there and how comprehensive that is? And just a quick follow-up to that. You also had a chart showing the number of data contributors increasing, I guess, just some perspective on what the limit to that is? Like just what are the drivers of these incremental data contributors?

LS

Lee Shavel executive

Sure. Excellent. Actually, I think a great opportunity to turn that over to S.K. Can speak specifically to those proprietary data sets that we gather.

SK

Saurabh Khemka executive

Yes. So on the proprietary data set, I'll mention 2. One is our field force that goes out and looks at commercial properties like this to understand the risk, to understand the occupancy, the fire protection they have. And that's something that we do for buildings across the U.S., and we have a database of almost $16 million. Some of that is site verified as we've gone there and some of it is modeled. So that's one. The second that we've talked about is we work with communities thousands of communities to understand their building codes, their fire response so that we can understand and help our insurers figure out what is the risk if something bad happens [Technical Difficulty] house, how quickly can the fire department get to it, what are their capabilities. So those are 2 self-sourced proprietary data sets that we have.

I think your second question was about new contributors. As part of our reimagined program, we've gotten commitments from 100 new insurers to provide data to our contributor database. So we're very proud of that. That signals to us that when we can show the value that we provide to our clients, that they're willing to give us more and more data.

LS

Lee Shavel executive

And Manav, if I can add something that I think is an important distinction about what makes what we do so defensible on the building code data sets that SK referred to, actually a terrible acronym B6. It's building code effectiveness grading survey. And what's important about it is it's not just the detail of what the building code is, but how effectively it's enforced within those jurisdictions. That is a judgment that we're able to make on the basis of actual survey and data that support that. That's one of those really nitty gritty elements that make it so defensible.

UA

Unknown Analyst

Lee, you were really incredible at showing us the different network effects of your data sets. -- and how AI will be even more impactful on the insurance industry by overlaying that on your data sets. My question is, is Verisk taking a closed architectural approach maybe like a Bloomberg or is this kind of AI in partnership with companies like Claude, like would you be part of Claude for financial services?

LS

Lee Shavel executive

Our philosophy is to an open architecture, and that's a deliberate strategy that we have developed over the past 3 years. in a variety of areas that you'll hear my colleagues speak to in the panel that we're doing. So in each case, and you just heard Rob describe how we are opening up the modeling ecosystem to be able to integrate those other providers, and you'll see that in a variety of ways. We also are approaching this with an open architecture in the AI providers because our clients are using a variety of models. And as we pursue and evaluate how to work effectively with the AI providers, and we have active dialogues with all of them, we are going to want to maintain flexibility to meet the broad needs of the industry, but we also need, importantly, to make certain that we are defending the integrity of our data sets, the value of the data sets because it is the industry's data. And so we want to make certain that we are exploring those opportunities, understanding how the industry wants us to work with them. We think that can be a very powerful partnership. But we have to do that in a way that's protective of our assets. and also important for the integrity of those data sets from a regulatory context.

AS

Andrew Steinerman analyst

Right. You didn't answer the last part, Claude for Financial Services, is the industry interested in Verisk data being a plug in there?

LS

Lee Shavel executive

Absolutely. And that's -- and I'm sorry, I wasn't clear on that. We are certainly interested in exploring that. I could see that as a possibility within the [Technical Difficulty] the review of making certain that, that's done in a safe, ethically appropriate way and with regulatory support to it. But we're open to any of the ideas that the industry believes is necessary to support their needs.

TK

Toni Kaplan analyst

Toni Kaplan from Morgan Stanley. Lee, you talked [Technical Difficulty] the regulatory barriers or moat that you have, does that underpin sort of the entire business? Is that how investors should be looking at it? Or are there specific areas within the business that maybe don't have that regulatory barrier?

LS

Lee Shavel executive

Toni, it's pervasive across all of our businesses because it dictates how underwriting decisions need to be made and supported, particularly from a rating and pricing standpoint, it certainly involves policy language that we support the industry with and the ability to understand that those policies and those submissions on a state-by-state basis. It influences the claims dimension in terms of how carriers respond to claims, the information that they utilize to estimate and adjudicate those claims it has influence in the specialty markets and the reinsurance markets in terms of how those markets transacted. So I think it's pervasive across the industry.

And as we are integrating more data sets in order to adjust that, it really affects the entire business, which is why I think that expertise and that knowledge, which is more than just reading the regulations, but understanding and working with the regulators to facilitate faster approvals, more better substantiation for an evolving risk environment and how both the carriers and the regulators need to adapt to it. One simple example of we've cited and our clients cited the new wildfire model. In California, that required our proactive engagement with the California regulatory authority to allow the use of forward-looking models in order to allow California to move forward from an insurance and from a reinsurance standpoint. So that's the level of engagement and the level of detail that we're able to provide for the industry.

CP

Charles Peters analyst

I'm Gregory Peters with Raymond James. I guess I have a question in two parts. First of all, being not a subject matter in all areas of technology. When you use open architecture, I pivot over to the insurance industry, and they're very protective of their own data assets. And so I want to make sure that there's still this Chinese wall that exists between the insurance companies and their data assets and opening it up to the entire customer segment. I'm just trying to understand that.

And then the other piece -- other question was just on the OCC guidance that was offered in the farms business. And just if you can unpack some of that the components and I've asked this question before around the component that relates to price increases versus other areas?

LS

Lee Shavel executive

On the open architecture question, and then I'll hand it over to SK to talk about on the OCC growth guidance for the underwriting business. When I refer to that, it is not opening up access to data in an uncontrolled fashion. It is entirely with the support of the industry and how we are able to integrate other analytics, other providers into that and promote more connectivity across that ecosystem. But it is one where we will be extraordinarily attentive to how that data is used. And we have established regulatory framework and established ethical AI policy as well as contractual obligations in how we are utilizing that data, and we have a governance board to evaluate whether new applications of data are appropriate as well as exploring with our clients what they're looking for. A lot of it, Greg, is driven by what our clients are looking for and what you've heard from both Rob and SK, and you'll hear from Steve and others is that our clients want to be able to integrate more data sets and analytics and we're the natural platform with our scale and our expertise to be able to deliver that value.

SK

Saurabh Khemka executive

Yes. On that piece, I'm actually going to defer to Elizabeth for her presentation on the kind of the composition of the OCC growth, if you don't mind, and happy to answer questions after that.

DP

David Paige Papadogonas analyst

David Paige from RBC. I guess just more broadly speaking, when you overlay AI innovation onto your data assets, is that more driven from Verisk? Or are the insurers coming to you and saying, "Hey, can you put more AI into it?" Or I guess just how does those conversations above.

LS

Lee Shavel executive

sure. So it's both, but I -- what I want to emphasize and I think as you will see in the solutions gallery, we're doing the hard work across a broad set of products and a wide range of data sets of understanding how we can utilize AI. And it's not just generative, it's Agentic. It's also, we think, prospectively, neuro-symbolic of where we can utilize AI to enhance the interrogation of the data, to improve the workflows and it's with that expertise that we have the unique ability to deliver that to clients at a much lower cost.

Now that is informed at varying levels of scale. For our smaller and more midsized clients, I think they are looking more to us to be able to drive that because of our scale and our expertise. But for our largest clients, they clearly have an AI strategy, but they want to talk with us about how we deliver our data sets where we are investing specifically so that they can dedicate their resources to the differentiating factors that are important to them, but there is no mistaking the fact that our data is central to their ability to extract more value because of the breadth and the depth of the data that we're able to integrate into it.

ST

Surinder Thind analyst

Surinder Thind with Jefferies. A question about product penetration. With your largest clients, we saw products in the teams. But when we think about the long tail, can you talk about the gap there? Is it an education issue? Is it a scale and client sophistication issue? And how should we think about where product penetration can get to?

LS

Lee Shavel executive

SK, do you want to talk about that from an underwriting standpoint?

SK

Saurabh Khemka executive

Yes, absolutely. I think there are a couple of elements, right? So one is there is an education element, and that comes to sometimes when our clients are doing things internally themselves. And we are able to come in and say, "Hey, you can use our technology to make it better." I'll give you an example. We have already in content, and we provide that through our platform. And certainly, our clients can take that and they can embed that into their workflows, as I talked about. We also have a software element, which is our electronic rating content and more and more our API-based rating content.

When we go and share that with our clients, sometimes they're like, "Oh, I didn't know you had that. I'm already doing it, what is the ROI?" And we're able to demonstrate that ROI, then it becomes the next sale. So that's one [Technical Difficulty]. The other is competitive, right? I mean we have competitors, and our clients are using competitive products, and we have to go make our case and expand our opportunity from that perspective. So I think both those things are there. And then the final thing that Lee mentioned we're all innovating every day. We're coming up with new things that we just -- it's not even education. It's more about marketing and working with the marketing team and highlighting the new innovations that we're coming up with.

LS

Lee Shavel executive

And one thing I'd add, I think, SK articulated the scale and the sophistication and also the breadth of those larger clients businesses. On the smaller and mid side, there may be a smaller line of businesses. So the importance of integrating, but there also is, I think, an opportunity for us where the focus on elevating the strategic dialogue and thinking at an enterprise-wide level for our customers. We've been very, very successful with a focus on our top 25 customers. We're expanding that. And I think as we're able to broaden that out, I think that will accelerate our ability to make that value sale and improve a broader set of clients with that enhanced go-to-market strategy.

DM

David Motemaden analyst

David Motemaden from Evercore ISI. Just had a question on the contributory data. Great to see the increase over the last year, the 100 more data contribution dataset contributions. Could you just talk about sort of how to think about some of your largest clients, how they're thinking about contributing data if they're contributing more, less? And how this -- like how those 100 data set contributions? [Technical Difficulty] split between maybe between top 10 versus outside of the top 10, I'd be interested in hearing.

SK

Saurabh Khemka executive

I would say [Technical Difficulty] it's a broad subset of different clients. Again, as Lee mentioned, our clients, especially the large ones, have multiple lines of businesses. So sometimes there -- we're adding a line of business from a contribution perspective. And how they think about it is very simply, what is the value they get from contributing to us. And if we can share the value, we can show all the different ways we can provide insights to them. Then that makes that opportunity real for us. And then the final thing I'd say is we're finding new ways to help the industry kind of bring data sets together, for example, in our excess and surplus, E&S market, where we've launched a new initiative where we said, look, there isn't this database that exists in the admitted side, we're going to build one on the E&S side, and that was from feedback from our clients. And there, we're already seeing clients coming in and contributing data to us. So it's a broad spectrum of that.

