Verisk at J.P. Morgan Conference: Strategic Innovations and Challenges

On Tuesday, 18 November 2025, Verisk Analytics Inc (NASDAQ:VRSK) participated in the J.P. Morgan 2025 Ultimate Services Investor Conference. The discussion, led by analyst Andrew Steinerman, focused on Verisk's strategic initiatives, including the Core Lines Reimagined project and the integration of Gen AI, amidst evolving market dynamics. While Verisk emphasized its commitment to innovation and growth, challenges such as reduced government contract spending and competition in the auto sector were also highlighted.

Key Takeaways

• Verisk's Core Lines Reimagined aims to modernize technology and improve customer engagement.
• Integration of Gen AI enhances data accessibility and customer interaction.
• Reduced government contract spending presents a challenge.
• Continued focus on innovation to sustain pricing power and margin expansion.
• M&A activities are geared towards enhancing underwriting efficiency.

Financial Results

• Pricing and Value:

- Core Lines Reimagined enhances price realization through improved value delivery.

- Increased adoption of analytics and workflow solutions drives higher spending.

• Pricing Strategy:

- Long-term contracts reflect Verisk's value-driven pricing approach.

- Sustained price increases are targeted through ongoing innovation.

• Margin Expansion:

- AI is leveraged to drive incremental margin expansion.

- Investments in technology transformations have historically expanded margins.

• Government Contract Impact:

- A reduction in government contract spending poses a headwind.

Operational Updates

• Core Lines Reimagined:

- Nearing completion, focusing on technology overhaul and process modernization.

- New digital platform, core.verisk.com, enhances data accessibility.

• Platform Migration:

- Over half of customers are using content on the new platform.

- Analytics engagement has increased by 2-3 times on the new platform.

• Gen AI Integration:

- Gen AI layers added for natural language querying and faster content summarization.

• Consortium Databases:

- New contributory data sets, like the excess and surplus lines database, are being developed.

Future Outlook

• Platform Completion:

- Full content migration to core.verisk.com expected in 12-18 months.

• Growth Strategy:

- Focus on underwriting excellence, automation, and efficiency.

• AI Strategy:

- Continued investment in AI for internal efficiency and product enhancement.

- Exploring M&A opportunities to increase efficiency in the insurance industry.

Q&A Highlights

• Guidewire Partnership:

- Collaboration with Guidewire continues, despite some competition in analytics.

• M&A Appetite:

- Interest in M&A, focusing on standalone companies for underwriting efficiency.

• Core.verisk.com Conversion:

- Gradual transition with no forced switch-off; full migration expected post-content completion.

For more detailed insights, readers are encouraged to refer to the full transcript provided below.

Full transcript - J.P. Morgan 2025 Ultimate Services Investor Conference:

Andrew Steinerman, Analyst: Hello, everybody. I'm Andrew Steinerman. This is the Verisk discussion. This is the Ultimate Services Investor Conference. At this conference, I update our Information Services Databook, which is our primer on Verisk and benchmarked against the whole infoservices industry. With me today is Saurabh Khemka. He's the President of Underwriting Solutions at Verisk. It's a 30-minute fireside chat. Of course, we want you to jump in with your questions. I'll start with maybe 20 minutes of my questions. Saurabh, welcome.

Saurabh Khemka, President of Underwriting Solutions, Verisk: Thank you.

Andrew Steinerman, Analyst: Nice to see you here. Just start out with, what is your role now that you're sole President of Underwriting Solutions? You were co-President. Does that change anything kind of day to day? What are kind of your top priorities?

Saurabh Khemka, President of Underwriting Solutions, Verisk: Absolutely. Thanks for having us here.

Andrew Steinerman, Analyst: Pleasure.

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah, I think, look, from the role perspective, what Underwriting Solutions encompasses is our core lines business, our global underwriting data.

Andrew Steinerman, Analyst: Thing that you do for IFL, right?

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah, exactly. Our life solutions business and our marketing business and our international underwriting business. Previously, as co-president, my P&L responsibility was more focused on the core lines and the life solutions business. Now it encompasses everything. Obviously, I was working very closely with my counterpart across the overall business.

Andrew Steinerman, Analyst: Okay. Something that I associate a lot with you, maybe you're going to say yes, yes, yes, or no, no, no, is the whole vanguard of Core Lines Reimagined. This is something that we started hearing about in 2022. We saw evidence of it at the Analyst Day in 2023. Given the Analyst Day is coming up again in 2026, we will see an update of all those modules that have been rolled out. Maybe say, where are we in Core Lines Reimagined? I surely remember it was a five-year journey. Give us a sense of that.

