Texas Department of Insurance to Deploy Verisk’s Mozart Form Composer

May 12, 2020 / 2 min read

JERSEY CITY, N.J., May 12, 2020 — Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today that the Texas Department of Insurance (TDI) will be leveraging the machine learning and natural language processing in Verisk’s Mozart Form Composer^® to accelerate the regulatory review of thousands of property/casualty forms filed by insurers each year.

TDI's use of Mozart^®, Verisk’s platform for forms management and product development, is being coordinated with the National Association of Insurance Commissioners (NAIC) and marks an expansion of the market for Mozart – from insurers, brokers, and managing general agents (MGAs) – to insurance regulators.

With Mozart, Texas insurance regulators will be able to streamline the filing intake process and accelerate review of new form filings by analyzing how newly filed wording compares to previously approved wording. They’ll also be able to quickly identify and evaluate emerging insurance concepts, such as ridesharing, in newly filed forms. Last year, insurers filed more than 26,000 property/casualty forms with the Texas Department of Insurance.

“Many insurers are appreciating the efficiencies Mozart brings to their operations, and we’re excited that the regulatory community will now be able to enjoy many of those same benefits,” said Deborah Morris, senior vice president of commercial lines at Verisk. “Mozart enables regulators to boost the speed and efficiency of the filing review process and can help accelerate the approvals that insurers require to meet the needs of the market. This expansion of Mozart into the regulatory space marks a significant development in the platform’s evolution and continued growth and could enhance the forms development and approval process for years to come.”

To learn more about Mozart, visit www.verisk.com/mozart.

About Verisk
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.

Contact:
Brett Garrison
Edelman (for Verisk)
917-639-4903
Brett.Garrison@edelman.com