AN

Andrew Nicholas analyst

Andrew Nicholas with William Blair. Lee and Rob, I think you both, at various parts of your presentation either on the screen or in your words, talked about pursuing new adjacent markets. And obviously, I think, Rob, within your business, in particular, there's competition there that's already maybe has a foothold in the asset management or the banking space. So could you just talk broadly to maybe what the opportunity looks like outside of the insurance end market and maybe what you're right to win is in those end markets as well.

RN

Robert Newbold executive

I mean I'll start by saying we operate in competitive markets within the insurance space as well. We've had success growing our business over a long time horizon even in face of that competition. We continue to believe of the value of the solutions we provide and the Synergy studio platform gives us an opportunity to access those markets in a way we've not done before and speak to the underlying value of the data in our models and describe how we believe they're advantageous to models they may already be using. We'll continue to expand ecosystem partnerships. We know that we have a partnership with S&P we put in place already that helps us to produce future projected climate scenarios, but it will also be beneficial as we to get into some of these markets where maybe our competitors are already playing.

LS

Lee Shavel executive

And from a broader context, it's driven by the value of the data and our ability to deliver value to those adjacent client sets. And Rob described that in terms of catastrophe risk and the other elements, but you'll hear from my colleagues when we talk about the networks, how we already serve adjacencies that are relevant to the insurance process. So in claims, serving the contractors and the adjusters and the estimators that are involved within those businesses. Regulators are an adjacency as well. So it's driven by an understanding of where our data or our connectivity creates value within those ecosystems and premised upon where the value of that data can be realized by our clients and monetized by us in that content.

UA

Unknown Analyst

[indiscernible] Fernandez from Pinson Asset Management. Just really curious to hear about how you think about the impact of AI on your analytics business and how you're protecting the pricing power of that business for potentially being impeded by AI. And also, if we could hear a few words about how you're monetizing those AI solutions? Are you going to market with different packages? Or is this more just a general price increase that is supported by the added efficiencies and solutions that AI provides you?

LS

Lee Shavel executive

So it varies. And I'm going to ask Rob and SK to talk about how the analytics that they provide, whether it's in cat modeling or on the underwriting side is being influenced by AI. But to your fundamental question is, it's a range of how we're applying it. So we have certain product sets, you'll hear Aron talk about exact expert and exact AI and Exact Gen, which are specifically AI applications that we have integrated into our product sets. And we've seen great traction and momentum with those. In other cases, it's integrating that AI into an existing product to enhance its value, which will then support pricing opportunities as our clients see and realize the value associated with it. So it depends upon where we think it's most effective. But the important point is that we're able to do that at speed and at scale because of that embedded base that allows us to deliver that value and capture that value. It may not be a flashing partnership announcement, but embedded in all of these products, as you will see outside is our ability to get that value to our client, which means we're in a better position to monetize it.

But let me turn to Rob to talk about how he's seeing the impact of AI on the analytics that we provide on the modeling front.

RN

Robert Newbold executive

Importantly, I'd start by saying, AI is not new to the catastrophe modeling space or Verisk generative AI may be, but Machine Learning has been in place to translate large scales of data to location-level insights for quite some time. And we've been deploying that readily in our model creation for decades. The way generative AI or Agentic AI can help us is by some of the workflow enhancing I mentioned before and giving our clients opportunity to engage with the output data that we're creating with our proprietary data advantage, putting it in better places for better risk decisions. At least for our business, it's not new. It's an operational enhancement that makes our data more available.

SK

Saurabh Khemka executive

Yes. I will concur with that. It's not new. And given the proprietary nature of our data and how we collect it and permission access and how we normalize it, where we see the impact is it's actually helping us. It's helping our clients query that database in a natural language way and get a lot more value out of it. So for us, it is really a force of good in some sense, right? We're kind of using it across our products so that clients can get more value from it. And that drives that flywheel of more value, they give us more data, we provide more analytics.

KZ

Kelsey Zhu analyst

This is Kelsey from Autonomous. So when I look through various transcript over the last 10 years, you basically started talking about integrating AI into your workflows from 2016. So as we think about measuring that pace of innovation, I guess one way to measure this is the percentage of revenues that come from new products every single year. So what would that look like in the last 5 years? And what do you envision that will look like in the next 5 years?

LS

Lee Shavel executive

So as you know, we have been integrating AI for at least a decade in various permutations. And in all of those cases, it has been a process of us innovating and deploying that AI, and then our clients adopting it at varying degrees of pace. And so because that AI is often integrated into our products, we can't quantify how much of that is AI-driven because it's embedded in the natural analytics that we're [Technical Difficulty] for delivering to those customers. But I will say that it is accelerating and the pace of what you see in terms of having all of our products that I described as our largest innovations schedule, all of them integrating AI, the pace of our ability to integrate that as well as our clients' appetite to see how we can develop it has clearly accelerated from where it was 5 years ago and certainly 10 years ago. But there is an adoption phase.

And I would say a year ago, as we were exploring the application of generative AI on the underwriting front and we had minimum viable products that we were testing for that. There was a very clear caution around what is the data exposure? How do we know that it's protected? How do we know that it's reliable. And that's something where the industry has had to get comfortable with it. And it will continue to need to be proven out from a regulatory grade standpoint. So I think that will continue to be the case, but the breadth of enthusiasm for how we can integrate that into existing product sets is a critical advantage that we have. It's much harder if you come at it from the outside and say, "Hey, I've got a new product that isn't directly connected to an existing regulatorily approved workflow or an established data set that is being utilized." So that's where our advantage, scale and expertise and embedded workflows become such a potent advantage for us. And we do expect it will increase the value of what our data and our technology delivers to our clients.

JM

Jeffrey Meuler analyst

Jeff Meuler from Baird. So it's interesting to me to see aerial inventory listed on the slide among the so growth drivers, given Verisk has a colorful history with it. Maybe just an update on that strategy and how you view that as an opportunity, and I get that it's multimodal, but I'm wondering if satellite imagery resolution is getting to the point where there's increasing applicability to insurance use cases in lieu of higher cost plane or drone sourcing?

LS

Lee Shavel executive

Yes, it has been an evolution. And from our perspective, it's been a very positive one, both from an economic and from a functionality standpoint. So SK.

SK

Saurabh Khemka executive

Yes. So we are focused on analytic first. So we're not focused on capturing the images. We're focused on getting the best analytics out of it and making sure that we can embed it in many of our products and create new analytics. And you're right. The reason why we looked at multimodal is because these technologies are changing. And so we want to be agnostic of that. The goal [indiscernible] best coverage, best refresh and in the most economically possible way. So if satellite gets there, sure, we'll be ready. We've looked at balloons. And now we're looking at flights. So that's why we are focused on analytics and not the image capture. You're right, satellite is getting better, especially as you look at wildfire, that's an area where that is helping kind of zone in on like where the issues might be before we get to more kind of minute data images.

LS

Lee Shavel executive

We're going to have to cut it off there, but you'll have another crack at us for our next Q&A session, but great questions. Really appreciate them. And we're moving to a break at this point. Okay. Thank you.

OO

Operator

We invite you to enjoy a short 15-minute break and encourage you to visit the solutions gallery.

[Break]

UE

Unknown Executive

[Technical Difficulty] On the right-hand side, I'm particularly excited about the third number. The $1.9 billion plus claim records. And those are proprietary records that we've accumulated and that we continue to accumulate every day. And it's through that, the insights that we create that creates the value. So how are we doing? Strong growth and great recurring revenue. On the left-hand side, you could see we have about 7.5% growth, and that's actually at the high end of what we said 3 years ago at Investor Day. And on the right-hand side, I'm excited to say that our subscription or recurring revenue is up 4 points from 74% to 78% over the last 3 years.

And let's talk about our customer base. It's actually the most diverse space within Verisk. It's approximately 50% insurers or carriers. And then the other 50% is a combination of third-party adjusters, contractors, and that 7% represents ecosystem partners. That's growing significantly. It's actually grown 28% CAGR over the last couple of years and continue to accelerate that growth, and we'll talk more about that shortly.

Since the last Investor Day, we made significant progress across all parts of what we've set out to do. I want to just hit on the second and the fourth circle for a moment. That accelerated product innovation, again, we're taking our proprietary data set and creating from the ground technology solutions to address pain points across the ecosystem of claims. And we're infusing AI into that to create great insights. And on the far right-hand side, as I mentioned, we've dramatically expanded the number of partners across the claim ecosystem to help us to create data for us and for more importantly, for our customers to create insights.

Let's talk about how we're investing in growth for the business. As you could see here on the left-hand side, very large addressable market, a relatively small market share, which means there's a lot of white space for growth. And speaking of growth, we've delivered 1.5x the industry average over the past 3 years. There are many factors and concerns that are facing the industry today. As you could see on the left-hand side, and we at Verisk are creating a set of solutions based on our data, based on technology, innovation and working with our ecosystem partners and embedding AI into all of that to create great outcomes for our clients. If we take a step back for a moment, when we look at our carrier customers, the make or break of profitability is the sum of the daily decisions, actions and behaviors that happen every day on every claim. At Verisk, by embedding our solutions into the very workflow and processes of our of our customers, particularly our customer claim adjesters, whether they be third-party adjusters or carriers, it ensures that every decision, every action, every behavior is at a world-class level of execution, and that is the difference of creating profitable growth for our customers.

Our proprietary data and platforms are the industry standard. From anti-fraud business to the property restoration solutions business, to our federal and state filings for Workers' Comp claims. And these products, as I mentioned, are embedded into the very workflows and processes, and they cannot be replicated without that data. As I mentioned earlier, my previous employer, I built an AI set of solutions that created value across insurance companies. But every insurance company CEO said to me, can you please bring in data to these solutions. [indiscernible] said, no, we don't have any. That's the difference at Verisk. We have the data. We have that proprietary data, which is the backbone and the core for our customers to create profitable growth. So AI without data is a nonstarter. We have incorporated AI into all of what we do. And just to talk about AI, the way we see it, there's 2 branches: One branch is the generative and the associated Agentic AI. That's [indiscernible] for efficiency and productivity. So back to the loss investment expense part of the sort of claims triangle, it's great to optimize that using the AI. The other branch of AI is the neuro-symbolic AI, which does math and statistics. So it's greater claim outcomes or accuracy. It's also, by the way, auditable and traceable, so regulators love it.

So what we're doing is we're taking our data -- we're infusing both generative and Agentic AI to improve productivity and efficiency of our customers and infusing neuro-symbolic AI to get the right claim outcome. Again, all of this is creating enormous enterprise value at our customers. And you could see here for us, expanding revenue per client on the left-hand side, significantly improving our scale economics, and maybe most importantly, this compounding or multiplier effect AI data together. Don't take my word for it, let's listen to Dimitrius King from the Hartford, one of our customers talk about this.