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah, absolutely. Just as background, Core Lines Reimagined was and is one of our biggest investments made in that core ISO forms through some loss cost business. I would say we were probably in the last quarter of the journey. We started with customer feedback on that front, and we heard from customers that the way they were using our product has changed, and we needed to evolve. That is why we launched this program. It was a complete overhaul of our business, starting with our internal technology, internal processes. We kind of added on a lot more new analytics for our customers. We put all of that on this digital platform so that they can better consume our data. That is that overall journey.

I think what you are seeing now is more and more of those digital content being put on the platform and then new analytics being put on the platform. That is what you are seeing with the modules as we are kind of putting more stuff on the platform.

Andrew Steinerman, Analyst: As more modules are adopted, is that more spend with the customers? Do modules drive spend? Maybe another question is, has organic revenue growth already been enhanced because of Core Lines Reimagined? Is it module? Is it price or something else?

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah, I think I would think about it in multiple ways. One, it drives value. It drives higher value realization by our customers because they're able to use it in different ways, and they're able to consume more of it. That obviously drives better price realization. I would also say that because the underlying product is better, some of our associated analytics and workflow solutions are getting more adoption because our customers are seeing the benefits of those. I think it's driving both those elements of the kind of growth equation, if you might.

Andrew Steinerman, Analyst: Okay. Just say it again. When they adopt more modules, do they spend more?

Saurabh Khemka, President of Underwriting Solutions, Verisk: If it's an existing module where they're just getting more analytics for the underlying subscription, they're not necessarily spending more on that. It's more that our renewal conversation, our price realization is better. There are tools that we offer as a separate product that are associated with the core subscription where the spend does go higher.

Andrew Steinerman, Analyst: So again, this is going back to the 2023 Analyst Day. When I looked at core lines at the 2023 Analyst Day, I didn't feel like it was a modern digital user experience. Should I expect kind of a modern digital user experience when I go to Analyst Day in 2026?

Saurabh Khemka, President of Underwriting Solutions, Verisk: You can go to core.verisk.com today and see the modern digital experience. Yes, look, I think when you saw it, a lot of what we were doing upfront was kind of changing our internal technology, modernizing our tech stack, and starting to build these new analytics. Now what you're seeing is this new, all of that being put on the new platform. I think if you go to the platform now, there's a lot more that you can do. There's a lot more interactive analytics that you can play around with.

Andrew Steinerman, Analyst: Okay. What % of your customers have migrated to core.verisk.com? My next question is, when they've migrated, do you see that they're spending more time, consuming more data because the platform is just more conducive?

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah. The platform is available to all our customers. Where we are in the journey is we're starting to put all our content on. Not all our content is on there. Customers are probably spending time on both platforms. What we've seen is if we kind of look at the overall numbers, more than half of our customers are already using some kind of content on the new platform. In terms of what the new platform does in consumption and engagement, where we have examples of an analytic that used to be on the old platform and we've digitized and created a new experience and brought it to the new platform and it has matured, like it's been there for a year or so, we're seeing two to three X more engagement from customers on that.

The other piece that I would add here is now that we are actually enhancing the digital experience even more with Gen AI, in one of the instances where we've actually added a Gen AI layer on top of our content, we're seeing even more interaction because customers are finding it easier for them to work with our content. We are excited about not only just digitizing and bringing it to the new platform, but also thinking about how do we put Gen AI layers on top of it.

Andrew Steinerman, Analyst: Thinking about putting Gen AI layers on top of forms, rules, and loss costs, first of all, when you think about forms, rules, and loss costs, would you consider that a database? What would you think of how you get the data, how you curate the data? Is it proprietary? And then putting AI on top of it, how does it enhance the value proposition?

Saurabh Khemka, President of Underwriting Solutions, Verisk: I would think of it as content. I think we have proprietary content, whether it's coverage forms, rules, data analytics like loss costs. In some way or fashion, it is databased from a technology perspective, but at the end of the day, it's proprietary content that we deliver. What we're able to do with things like Gen AI is provide customers a natural language way of querying that content and getting summaries much faster in an easier way for them to consume.

Andrew Steinerman, Analyst: You're right, this is kind of a curveball question because I don't know if this is in underwriting or claims. I surely heard Verisk talk about trying to build up new consortiums in anti-fraud and excess and surplus. I'm not sure if it's in your side of the house, but I would like to hear more about Verisk's interest in building more consortium databases.

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah. One of it is in underwriting. I will answer from that perspective. I would say that the philosophy is similar across Verisk, which is we want to build new contributory data sets where we are solving a real customer problem. Where we see opportunities for us to aggregate data sets and create value for our customers, we will do so. When we do that, it creates a significant network effect for our customers because they are able to participate in that value. Let's take the excess and surplus as an example. It is a part of the market that has grown rapidly. It is an important part of the insurance market.