[Presentation]

UE

Unknown Executive

I had the privilege of meeting Dimitrius at our Elevate Conference, which is our property ration Solution conference a couple of weeks ago in Salt Lake, and he is passionate about the partnership that we have together.

Last but not least, on the agenda, let's talk about how we're leveraging our competitive advantage for growth. Based on carrier feedback and the evolution of tech and platforms and data in this space. We have identified 3 growth drivers to fuel our overall growth. Let's start with our expanding claim ecosystems. As I mentioned, we invested heavily in growing this partnership, and we are planning on tripling this to about 400 over the next few years. This enables us to actually improve our technical and operational claim handling for our customers and increased revenue and stickiness for Verisk.

If we bring this to life with an example in this case, it's in our anti-fraud business. stolen cars is a big problem in the industry. And what's particularly interesting is this increasing number of when there's a stolen car, it's actually not really stolen. It's a fraudulent claim. It's all fabricated. It's very hard for insurers to actually figure out is this a real stolen car or not. We have partnered with an organization that locates missing assets. In this case, we see cars. And they could know whether the car or parts of that car are for sale on any part of the website or somewhere else. So now we're when an insured brings in or puts in a stolen car claim because we embed this into the carrier workflow, the insurance company immediately knows if this is real or not. If it's not real, they deny the claim and prosecute. If it is, they efficiently and quickly administer the claim and create and come up with the right settlement. It's a huge win for our carrier customers and our third-party addresses because it saves them from paying out from fraudulent claims. It's a win for insurers. And obviously, it's a win for Verisk.

The second growth driver is around back to the data again. Data is at the core of improving every decision. Those carriers, by the way, that don't leverage information and data and insights are adversely backed against because they can't make those frontline decisions around underwriting our claims. And conversely, those that do deliver best-in-class results. Let's provide a real-world example of the data [indiscernible]. And this is unlike the last one we partnered with another organization. This is homegrown from the bottom of design, leveraging our data to create solutions for our customers. In this case, let's talk about fraud again. Verisk is about to come up with a new report. And it has, among other things, 2 statistics that are frightening. The first statistic is 30%, 30% of all U.S. consumers think it's okay to manipulate a picture that's sent to an insurance company to bolster their claim, 30%, 1 and 3 of us. And the more frightening figure is 55% [Technical Difficulty] Gen-Z, the youngest among us, I think that's okay. So over half of the Gen-Z folks think it's okay to take video or a bunch of pictures and change those pictures or video to get a higher claim payout imagine how hard it is for insurance companies when they get these videos or pictures or photos to know is this real or not? How much -- is this manipulated? Is this fabricated. What we've done is we've created digital media forensics. It's based on all of our data, and we have over 600 million images, and it's growing by over 1 million images a day, and it's embedded into every one of our customer workflows, carrier workflows and third-party adjusters.

So now when a claim comes in and an insurer takes photos or videos of a basement flood or a leak from a roof or some other damage to their home, the insurance company immediately knows if this is manipulated or not. If it is, the claim is denied and hopefully begin for prosecution. If it's not, they efficiently and quickly said all the claiming at the right outcome. Again, a huge win for our customers in terms of saving money that they should be paying a huge win for honest insurers and a huge win for Verisk. This is one small example of many from the ground up solutions that we have created over the last couple of years and we're accelerating that growth based on our data set. And this is a huge unlock for every one of our customers, every one of our carriers, contractors and third-party digesters.

Another example, this one in our property and restoration solutions business, exact expert. We have created a rules engine to figure out exactly how much damages there are in a home. And again, we embed this into the workflow and processes of every claim adjuster and third-party adjuster of our customers. And this, as you can see on the right-hand side, resulted in almost a 50% reduction in cycle time. That's that loss adjusted expense part. And over 15% improvement in actually the estimate, which is the loss ratio or the loss cost side. So very, very -- it's a repeatable model here of creating huge impact in enterprise value for our customers and it creates stickiness for us, of course.

Since I'm the new guy in town, they gave me a second video. So I'm going to -- let's hear from Ramon Lopez, another valued customer.

[Presentation]

UE

Unknown Executive

I've had the privilege of also of Ramon for many years. He was a senior executive at a major insurance company, as he said, when I told them I'm joining Verisk he said, "Wow, congratulations. You guys are the lock for us in creating claims enterprise value." Last but not least, and I'm really excited [Technical Difficulty] now this growth driver. It's our go-to-market. We've changed how we go to market. And as Lee said, we're going to market overall across the value chain, underwriting and claims. But within claims, we're going less product by product and more holistically in an integrated way, which is really what our clients want to do and we want to see to elevate our conversations to the C-suite, and we're helping them address their pain points across the entire insurance value chain, in this case, particularly in claims, and creating value for them.

This is enabling us to align our incentives and outcomes with -- that of our customers, the carriers and adjusters. It's enabling us to create longer enterprise value and larger enterprise value contracts, not in seat pricing and just overall greater stickiness. Just to bring this to life with one example here, this is a top 10 carrier by changing how we go to market with them we've dramatically increased the number of products that we're selling to them and with them. We've increased the contract length from 3 to 5 years. And then last but not least, we've increased the contract value by over 20%.

This is one example. There are many of these in the top 10 carriers and then many in the regional set of carriers right below the top 10, and we've done the same with our contractor customers and with our third-party adjuster customers. It's a real unlock for us, and we believe for the industry. So bringing all this together, these 3 initiatives will result in a 6% to 8% annual growth over the next 3 years. In summary, bringing it back to the beginning, I am so excited to be here at Verisk. We believe that if we bring everything together as we're doing our proprietary data, incorporating from the ground innovative tech solutions, bringing in our ecosystem partners and then bringing in neuro-symbolic and generative and Agentic AI on top of all that to create real insights. And then finally, embedding everything into the core workflow and processes of all of our customers and their frontline adjusters, it's going to create enormous value for our customers, great value for policyholders for Verisk. Thank you very much.

LS

Lee Shavel executive

So bear with me. Lost my mic there for a second. Can you guys all hear me? So I want to bring -- invite 3 of my colleagues up here. Given what I've emphasized about the value of networks in our business, I wanted to drill into it with each of these folks on the stage with me to help you better understand the value that we create through these networks, how it's contributing to our growth and also how AI is accelerating the value that we're realizing across these new networks.

And so I've described this ecosystem, and this is kind of a broad illustration of that ecosystem, both from an entity standpoint, you can see along the outside, we have carriers, policyholders, regulators, brokers as well as functions that we provide through this pricing, loss cost estimates and claims. And this creates a unique opportunity for us to integrate more and more of these components into the services that we provide to facilitate data transfer, better decisions and more efficient outcomes. So that, in a broad sense, is the opportunity that we have across this global industry. So I'm going to start -- 3 of my colleagues going to ask each of them, introduce them briefly and then we'll talk about each of their networks.

UE

Unknown Executive

I'm Aron Bronco. I'm the President of our Property Restoration Solutions business unit. I've been with the organization for 25 years now. I started in technical support, building contractor calls after perhaps a release of our software that might have interrupted their day and I've held just about every position within the departments that we offer and happy to be here with you today.

UE

Unknown Executive

I'm Ron Biderman, I'm the Chief Product Officer for our core lines business. I spent my entire 30-year career at Verisk with the majority of the time being spent in our core lines area. Happy to be here.

TR

Tim Rayner executive

Good morning, everyone. I'm Tim Rayner. I'm President of Specialty Business Solutions. I've been at Verisk for 7 years, having spent the prior 18 years on the broker side of the London market.

LS

Lee Shavel executive

Okay. So thanks, guys. Aron, tell the audience what they need to know about your business as a starting point for our discussion today.

UE

Unknown Executive

Excellent. So if you've ever had a property claim, damage to your property, let's call it, roof damage, or maybe a hell event, fire damage from -- in maybe your kitchen or perhaps a flood in your basement, odds are pretty good that your home was restored or your claims settled using our platform and capabilities. And so when you think about that capability within the network, we're really the industry standard. We are what connects contractors to insurance carriers to the independent adjusters and create a virtuous kind of circular loop, if you will, flywheel that brings information to and from those participants within the network in order to be able to restore the lives of policyholders after damage happens to their property.

LS

Lee Shavel executive

And so in a way, we're creating the language through data and through workflow standardization that facilitates their communication.

UE

Unknown Executive

Absolutely. And it's an orchestration of how that.

LS

Lee Shavel executive

And 1 great example of this, I referred to the ELEVATE conference in terms of the word cloud that we showed. I mean, if you're there, you would -- and hopefully, you may have an opportunity to attend, you'll see the incredible community and connectivity that, that ecosystem represents. They really take a lot of great pride in addressing policyholder claims and helping them in their most difficult moments. But with that as background, Aron, can you describe the network dimension and how we are adding value as a network to that ecosystem?

UE

Unknown Executive

Yes, I think a good way to start with us is to come up with a real kind of evaluative example. So how many of you have climbed on other than Lee -- how many of you have climbed on a roof and measured out the full dimensions of a roof. Anybody? It's okay. You can raise your hand. No, nobody has. Okay. Well, think about the complexity of being on a roof with a tape measure, trying to measure the ridge length, maybe rafter lengths, trying to sketch it out. Elizabeth was the interim claims President for a while, and I think, Elizabeth you learned what the contractor's favorite formula was or theorem. The Pythagorean theorem. So imagine being up there, trying to do the math and trying to sketch all of this out in a situation that probably is very physical and perhaps not even the safest environment. If you think about how we have connected the ecosystem participants, especially on the technology side.

So the question around the aerial imagery. We have some very great partnerships around that as an example, where the imagery is coming in. So imagine you're a desk adjuster in San Antonio. The imagery comes into you through our platform. The measurements are automated. You're not climbing on the roof and the scope is nearly automated as well. You can evaluate the hell hits, if you will, on that particular property, and essentially be able to settle that claim using to your point, the same language and construct that the contractor would use.

This creates significant efficiencies and time savings for all of the participants that are involved in that exchange. And that one simple example, right, it's just kind of a one-to-one example. Imagine what happened. So Rob had talked about the DFW area, maybe a major thunderstorm. Imagine what happens maybe in Denver, the same type of a hell event. Literally overnight, you have 40,000 claims and properties that have been damaged. Using our capabilities, you understand the hell impact and energy through our respond product, you're able to better understand which properties of yours are damaged, and then you can begin resourcing. You can procure your resources you can set up reserves and then you can start distributing claims through the process and then referring jobs over to the contractors. And all of this then comes back into the system. So we have all of the data, all of the models. So the next storm, we continue to get smarter and better, and that's really the compounding effect of the capability we have.

LS

Lee Shavel executive

Excellent. And by the way, your life insurers, thank you for not getting up on your roof. Try to avoid that, if possible. So Aaron, with that and the value that we're providing, how do you think about the growth opportunity for your business as a result of our development of the network.

UE

Unknown Executive

So when you think about the network and the efficiencies that we create within the network, each new participant added continues to add more and more value. So from an overall retention or customer acquisition, we get better with new and interesting partners that are added to the system. So I would say that from a retention perspective, you really don't want to leave that. That's number one in terms of some of that value for the organization. Number two is revenue. And you heard Steve talk about this before, we have what's in our particular business unit a 28% compound annual growth rate since 2022 of that particular segment of our ecosystem providers. So it's growing pretty dramatically and healthy.

And then three is going to be the reach. which is there's so many different unique and interesting inputs that can be brought into the ecosystem to make the process more efficient and more valuable for everyone we see a large market opportunity to continue to expand that ecosystem approach in order to be able to grow business and most importantly, solve for challenges within the insurance and restoration Market.

LS

Lee Shavel executive

And Aron, just to put one last number on this. We are now at over 140 technology partners that we have integrated into the platform over the last 3 years. So it gives you a sense of the scale and for our clients the ability to get that partner integrated into their workflow at a much lower cost where they don't have to do the development work is a massive economic advantage for them. So thanks for that.

Ron, A lot of folks might not naturally think of the Core Lines business as a network business. But at its foundation, it effectively was a network in a utility form. But tell us -- give us a little bit of background on the forums rules and loss cost businesses that you're responsible for?

UE

Unknown Executive

Sure. Thanks, Lee. An easy way to think about our core lines business is our forms, rules and loss costs are the foundational components of the insurance products that insurers sell. So if you think about any insurance transaction that you've had, there are really 2 components to that transaction. One is you get an insurance policy, which is a contract. And the other, which you probably remember more is the premium that you're paying for that policy. So how does that relate to our products? Well, our forms are what insurers use to create that insurance policy and our loss costs and our rating information derived from that contributory database that SK talked about is what insurers are leveraging to determine the premium for that policy. And when you think about doing that, providing the forms, rules and loss costs across 32 lines of business in personal lines and commercial lines, we become deeply embedded in our clients' insurance programs.

LS

Lee Shavel executive

And so let's talk about building from that. Let's talk about the network dimensions and how our clients get value out of that network.

UE

Unknown Executive

Yes. When you think about core lines at its 50-plus-year history, it really is one of the original insurance networks and continues to play a foundational role in the industry today. With connections and strategic engagements with insurers, agents, brokers and regulators, we're creating value across the industry ecosystem.

And let me give you an example using our forms. Every year, we introduced hundreds of new and revised forms updates in response to compliance issues, in response to emerging issues and market trends. We then filed those forms in 50 jurisdictions and work with the regulators to get those forms approved. So that our insurers can start using them in their insurance programs. By Verisk doing that work once versus hundreds of insurers doing it themselves, we are taking significant costs out of the industry and accelerating speed to market by streamlining that regulatory approval process. And from a claims perspective, if you'll let me of claims, please.

You may not realize this, but insurance policies are one of the most litigated contracts, meaning that the policy language that's in our forms has been court tested over decades. So insurers that are using our insurance wording have confidence when they're adjudicating claims based on policy language, which helps them reduce claims cost and litigation risk. And that's the power of the core lines network. The more participants that are using our forms, the more value we're bringing to the echo system.

LS

Lee Shavel executive

Yes. And I think important thing to emphasize, Ron, is that we aren't doing this in isolation or a vacuum. It's with intensive engagement with the industry to get their input and feedback, talk about what we're seeing. One of the most rewarding conversations I had was with the CEO of one of our major clients who said they really appreciated our emerging issues list because we're able to look across the industry and see what's developing to guide what they're doing. And a lot of that input is then reflected in the work that Ron is describing. So as you think about the growth opportunity as we continue to build that network, Ron, and how it impacts your business, describe that to us.

UE

Unknown Executive

Yes. As SK mentioned earlier in his presentation, reimagine has been a success for Core Lines, and it has accelerated Core Lines growth by 250 basis, and we believe there's opportunity to continue creating value by expanding both who's contributing data to us and the types of data that's being contributed. And we've heard already this morning talk about the 100 data contributors that have been added to our database. What that means is more participants means more data. More data means more credibility of our data, better benchmarking and faster actionable insights for our insurers when they're making their pricing and underwriting decisions. And that's creating value for them that we will look to participate in that value creation. Then we also mentioned the E&S area where historically, the E&S data has been fragmented and hard for insurers to use. But by partnering with insurers and MGAs and by leveraging AI, we've been able to ingest carrier datas -- carrier-native E&S data into our industry standard data structure, which has allowed us to prevent -- provide benchmarks and industry insights that previously didn't exist in this market. Today, we have 8 insurers contributing over $10 billion of current and historic E&S claims, and we're on track to build the industry's first scalable E&S contributory database.

LS

Lee Shavel executive

Now that may -- E&S may not be exciting to you, but I can guarantee you it's incredibly exciting, one of the most exciting things that I think we've accomplished and actually came out of a CEO conversation that I had three years ago, shortly after I stepped into the position where the CEO said, "Lee, love what you do on the admitted lines, but can you provide us more data on the E&S side?" And so we took that ball, the team ran with it. We now have an E&S actuarial specialist. And the important thing is not only is it -- are we getting new data sets, as Ron is describing, but it's leveraging our existing admitted lines, which are referenced by the E&S market, which is another dimension of growth for us. So thanks, Ron.

So Tim, it feels that we kind of stole your thunder or at least Dominics [indiscernible] Turner from Marsh did. But nonetheless, why don't you give us some background on the Specialty Business Solutions business?

TR

Tim Rayner executive

Absolutely. Thank you, Lee. And we're extremely proud to have the video testimonial from Dominic that talked about the Whitespace platform. But Specialty Business Solutions is more than just Whitespace. We're a 30-year-old deeply embedded software company that serves the specialty insurance market globally with solutions from rating, pricing, policy administration, claims management and exposure management. As Lee talked in his presentation, the network, the ecosystem that we're proud to present to you today is the Whitespace platform. That's got over 385 firms, 16,000 users and over $15 billion of premium was transacted through that network in 2025 alone.

LS

Lee Shavel executive

And could you distill the value that the participants in that network are extracting relative to the way that they work previously?

TR

Tim Rayner executive

So Whitespace is unique in itself. Unlike our competitors in the marketplace, Whitespace has been built over the last 7 years on a data and an API-first basis. That data and API-first basis has unique capabilities for upstream and downstream efficiencies through automation and AI. Ultimately, it simplifies the broker to insurer connectivity. It reduces the administration burden. It allows brokers to source capacity on a much more efficient and effective manner. It allows insurers to deploy that capacity. And as I said upfront, it simplifies that connectivity because we are uniquely positioned to support the many to many trading for our position in the industry.

LS

Lee Shavel executive

And how do you think about that in terms of the growth impact for SBS overall, Tim?

TR

Tim Rayner executive

So Whitespace in 2025 grew 40%, 4-0, year-on-year. Our mission, our aim and the growth underlying this is more firms trading, more risks being placed, more premium going through the platform. But the Whitespace marketplace is not just about placement, leveraging assets from across the Verisk ecosystem from claims, from catastrophe monitoring, from underwriting data sets. We see huge potential future growth in terms of augmenting and extending that capability into more disciplines and reusing that data.

LS

Lee Shavel executive

Thanks, Tim. And so we're going to do a little bit of a lightning round, and I'm going to start with Tim and bring it back on here. Tim, describe how you're integrating AI to support the network dimension at Whitespace and even more broadly at SBS?

TR

Tim Rayner executive

So we are deeply embedding AI in every solution that we offer to the market. So in the white space context, we're primarily using generative AI to summarize complex risks, and I'll give you an example to bring it to life. Specialty insurance contracts are bespoke, they're proprietary, they're complex, and they're lengthy. So if you're an underwriter, you might be presented with a 60-page insurance contract. You might have underwriting guidelines that go to 20 or 30 pages. The manual process of assessing that risk, reading the guidelines and coming to a comparison can take days, weeks and hours in the back and forth. With generative AI, we're able to provide a real-time assessment that immediate feedback to the underwriter and indeed the broker if they have equivalent guidelines in their systems. Moving on to Agentic AI. We're moving beyond the multi-tenanted SaaS marketplace, which we're extremely proud of, and we're moving that into an intelligent workflow. We have proof of concepts which support agent-to-agent negotiation, and that will deliver even further value to our clients and participants on the marketplace. Overall, by deeply embedding AI in the marketplace, we're deepening -- we're extending Verisk's ecosystem moat, and we're delivering long-term revenue defensibility.

Great.

LS

Lee Shavel executive

Thanks, Tim. So Ron, Core Lines Reimagined has integrated AI in multiple dimensions. Where has it been most impactful from our client standpoint?

UE

Unknown Executive

Yes, sure. Let me share one specific example of how we're using AI in our Mozart platform to transform forms management. Now earlier, I talked about the hundreds of forms updates that we make every year. And our clients are building on top of our foundation and also creating their own forms. So when you think about year-over-year, all of these forms being created, it starts to become a challenge for our clients to manage their forms portfolio. What we've heard from some of our clients is that rationalizing and understanding differences in their forms portfolio is a process that could take months of manual effort and some of them even outsource the effort because of the amount of time that it's going to take. Well, our Mozart AI is changing that by instantly analyzing and rationalizing the forms by highlighting the key differences, but most importantly, providing an insurance-specific executive level summary of the material impacts between the forms. And that last part is the part that really gets me excited because I think that's what differentiates our Mozart AI. If you think about an insurance policy and a paragraph is being added to Section A of it. It's important to know that. But what's more important to know is that by adding this new paragraph, you've now broadened coverage beyond what was previously provided. And that is the information that is really critical for our insurers to understand, and that's the intelligence that our experts are bringing to AI informs management.

LS

Lee Shavel executive

Thanks, Ron. So Aaron, we've been deploying AI in a variety of generations in our property estimating solutions business. Why don't you walk us through how we've been doing that effectively?