Andrew Steinerman, Analyst: Yeah, could you just define it for people?

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah. So it's excess and surplus. A lot of insurance is admitted, which is regulated. You have to file your coverage. You have to file your rates. Excess and surplus is not regulated as much. You can do more proprietary programs on it. That's the difference there. On the excess and surplus lines, what we heard from our customers is that you have this amazing database on the admitted line side with ISO. We don't have something like that on this part of the market, which would be good for us to do benchmarking. We took that on. We said, yeah, this is something that we can work on. We started talking to customers. We've already had some customers give us data to start building that data set.

One of the interesting things there is the way we talk to customers there is we went to them and we said, look, if you give us your data, we can benchmark your experience against our admitted data. You can see what your experience in the E&S line is versus the admitted line. That was a great first use case for them. As we build that up, we can kind of create an industry database from that.

Andrew Steinerman, Analyst: Okay. To go back to pricing, as we're successful in Core Lines Reimagined and we've rolled out these new modules, should our price increases be higher or the same as historical in Underwriting Solutions?

Saurabh Khemka, President of Underwriting Solutions, Verisk: The way I look at it is we're always pricing for value. What Core Lines Reimagined has enabled us to do is to get a better price realization off our pricing methodology. As long as we can continue delivering value to our customers, we should be able to go with our existing pricing methodology. Obviously, I know the questions around net premiums and how that flows in is there. That's one component of our pricing. It's all about pricing for value with our customers. Remember, a lot of our customers are signing long-term contracts. They're looking at it as an investment or as a commitment to us for a longer term than just potentially one year, if you might.

Andrew Steinerman, Analyst: I know it's a fair caveat to put in the net premium, the two-year lag. But let's put that aside. Putting that aside because through the cycle, that's going to work itself out. Do you think price increases within underwriting solutions will be the same type of price increases that you've had in the past? Or because of Core Lines Reimagined and other innovation, it could be a little higher than your price increases in the past over a three to five-year period?

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah. I mean, look, I think we've had good price realization over the last three to five years. I think to sustain that, we need to continue innovating. We see no reason why that should be different going forward. Again, if we're able to drive even more value, we strongly believe in getting that upside if we can.

Andrew Steinerman, Analyst: Okay. Do you see any AI risks to underwriting solutions, places where customers could either do this better in-house, spend less, take out point solutions that they might be currently using or considering an AI-enabled competitor?

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah. I mean, look, AI, we think of it, first of all, we think of it as an opportunity for us to use AI both internally in our product development, in our software development, in our training, et cetera. We are going to use AI internally. As I mentioned, we are also thinking about and actually in market with AI, experiential layers on our proprietary content that is driving usage of our existing content. As you think about new AI solutions, we are also out in market with new AI solutions. I think that is the gamut of kind of how we think about our AI strategy. Now, the question comes around proprietary data and can AI replace the analytic that we have or the proprietary data sets we have?

The way we think about it is a lot of what we do is contributory and/or self-sourced and it's proprietary. There's some element of external or website-oriented data, but that's not how we started and kind of our product set. We start with the data. We bring the data in. We process it. We validate it using our unique methods. A lot of times we find signals in that data through our unique methods, and then we go and file some of our risk analytics. By the time, even when you take some of the third-party data sets or external data sets, by the time we are selling an analytic, it is a proprietary and highly differentiated analytic that we're selling to the market.

Andrew Steinerman, Analyst: Right, because it's all bundled together. If you would just break that down for me, when you think about just within underwriting solutions, what percentage of the data is contributory, what percentage is self-sourced, and what percentage is third-party sourced?

Saurabh Khemka, President of Underwriting Solutions, Verisk: I know we've shared kind of the overall mix of where underwriting is relative.

Andrew Steinerman, Analyst: We've shared total Verisk, right?

Saurabh Khemka, President of Underwriting Solutions, Verisk: We've shared total Verisk, and we've shared kind of how much of that is underwriting, the form, suits, and loss costs. Think about form, suits, and loss costs. That's mostly contributory data sets, right? If you think about underwriting data and analytics, the UDAS part of that business, a large part of that is self-sourced proprietary. This is we're going out and sourcing that data. There's some elements of getting external data in that business, whether it's aerial imagery or other third-party data. Even there, we're mostly taking that data and we're creating analytics on top of it, which is proprietary to us. Then there's an element of underwriting data solutions, which is software. You think about the live solutions business. That's a software business, so there's no kind of data there.