AB

Aaron Brunko executive

Absolutely. So if you take the consideration of the base, which is the core products that we offer, we have 200 million-plus assignments that have been distributed over time. That's billions of line items, billions of photos, all kinds of information that we're able to tap into. So now when you start to layer on top of that, give you an example, Exact Expert. Exact Expert is the rules management capability. So when Ron talked about making changes to like forms and endorsements, you can ensure that you're compliant. Our customers, our clients can ensure that they're compliant in those estimates based upon the way that, that policy form and that contract was ultimately written. And then when you layer on top of that, some of the additional capabilities. You have to remember, we're not just data. We're also very much tapped into the workflow aspect. So the actual job to be done that people are trying to accomplish. So if you're labeling photos as an example, putting in detailed descriptions, that's a really important task and opportunity for us to add more value. That's really an example where Exact AI comes in on top of that. And so it's a little bit more horsepower, if you will. It supercharges the experience and the workflow for some of our customers. And then you set the next layer on top of that, which is Exact Gen that we just announced at Elevate, that's where we bring those capabilities together to move things forward in a more agentic step-by-step process. And just a simple example, if you look at Exact Expert, our customers are hungry for this type of information for these types of capabilities. Exact Expert has grown by over 130% year-over-year. We launched Exact AI in October of last year. We already have 3,500 users who are using it today. So our clients are hungry for this additional capability that helps to supercharge their workflows.

And if I can just add one point to help you appreciate the scale, for Exact Expert, we have tens of thousands of users of that platform. And our clients, just at Elevate was with one of the largest adjusting firms. They're training thousands of their adjusters on the platform. We're talking about tens of thousands of professionals in the industry. And that's a great example of where as we deploy this technology into their workflows, they can get the value much quicker at a much lower cost of investment, and that's a great demonstration of our competitive. So I'll close there. We took you pretty deep into the insurance detail. I was watching. I don't think anyone passed out over the course of this. But hopefully, it really made it real for you in terms of what we're doing to integrate this technology and doing it at scale. Thanks to the panel for your insights.

LS

Lee Shavel executive

Thank you. We invite you to enjoy a short break of 15 minutes and I encourage you to visit our solutions gallery, and we will continue at 10:45.

[Break]

EM

Elizabeth Mann executive

All right. We'll go ahead and get started. Hi, everybody. I'm Elizabeth Mann, Chief Financial Officer at Verisk. It's great to see so many of you here today, and it's great to see so many familiar faces that I've spoken to quarter in, quarter out over the last 3 years. So it's a real pleasure to take a step back and take a look at everything we've accomplished over that last 3-year cycle and then focus in on the trajectory of where we go from here.

I want to start by talking about where we are today and our resilient growth engine. Let me start at a high level with a quick snapshot of Verisk. We are a growth business with a strong presence serving the insurance industry. We have strong growth driven by our subscription-based revenue model with very strong retention rates. And when we say we serve the insurance industry, we really mean it. Of the top 100 U.S. P&C carriers, we're proud to say that every single one is a customer of ours somewhere. We do serve the global insurance industry, and we go to market, as you've seen, with a number of different businesses. You can see them mapped out here. We report on a -- in two subsegments of underwriting and claims. So you can see how those are reported here. And our businesses range from our two marquee businesses that started as a consortium of the U.S. P&C industry in the forms, rules and loss cost business and the anti-fraud over 50 years ago as the industry came together. And over time, we've grown into many exciting new areas that you've heard us talk about over the course of the day. You've heard us say we serve the global insurance industry. The carriers are not our only customer type. As you can see here, they are our largest customer type, but we have a number of products and growing customer segments in the contractors and the claims professionals, in the brokers, MGAs and other distribution throughout underwriting, in reinsurers. And we do today have a small number of clients that are not themselves directly in the insurance industry, but still do carry a focus on risk.

And that brings me to my favorite slide on the power of our compounding revenue growth. On the top, you can see we've grown consistently every year going back to our IPO in 2009. And our reported growth rate has grown consistently. In fact, in the last 5 years, it's inflected upwards to a growth rate of nearly 9%. We typically look at it on an organic constant currency basis, which is what you see on the bottom. And you can see on the bottom that we have been within that 6 to 8 percentage points of organic constant currency revenue growth every year going back to 2009, with the sole exception dipping below that in 2 years of global crisis in 2009 and 2020. And just to spotlight how remarkable this is, if you ask yourself today, how many companies in today's S&P 500 can boast revenue growth no less than 5% each and every year going back to 2009. And the answer is Verisk and 12 other companies in the S&P. So we are in the top 2.5% of that S&P, and we are the only company in our sector to have this consistency and stability of the revenue growth. We've achieved that consistency and stability in a wide range of insurance industry markets. So what you can see here in the gray line is the insurance industry direct written premium growth. You can see that, that averages out over time at about 5% or mid-single digits, we say, but it's a wide range of outcomes ranging from negative growth in some years to more recently poking into double-digit growth rates. But throughout those insurance industry cycles, the Verisk revenue, OCC revenue, which you see in the Navy line has been -- has shown that resiliency and stability, averaging out at around 7%. So through the cycle, we have grown faster than the insurance industry.

How do we achieve that stability and consistency of the revenue? It is based on our subscription-based revenue model. So you can see here, 83% of our revenues today come from subscription with average subscription length of just over 2 years. And over the last 3-year cycle -- over the last 5 years, those subscriptions have grown just over 8% organic constant currency revenue growth. On top of that, we have our transactional revenues today at 17% of revenue. And those revenue types are inherently a little bit less predictable. It's often how we go to market in a new business or a new customer segment. And you can see even over this time period, they have been additive to growth, in this case, in the low single digits. Going forward from here, we do continue to expect our transactional revenues to be a contributor to growth.

Let me move now to our EBITDA margins. We have a consistent track record of overperforming on our margin expansion targets. Here, we've grown margins by over 400 basis points in the last 3-year cycle, even while continuing to self-fund a number of the great investments that you've heard my colleagues talk about and that you can see in the solutions gallery out there. Going forward from here, we do continue to expect margin expansion driven by some of these same drivers. But given the opportunities for investment, we expect the rate of margin expansion to be a little bit closer to the guidance range that we'll talk about shortly.

Putting that all together in our report card, this is what we have delivered over the last 3 years. On each of the major metrics that we committed to you at the last Investor Day, we've come in at the high end or above the range. So very proud of that achievement, and we have done it all on those metrics even while continuing to deliver a very strong return on invested capital in the mid-20s.

With that, let me turn now to our capital allocation framework. We have a clear and consistent capital allocation framework, focused on driving the highest return on invested capital. Here are the three priorities, and I'm going to focus on each one of these in turn. Let me start with our organic investments. And our primary mode of organic investment besides everything we do day-to-day in the business is our capital expenditures from a cash flow perspective. Our CapEx is almost entirely in internally developed software and technology assets, represents our organic investment. You can see on the left, the investment over time. I'll remind you, this investment has funded the investments, including enhancing and building new proprietary data sets. It's also focused on the investments that we've talked about in AI in 35 different projects that we have in use today. And today, we're investing about 10% of our CapEx in AI-based initiatives.

Now we get asked sometimes about competition from insurtechs or other start-ups. But I want to point out on the left-hand side, you see our CapEx invested over this 5-year cycle has been well over $1 billion. And so we like to remind people that at these levels of scale and investment, we are bringing unique insurance technology solutions to the market that we believe are unmatched by others.

Finally, I just want to highlight, we track the returns generated by this CapEx and by the products that come out of it, and we continue to drive very strong returns. Because of that, we intend to continue CapEx at roughly this rate as a high single-digit percentage of revenues. And just some of the projects that, that CapEx is funding, you can see here all the initiatives that we're looking at across our businesses. You heard my colleagues, Saurabh and Rob talk about their transformative programs, the Core Lines Reimagine and Verisk Synergy Studio. These programs put us in a position to deliver to the industry groundbreaking new ways of accessing our proprietary and unique content. And they are just two of the examples of investment programs that we are funding across the business.

Core Lines Reimagine as just one example of those is probably the signature example of what we have been able to do with our organic investment. You heard both Saurabh and Rob talk about the impact of that investment. Here from a financial lens, you can see on the left-hand side, we've invested over $100 million in that program on a 5-year basis. And for that investment, we have managed to drive growth accelerating by 250 basis points in that business, which is all the more remarkable when you think about that business as one that is highly present within the industry has existed for a long time and is a business at a scale of nearly $1 billion today. By the end of this year, we will have completed the original scope of that investment program. But we are -- we think there is a lot of runway still to go; number one, from clients adopting the scope of what we've already put out there, and we'll put out by the end of the year. Number two, a lot of runway for us to continue then to invest in that platform as a modern starting point for new and exciting initiatives with the data. And number three, therefore, we think there is a long runway for the benefits that Verisk can continue to derive in our business from these investments.

Finally, I wanted to highlight on organic investment. If you take our financial capacity to invest and combine that with our presence in the industry, what that gives Verisk uniquely is a differentiated ability to scale investments and new ideas. So I often think of the $100 million mark in revenue is often seen as a key milestone for a new business to prove out its scale and durability, its value for an industry. And there are many insurtechs or indeed start-ups in many industries that start off with a great idea, start off with a lot of buzz and maybe a lot of funding, but find themselves unable to scale through that threshold level. Here at Verisk, we have a track record of nurturing businesses to expand and grow and scale. And I'm proud to say that just since our last Investor Day 3 years ago in this room, we have scaled not 1, not 2, but 3 businesses through that $100 million mark and beyond. And I'm talking about our Specialty Business Solutions business, our Life Insurance business and the growth products that are reported in the Forms rules and loss cost portfolio. I think these are a testament to our ability to take ideas and investments and scale them on behalf of the industry, deliver value for clients and build fantastic businesses inside the Verisk portfolio.

With that, let me move to our second capital allocation priority, which is on selective M&A. We have used M&A in the last several years to make our portfolio of businesses better. In the last three years, we've acquired seven different businesses, and we've divested two. The seven businesses that we've acquired have enhanced our revenue growth, growing collectively in the strong double-digit range. The two businesses that we divested were clear headwinds to growth. But beyond just enhancing our financial profile, the acquisitions we've made have positioned us in better and more attractive and growing and interesting subsegments of the insurance industry with new customer sets and types that can enhance our networks.

We have a clear M&A strategy that focuses on the three priorities that you see here on the left. Proprietary data sets, whether acquiring new data sets or enhancing our own proprietary data sets; number two, focusing on emerging and new risk areas and expanding our customer base; and number three, bringing efficiencies, automation and exciting workflow opportunities to our clients. The SuranceBay acquisition that we did last year was a great example of priorities two and three that you see here. We already had a great presence in the life insurance industry with our FAST platform. The SuranceBay acquisition brought us a new customer set and new functionality and capabilities to bring to that market. We've added now the agents and the distribution side of life insurance and bringing new functionality and efficiencies to both sets of customers.

Our third capital allocation priority is driving returns of capital to shareholders, supported by our strong balance sheet. We are fortunate to have a very cash flow generative business with efficiencies in working capital and supported by a strong investment-grade balance sheet with a target debt-to-EBITDA range of 2 to 3x. Our insurance business has had very strong free cash flow growth, and we've demonstrated our track record of returning that cash flow to shareholders. As you can see in the percentages in the bars represent the percent of free cash flow that we've returned to shareholders each year. You can see that we've returned over 70% each year with well over that in some years, often generated by the disposition proceeds that we've had. I do want to note that the 2025 free cash flow here was elevated by some onetime elements on interest and taxes. But I do want to highlight that going forward, we do continue to expect free cash flow growth to be in the high single-digit range. And because we have that strong free cash flow growth, it's enabled us to return that capital to shareholders. It's been nearly $7 billion in the last 3-year cycle. On the left-hand side, you can see our dividend growth has been double digit on a per share basis. And we are now at a payout ratio in the mid-20s with room to grow over time.

On the right-hand side, you can see our share repurchases, which have been strong over time. And including to say, I'm proud to say we've already executed on the $1.5 billion accelerated share repurchase that we announced on our earnings call just two weeks ago, bringing that total to nearly $7 billion of capital returned.

And that takes us to our outlook for the next three years. These are the characteristics that drive our attractive financial model. Let me talk for a few minutes about revenue growth and margin expansion, which power the rest of the model. On the revenue growth side, these are the functional building blocks to our sustainable 6 to 8 percentage points organic constant currency revenue growth. The building blocks themselves will look familiar. They are the same as the building blocks we gave you three years ago, but the relative contributions of these has shifted a little bit. Let me start with the biggest one, which is pricing. Three years ago at Investor Day, we gave you a target for pricing contribution to growth of 300 to 400 basis points based on our historical experience and the industry outlook at the time. Actually, in 2023 to 2025, we ended up delivering just north of 5 percentage points in the pricing growth contribution to revenue. We did that primarily based on the value that we were delivering to customers, the product acceleration that you saw in Lee's slide and the better strategic client engagement were the primary drivers of that with a secondary assist from a high inflationary environment and high premium growth. That gives us the confidence to raise the target range by 50 basis points to 350 to 450 because we believe we can continue to realize the benefits from the product innovations in the core. A second way to think about revenue growth is simply the contribution by business. On the X-axis here, you can see all of our businesses laid out. And I've often been asked what is the long-term growth profile of the different businesses. So here is the view into that. On the Y-axis, you can see their target growth range. Finally, the bubble size of each business represents their relative size. If I start here -- if you start with the industry growth in the dotted line in gray at about 5 percentage points, you can see that all of our businesses are growing faster than the industry, and it ranges from our largest businesses, which are growing mid- to high single digits range to our higher-growth businesses delivering double-digit growth.

Finally, on our margin expansion, we continue to have ample opportunity to grow our margins, and that's driven by a couple of different factors. The operating leverage that we continue to expect from all of our businesses, even as they self-fund some of their investment programs. We also see numerous opportunities for efficiency gains, both from the methods that we've used successfully over the last three years and also now from efficiencies generated by new and enhanced technologies and AI opportunities. Finally, those two opportunities for margin expansion may be somewhat offset by a mix shift as we continue to invest in higher-growth businesses, both organically and inorganically. But taken all of that together, we continue to expect margin expansion opportunity in the 25 to 75 basis point range. And that results in our new long-term financial targets. We anticipate revenue growth of 6 to 8 percentage points organic constant currency on an annual basis, adjusted EBITDA growth of 7 to 10 percentage points annually, adjusted EBITDA margin expansion of 25 to 75 basis points and double-digit EPS growth. Those four targets may not seem surprising to you. They are the same as the ones we articulated at our last Investor Day, but we are proud to reiterate them, now compounding off of a higher base, which has grown north of $3 billion and into this evolving environment. And to those four metrics, we want to add a fifth metric on return of capital with the intention to return at least 75 percentage points of our free cash flow to shareholders in the form of dividends and repurchases.

In summary, we are proud of our compounding growth, our continued margin expansion and our disciplined capital allocation, all of which power our attractive financial model.

And with that, I'm going to invite my colleagues back up on the stage with me to take your questions. Thanks.

LS

Lee Shavel executive

Coming up on stage. There is going to be a survey. We're always looking for ways that we can improve how we approach this. Is this the survey? Okay. So you can use that QR code and probably be available through other channels, but we welcome that input from you.

And Andrew?

AS

Andrew Steinerman analyst

Andrew Steinerman, JPMorgan. Elizabeth, I love the bubble chart and X and Y axis, very helpful. So the thing that caught my eyes up the one in the upper right, SBS. If I look at the Y-axis, it looks about 13% to 14% growth profile going forward. My question is, when I look at like kind of that exciting growth, I know it's a relatively smaller bubble. Is that 13% to 14% growth already included in SK's slide that we already saw Slide 56 with this 6.5% to 7.0% underwriting solutions growth? And just talk more what's driving SBS. And you have to remind me, SBS is sequel in SBS?

EM

Elizabeth Mann executive

Yes. As is Whitespace, so to your first question -- your second question really, it is not included in the underwriting solutions bubble. But Tim, maybe that -- maybe you should talk about the drivers of the growth.

TR

Tim Rayner executive

Yes, very happy to. So Whitespace that I talked about in the panel is a key component to that. The other two pillars of the digital solutions, how do we embed Agentic and generative AI across our technology stack. And the third is not losing sight of our heritage products in terms of policy administration, leveraging the network capability that we've established in Whitespace and delivering that platform effect to deeply integrate and embed the end-to-end workflow to support the global specialty insurance. So in summary, three pillars to the growth, developing that marketplace, delivering digital solutions and modernizing our heritage.

AS

Andrew Steinerman analyst

Is it very non-Europe today? Like I remember the Sequel acquisition had a U.K. heritage?

AB

Aaron Brunko executive

4

Yes. So Whitespace, all of our products are deeply embedded in the London market. But as Lee talked about in his presentation, we've launched Whitespace in Bermuda, in Dubai, in Singapore, and that's very much a global foundation that we'll build out and support the specialty industry.

UA

Unknown Analyst

Greg Peters with Raymond James, again. So I want to go back to the CapEx slide that you put up there, which I thought was kind of interesting. And in the past, I think the way you've characterized technology investments and CapEx is developing a best use case and sort of going through that and deploying it as appropriate. Elizabeth, in your comment, evolving market. And so when I think about CapEx going forward, it seems like accelerating change is going on in technology in the marketplace. Can you give us some additional color on how you're thinking about your best use cases for CapEx going forward? And how quickly those best use cases change from quarter-to-quarter?

EM

Elizabeth Mann executive

Yes. Thanks. We do -- so we balance our priorities on investment from the time scale, to your point, we want to be evolving with industry change, but we're also not changing the programs quarter-to-quarter. I think the good thing, data investments, I think, are evolutionary. And so while a lot of the things that we have accomplished over the last three years, when they were originally scoped and designed may not have been focused on the latest AI developments. They were very much built on existing AI technology at the time. But they've given us the right data foundation and framework to continue to evolve them and enhance them as capabilities improve.

SW

Scott Wurtzel analyst

Scott Wurtzel from Wolfe Research. Elizabeth, just on the revenue sort of building blocks algorithm, it looks like you're also relative to the last guide, expecting greater contribution to growth from new clients, but also some elevated attrition as well. So just wondering if you can talk through the changes in those building blocks relative to the prior guide.

EM

Elizabeth Mann executive

Yes, happy to. And we're now saying 100 to 200 basis points increase and then offset from those two factors. Three years ago, we said 50 to 150. That reflects a couple of different things. On the new customer side, it reflects some of the growth that we're seeing in other evolving segments of the insurance industry, including the rise of MGAs and our increased focus and presence with brokers, the growth from reinsurers. So various different types of capital coming into the insurance industry that we are in a -- maybe in a better position to capture and some new markets and new customer types. On the flip side, as we go into some newer areas, there's also industry change that can affect that both ways. One is they may be new areas to us. And so inherently maybe a little bit less predictable, giving some variability to there. But also -- you're also seeing an environment over the last three years, insurance industry M&A was at a relatively muted level. Going forward from here, there could be a bit more M&A in the environment. Obviously, we just saw one announcement this week. And so we're building headroom for that in the model. I think the important thing to know is that this is kind of part of our revenue algorithm, and we have continually been able to sustain growth even with that.

JS

Jeffrey Silber analyst

It's Jeff Silber with BMO Capital Markets. On the pricing component within your growth algorithm, I'm curious, some of the other companies in the space are talking about potentially moving more towards a data consumption model, switching pricing based on that. Is that something you're thinking about? And why or why not?

EM

Elizabeth Mann executive

It is something that we are thinking about and exploring. I think we'll continue to evaluate it over time. But our forecast that we showed assumes kind of the revenue model that we have today.

LS

Lee Shavel executive

I think an important element of that from a data consumption standpoint, as we think about it is the value that's being generated by the data that's being used. And so if it is -- and so if the data consumption is being defined as, all right, here are the data sets, and you're paying one price for them, then I think that becomes restrictive. I think we've always approached it as if there is a new application that data can be applied to or we can integrate data sets and that provides incremental value, we always want to be motivated to create more value for our clients and to participate in that value creation. So I think that's an important underlying philosophy that I see persisting.

FA

Faiza Alwy analyst

Faiza Alwy from Deutsche Bank. I wanted to follow up on the question around software analytics, particularly on the underwriting side. And maybe you could just take a step back and just help us think about the competitive landscape there. I think we understand that your data is very proprietary. But I'm curious what's -- how many of your customers are your top customers sort of using those analytics that you have, or is it more your smaller customers that are using it? If you could just frame just the competitive dynamics there, just as we're thinking about the evolution and how software is consumed, that would be helpful.

LS

Lee Shavel executive

Yes. So let me -- on the underwriting side, highlight for the different segments. So if you think about our forms and loss, the consumption of our data, whether through a human or an agent or from a software perspective has not changed, and it's not changing. We're providing more insights, so we're getting more of that data out to our customers. On the underwriting side, I talked about whether it's aerial imagery, whether it's our differentiated analytics, we're going to market in a competitive environment that has always been competitive and it continues to be, and we're offering a differentiated asset from that perspective. And then finally, from a software perspective, in our FAS business, I think we still see the same competitive environment that we've seen. We are the leader there from a differentiation perspective. So we're driving that penetration in that market.

MP

Manav Patnaik analyst

Manav Patnaik, Barclays. Just two questions. Elizabeth, you showed the chart with net premiums and growth. You've given us some stats before. But just to clarify, in the past, you've talked about the percentage of revenues exposed to that and whether it is directly tied or multiyear, if you can just clarify that? And then the second question is, thank you for all the disclosures and mix today, but just we always want more. So just two quick ones for you. The mix between personal and commercial because there's a lot of debate on whether personal is declining. And then similarly, auto versus other?

EM

Elizabeth Mann executive

Yes. So on these ones, I'll repeat rules of thumb that I've given before. On the input from premium, it's around 20% to 25% of our revenues that are on a contract that have some input from the premium growth at that particular carrier. It is not the sole determinant. It is one input to the negotiation. On the other questions, from a personal and commercial, very rough rule of thumb of about 60% commercial lines, about 40% personal. And auto still represents as an end market, roughly 10 percentage points across the portfolio.

HH

Henry Hayden analyst

Henry Hayden from Rothschild & Co. Redburn. I was hoping to get some color on the state of discussions with your clients. So are you seeing acceleration in carrier thinking when it comes to working with new technologies? And what does that look like as you think about cross-sell and upsell opportunities?

LS

Lee Shavel executive

Yes. We are seeing an acceleration of our engagement with our clients across two important dimensions. The first is engagement with them in terms of how we can deliver data sets and support their AI strategy, which we've talked a lot about today. But the other dimension of the accelerated dialogue with our clients is how we can deliver enterprise solution to their purposes. And what I mean by that is -- and I'll paraphrase a conversation that I had with the Head of Personal Lines at one of our major clients who said: "Lee, look, we really value the data that we get in the claims function and the underwriting function, the risk function." But as I'm running our broad personal lines business, I need to integrate all of those. And so that has become a very frequent part of our dialogue with clients. And when we have a strategic review, as we do with all of our top clients, it's probably the area of the greatest interest and the greatest opportunity for us because it allows us to design specific solutions that meet their particular needs. So in both of those, we've seen an intensification of our dialogue in the sense of partnership that we've developed with our clients over the last three years.

CN

Curtis Nagle analyst

Curt Nagle, BofA. Liz, a couple for you. One, just going back to the CapEx, AI, 10% of total. Where specifically is that investment going? Where does that compare to prior years? And maybe somewhat of a question kind of why not higher? It's about $30 million, a little lower. And then the second one, just a little more specifically how M&A fits into the capital allocation framework, which verticals, data sets, workflow solutions might be most attractive? And given it looks like you're going to be below your range or close to your range, right, the low end by the end of the year, how do we think about the appetite for, let's call it, larger bolt-ons?

LS

Lee Shavel executive

Is that enough for you, Elizabeth?

CN

Curtis Nagle analyst

Sorry for a long question.

EM

Elizabeth Mann executive

Yes. Okay. Let me see if I can. On the CapEx and the AI investments, and that's just what's coming in our CapEx bucket. Obviously, a lot of our ordinary operational activities and OpEx is now impacted by that as well. In terms of types and products, I can either talk about it from a functional area, but maybe sort of product-wise, I think it really covers the product investments across what you've heard each of my business colleagues talk about. So it's very broad across the portfolio. On M&A and the target leverage range, we have ample capacity from a balance standpoint. We will continue to look at opportunities in the market. We gave our three priorities, the enhanced data sets, the customer base or new risk areas and then the efficiency and workflow automation for our clients. I think the first two are sort of strategically foundational to us and get at things that can have synergies with what -- where Verisk has a unique opportunity to create value. The last one is more of a value enhancer for things that -- for businesses that have strategic value in the first two categories.

DM

David Motemaden analyst

David Motemaden from Evercore ISI. I wanted to just follow up on the core lines reimagine. And after you guys finished the rollout this year, you spoke about higher client adoption is resulting in just a continued follow-through of that initiative. Could you give us some broad perspective in terms of where client adoption is now, and how you're driving that going forward?

TR

Tim Rayner executive

Yes, I'm happy to. So what we've seen since the launch is now almost 90% of our clients are using the new platform. What we also see is the growth in unique users and visitors to our platform has quadrupled year-over-year. And so you can just see the amount of adoption that we're seeing within our clients with the user base. And what we see is as we go to our clients every day, we are showcasing this platform, and that's just driving more and more usage. I think really Core Lines Reimagine is creating more consumption of our insights and the new insights that we're bringing, and we continue to see that in the future.

LS

Lee Shavel executive

Yes. And it's -- one thing that I've observed is that a lot of the industry is used to a certain process, and you have to almost force and break them out. And a lot of that is concerted focus from a senior management perspective where we can partner with them and work on the training. And so that's -- I think there's a lot more opportunity for our clients to get more value out of that. But we already heard from a variety of sources that it's clear that the productivity has been enhanced.

Toni?

TK

Toni Kaplan analyst

Toni Kaplan from Morgan Stanley. Elizabeth, I wanted to go back to the organic growth build again. You mentioned the confidence in raising the pricing by 50 bps from last time. I think 2026 is supposed to be a little bit of a lighter pricing year than '25 was. So just wondering, are we going to see sort of more of the price uplift in '27 and '28 versus this year? Or is it -- maybe it's across the whole period, but just wanted to clarify that. And maybe also on the 6% to 8% OCC growth for 2026, if you include M&A and the divestitures and net all that out, I think we're a little bit below that range for '26. And so again, like should we see sort of accelerated growth from all the investments and things that we've heard about today in sort of the later years? Is this a post 2026 story?

EM

Elizabeth Mann executive

Thanks for the questions, Toni. I'll start with your second one because I remember it. So yes, the 6% to 8% organic growth, yes, in 2026, we are experiencing some near-term quarterly headwinds. We expect those to abate over the balance of the year. So even for 2026, we expect to be in the range. But yes, as those headwinds abate, and we don't expect to have them in the future, so we do see more opportunities going forward. Your first question was on the pricing side of things. And actually, sorry, can you repeat on the pricing...

TK

Toni Kaplan analyst

[indiscernible]

EM

Elizabeth Mann executive

Oh, yes. Okay. Yes, we are raising the long-term target range. On the flip side, we're coming back, although the old target was 300 to 400, the actual experience, as I said, was just over 5%. Now all of those metrics are a very broad average across a number of products, across a number of customers. But basically, we have room to raise the target even while having some cushion to the historical levels.

KZ

Kelsey Zhu analyst

This is Kelsey from Autonomous again. Could you talk a little bit more about your strategy in life insurance after the acquisition of FAST Insurance Bay? I'm just wondering what the road map looks like for the next five years?

TR

Tim Rayner executive

Yes, I'm happy to. There are three areas that we're investing. First, FAST is still in its early innings of adoption in the life insurance industry. So we continue to push for penetration within the industry. It is a little bit dependent on our customers and when they want to make changes, and that's when we come in. The second is we're investing in AI so that we can create some workflow efficiencies for existing customers around our platform. And the third is new areas like distribution with SuranceBay, like group benefits and pension risk transfer.

ST

Surinder Thind analyst

Surinder Thind with Jefferies. When I think about the big picture here, I feel like you guys have done a good job with discussing the moat, but from an outsider's perspective, can you maybe help us understand where the risk from an AI disruption is in the portfolio? Maybe can you quantify what revenues might be at risk and how that might differ your internal view versus what the external view of what's at risk might be?

LS

Lee Shavel executive

Sure. So we do think at a fundamental basis that the power of AI, which we embrace, depends upon data sets. And so there are a variety of moats that we discussed, but the underlying quality of the data sets that we provide and their unique aspect is the most important defense and the economics associated with producing and sharing those data sets -- now if we were to define the risk, it would be that AI would have an ability to -- through other data sets, which we can't hypothesize to deliver the analytical function that our analytics and our data support. But I think we view that as challenging because the data sets that we have come from the industry. They are at scale, they're efficient, efficiently gathered, but that's one dimension. But that also has to be effective in a highly regulated industry, which I think is an additional and a significant challenge. This goes to the embedded nature and the regulatory grade aspects of what we are doing. I think that AI is going to be powerful in improving the functionality and the productivity of insurance professionals within the industry, and that will have a bigger impact. It will accelerate the interactions between parties, but it will still require an existing framework that is necessary to operate. So certainly, there are risks. But from -- on the basis of what we have heard with our clients, what we've experienced in our product development, the upsides are substantially greater and more immediately actionable than what we see as the prospective or hypothetical risks that we have ahead. We will certainly keep our eyes on those. We will work to defend the advantages that we have. But right now, it is, in my mind, 90% opportunity and 10% risk, and that 90% opportunity is in front of us. We're acting on it at multiple levels and across nearly all of our products.

UA

Unknown Analyst

Very rarely do we have an opportunity just to keep asking questions. So if everyone is going to be quiet, I'm going to certainly stand up and ask more questions. So Elizabeth and the team, I did an informal survey last year from some of your top customers just to get some feedback. And it was -- I wasn't out there looking for good news. I wasn't out looking there to validate their -- I was out there looking for the dirt. And one of the themes that came back was around customer service. Now I understand you've made a lot of investments, Core Lines Reimagine, et cetera. But maybe you can talk a little bit about your effective on customer service and other initiatives you might have in mind to upgrade it. So when I go on a search and destroy mission for bad news, they won't have to pick it customer service anymore.

LS

Lee Shavel executive

So thanks for the question, Greg. And we're always looking for areas that we can improve in. And I think when we started three years ago, we got -- I got feedback, and I know that we got feedback that we could do a better job in being responsive to our customers, listening to our customers. And so that's been a concerted effort. It's not just been kind of relationship-driven, but how do we improve their overall experience. And so since we have the time, I'm going to ask each of my business leader colleagues to talk about what they have heard and how we've responded to it. And I feel bad for Rob because nobody is interested in catastrophic risk modeling.

RN

Robert Newbold executive

Well, I just explained it so well.

LS

Lee Shavel executive

But why don't you kick off, and then we'll go down here.

UE

Unknown Executive

Thanks for the question, and I guess maybe the challenge. We take an enormous amount of pride in our client service. And in fact, the first job I had with Verisk was in a client service capacity some 24 years ago. I think where we differentiate ourselves in the market is, for example, if you have a question about a model, you're not looking up a piece of documentation, but our two guys in the solutions gallery today are engineers who will pick up the phone and talk to our clients about what makes every model tick. We are proactively in the market in advance of a model release, talking about what that model looks like, how the change impacts your book of business, and how you can begin to operationalize it right now. And the last thing I'll offer is we've talked about the Verisk Synergy Studio release coming in June of this year, I challenged our team to get out to every one of our clients in every market, everywhere around the world and talk to them about what this platform means for them, and what transition looks like, and they've done that. So we have an exceptional degree of client service interaction, and we'll continue to lean on that as we grow the business.

LS

Lee Shavel executive

And I'm going to step in and square Steve because I can provide historical context here.

UE

Unknown Executive

One thing I will say is in my 3 weeks here, I been to two of our industry conferences, our property conference that I mentioned in Salt Lake. And this week in Phoenix, we had our anti-fraud conference. And each one, one had 800 customers, one had 600 customers. I didn't talk to all 1,400, but I talked to a bunch at both. And the sentiment was incredibly positive around the partnership between Verisk and each of these organizations. So we are ensuring that we, going forward, always exceed expectations, but the sense I got at least from the first three weeks of meeting folks is very, very positive.

LS

Lee Shavel executive

Yes. And let me give you some historical context because there's a lot of progress in terms of what we achieved because I think where we faced the greatest pressure and criticism was in our property estimating solutions, where under past leadership, it was a very closed system. There was a view of this is what we provide, and this is the right way to do it. And some of our clients got frustrated and that had consequences for us. But that situation has changed 180 degrees and particularly because we listened to what our clients had to say, the opening of the ecosystem and integrating 140 technology partners into that and facilitating better interactions between the carriers and the contractors and the adjusters has dramatically improved that dimension. And you hear it, as Steve indicated, in the feedback that we're getting at our conference, and you see it in the reaction and the perception of how Verisk is changed. So -- and depending upon where you're talking within the organization, some of those perceptions may take a while to change. But at the root level, I know that that's been something that we've improved dramatically. And we're seeing, I think, a similar dynamic in our anti-fraud business as we're also opening that ecosystem and bringing new technologies to it. SK, you address it from an underwriting standpoint?

SK

Saurabh Khemka executive

Yes. Let me make three points. First, I'll agree with the points that Rob made. At a user level, at an SME level, we get very high marks in how we work with our clients. Our clients love the access to our experts, and they know that our experts are passionate about what they do, and they love getting to those experts. I think we -- historically, we've had some challenges on the underwriting side; one, on the Core Line side, we've gotten some feedback around we need to understand more about what is this product, how do we price it? Remember, I talked about the value gap perception. Well, we fixed that. We've gone in, in every client situation, we take them through, what are they subscribing to, what is the value we provide, and how do we price for that value. And I think that has made a huge difference in the feedback that I'm receiving from clients. And the second place where we have gotten feedback is it's the corollary to the fact that we are so integrated, and what we get from our clients is so proprietary. When the data that we get, because we have to -- it is regulatory grade, you have to make sure that we are looking at errors and mistakes and trends to make sure that data has the highest fidelity. That requires us to work very closely with the same clients who are giving us data. So there's a lot of back and forth. And here's an application of AI where we're using this. We're putting AI chatbots on that interaction so that now you don't have to go through a human, you can answer your questions on why my data was not submitted right. So I think we're working there, but we do that so that we have the best fidelity data, which is regulatory grade.

UA

Unknown Analyst

Just a question about just the net written premium growth expectations. When we think about the implications of AI and the ability to potentially price risk a bit more efficiently, how does that work as we look over the next 5 or 10 years in the sense of could we have a situation where net written premium growth is maybe below expectations because risk is priced better, or do we go in the other direction where maybe there's a catch-up period where risk has to be priced more appropriately and then those costs are higher? And then how does that work through in the political environment?

LS

Lee Shavel executive

SK, do you want to take a crack at that?

SK

Saurabh Khemka executive

Yes. So there are a couple of things playing here. Your point about AI and better pricing. Well, first of all, if you think about the kinds of risk and the complexity of risk, the exposures, the exposures are going up, right? So premium is exposures, and how you price that exposure. So we look at -- from an exposure perspective, it's going up. You look at loss costs, especially in some of the liability lines, it's going up. So I think that element of that demand element is still going there. I mean, Rob talked about we're putting stuff in places we shouldn't be putting, like we're continuing to do that, right? So that exposure is going up. Yes, risk pricing becomes probably more efficient. But if you look at the returns on equity on the insurance industry, underwriting profitability is still in the 2% to 3%, right? So it's not like there's a huge room to kind of compress that. So I think that what happens is probably there's more competition because people are able to do more, and this is where we come back to our data becomes more important. You want better segmentation, and there's more people looking at a quote and able to fulfill that quote because they're being more efficient from that perspective.

LS

Lee Shavel executive

Yes. And I would personally take the plus side of that equation in the technological environment; one, because I think the sheer economics of increasing income levels on a global basis provide the means for more financial products, including insurance against a broader population. So you have that increasing severity. And I think with technological capability, it expands our ability to price a wider range of risk and so an increased segmentation, which I think is additive to the overall pool of net written premium on a global and even on a U.S. basis.

UA

Unknown Analyst

And then one follow-up. Just on some of the CapEx spend. Elizabeth, when you think about the levels that you're spending at, can you maybe talk about the decision there given that we're in an era of accelerated change? Is there the possibility to want to spend more at this point, or could you spend more to maybe accelerate your innovation curve?

EM

Elizabeth Mann executive

Yes. Thanks for the question. There is potentially or we will consider over the long term, whether there's opportunities to continue to invest or to continue to drive high returns. The governor will be the ideas that we have and the returns that we think that we can generate. It will also be our bandwidth and our focus as an organization to put the investments in areas where we think, again, not only just that there's a good idea, but scale and a commercial opportunity. And so putting that together, our CapEx has been growing. And so we expect it to continue to grow roughly in line with our overall financial profile. Today, I don't see a need to accelerate that further. But we'll keep our minds open if there are new ideas.

LS

Lee Shavel executive

One short answer, we have no shortage of capital. And when we see good opportunities to invest and create value, there is not a constraint on that.

UA

Unknown Analyst

Yes. Just given the change in the consolidation or attrition in the bar chart, I know a question was asked, but it sounds like that's an assumption on industry consolidation relative to historical experience. Can you comment on what the retention rate trends have been where a carrier stays in a state and continues to underwrite a line, and if there's been any change in that regard? And then I don't know if this is related to that or not, but any comments on innovation within auto underwriting. There's been some headwinds there, and there's been some comments about headwinds where there are less differentiated products. And I know you have a tough competitor, but just what's the opportunity to change that trend?

EM

Elizabeth Mann executive

And maybe I'll start with the first question and Saurabh you can talk about the other piece. On the retention, no fundamental change in the experience that we're seeing, as you saw in the metrics that we've put out, which are consistent with what we've had before. So any dislocation comes more about capital moving out in or out, people stopping writing certain lines of business or in certain states or unfortunately, liquidations should they happen. But no fundamental change in our own retention rates.

SK

Saurabh Khemka executive

Yes. And then on auto, look, I'm encouraged by what we see when we create a differentiated product and go to market, whether it's LightSpeed, whether it's the coverage verified analytic objects, our customers are looking for the edge. They're looking for better segmentation. And if we can bring that to them, it is something that they are willing to listen to us. Now in places where we don't have that differentiation and given the entrenched nature of the industry, that's been the tough place for us. But I'm encouraged by where we are in differentiating, and we'll continue investing in that.

LS

Lee Shavel executive

I think we have time for one more question, and then I'll wrap it up.

UA

Unknown Analyst

I had a question on the claims side. So I believe your market share is unchanged from the last Investor Day. What has been the main barrier here? And Steve, as you step into the new role, what do you think needs to happen to catalyze expansion of that market share as we go forward?

UE

Unknown Executive

Sure. I can't really speak to previous, but I will say that the new product innovation that I spoke about as examples are -- we believe that our market share is going to go up quite a bit as we sort of create answers to the pain points of our carrier -- our claim carrier executives and frontline folks. So that's exactly what we built our -- all of our ecosystem partner solutions around and our homegrown solutions around taking that data and addressing the points that need to grow at our customers. So we believe that our share will go up. It is going up now. So we believe it will go up in more of an S curve.

EM

Elizabeth Mann executive

And I can add on the historical. I mean, it's been healthy -- it's been a period of strong growth in the market. So we've grown in line with that and have delivered corresponding revenue growth on the claim side.

LS

Lee Shavel executive

So with that, let me try to wrap it up. First, I want to thank all of you for your dedication of time today, but also across the years of understanding what is to us a very exciting business. But for others that aren't as enthusiastic about insurance, sometimes arcane and difficult to understand. So we appreciate you making the effort to understand what we do. We think it's pretty cool. We think it's pretty neat and pretty powerful. What gives us confidence about our ability to continue to deliver are, in my mind, three things. One, economics. I always try to boil things down to economics. And the economics of our scale, the economics of the value of the data sets to our clients, the economics of the networks that we're facilitating are absolutely compelling. And I would encourage you to think about that dimension. It's relevant to the carriers and it's relevant to our shareholders.

The second thing is the detail. We'd love to be able to answer things with one simple answer, but we've provided themes. And to me, the confidence is seeing those themes reiterated and echoed in all of the products that we are investing in AI, how we're creating value, how we're responding to the industry's overall needs. And if you spend the time and go product by product across our organization, I think you'll see those themes repeated again and again, the value of the data, our ability to monetize new investments and innovations across a broad installed base.

And the third thing is it's more the pure enthusiasm and spirit of innovation that I see every day and with almost every interaction that I have with my Verisk colleagues. These folks love to find new ways to apply solutions and technology to help the insurance industry. The -- our industry clients appreciate that energy enthusiasm, and that really is the fuel that powers our ongoing success of finding those solutions and being able to get that value to our clients. So that's something we're going to continue to do. I know everyone on this stage is fully behind that and shares those values, and I'm immensely grateful to all of them for their leadership, and what we've accomplished. Thanks again for your time, and we look forward to continuing the dialogue.

Sep '26		+/- %
Revenue	3,177 3,177	5% 5% 100%
- Direct Costs	948 948	3% 3% 30%
Gross Profit	2,229 2,229	6% 6% 70%
- Selling and Administrative Expenses	480 480	14% 14% 15%
- Research and Development Expense	- -	- -
EBITDA	1,708 1,708	2% 2% 54%
- Depreciation and Amortization	328 328	1% 1% 10%
EBIT (Operating Income) EBIT	1,380 1,380	2% 2% 43%
Net Profit	879 879	5% 5% 28%

Head office	United States
CEO	Mr. Shavel
Employees	8,000
Founded	1971
Website	www.verisk.com

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