Andrew Steinerman, Analyst: Yeah, I know that. Okay. I don't know if you finished the last question. Do you see any new AI-enabled competitors that are worth noting in the underwriting solution space?

Saurabh Khemka, President of Underwriting Solutions, Verisk: I think there's a number that are coming up, but what I've seen is the solutions that they're offering, the biggest pieces where the most places where we've seen is kind of that underwriting assistant kind of solution, which is a solution we already have, where they're taking the workflow off, submission data, ingesting it very quickly, and then kind of using that as a way for underwriters to kind of do quotes much faster. We have a solution there as well. I think we've seen some of these competitors kind of focus on that ingestion piece, if you might.

Andrew Steinerman, Analyst: When you just talked about that ingestion piece, did you mean for auto insurance or more broadly for P&C insurance?

Saurabh Khemka, President of Underwriting Solutions, Verisk: Broadly for P&C. I mean, the place where we are going in is on the commercial property side. Think about a broker coming to you with a commercial property submission, has many locations where you're providing a lot of unstructured data. It can take days for someone to kind of put all that together into a structured format. With Gen AI, you can do that in minutes. We have shown that with customers.

Andrew Steinerman, Analyst: A little bit ago, you talked about using AI internally for underwriting solutions. Do you think that you'll be able to grow your revenues without growing your headcount, just doing more with the same staff? Or do you think over the next few years your headcount should grow?

Saurabh Khemka, President of Underwriting Solutions, Verisk: I'll answer with what our observations have been with the use cases that where we've seen AI being helpful. We are seeing it being beneficial. To take, for example, on Core Lines Reimagined, a lot of what we're doing is we're taking our historical content and digitizing it and bringing it into the new platform. What we've seen good value in AI is AI can do the tagging, the metadata, the summarizing of that content and bring it to a digital format without us having to hire more people to do that. There's an element of we can do more with the people we have right now. There's also an element of we can do things faster. I think we are seeing the benefits there. I think we will continue kind of investing behind AI.

I'll just say that overall, as you think about our history over the last few years, we've made some big technology transformations. We've gone to the cloud. We've also invested in Core Lines Reimagined. We did all of that at an overall Verisk level, did all of that with margin expansion. We have a history of investing in the business, but doing it in a diligent fashion.

Andrew Steinerman, Analyst: Yeah. Maybe you're going to say it's the same question, but I'm going to ask it a little different way. Margins have expanded. When margins expand, it typically means that the margin level is closer to the incremental margins. One of the reasons I was asking about headcount is I'm wondering if you're raising or what you're doing to raise the incremental margin. Of course, your margin is coming up.

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah. I mean, we have that leverage in the business. To the extent we can use AI to kind of drive that leverage, we will continue doing that. All I will say is that, again, we want to bring that investment back into the business as much as we need to. Because at the end of the day, if we can get, if we innovate for the industry, we get better price realization, that provides more room for your incremental margin expansion, if you might.

Andrew Steinerman, Analyst: Okay. That's fair. Two things that are current headwinds on underwriting. One is talk of certain government contracts. I feel like Verisk was not so specific about that. Also, Elizabeth called out competitive pressure in personal lines auto business. Could you just say anything about the government business? Was that a contract loss or reduction or just anything about the government business that's the current headwind so that we just understand it a little bit better?

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah. It wasn't a contract loss. It was a reduction in spend.

Andrew Steinerman, Analyst: Okay. No problem. Okay. So you can imagine I'm going to switch over to the personal lines auto. I think it's very honest that Elizabeth called out that we win some, we lose some. But I'm sort of used to that LightSpeed product just sort of innovating in the industry. I know it's not your only personal lines auto underwriting solution. I know you have A+ and you have a couple of other products. But I'm still surprised given LightSpeed still is a unique product in the space, going to bindable quotes quickly. It just seems like something that is kind of hard to walk away from once you're using LightSpeed. Maybe I'm sort of ignoring the fact that you have other products in personal lines auto. My question is, where did this pressure come from? And what are you doing about it?

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah. There are two drivers to that. One is the business just is facing some year-over-year growth headwinds, right? In 2023 and 2024, we were in a market environment where premiums were going up. That drove a lot of shopping. What happened is, and you know this, we are a Challenger brand in auto business. What happened in 2023.

Andrew Steinerman, Analyst: Like to say close Challenger.

Saurabh Khemka, President of Underwriting Solutions, Verisk: Absolutely. In 2023, 2024, the segment of the market that kind of took part in that new business shopping were our customers. So our customers were leading in terms of bidding for that new business. There were a lot of quotes that helped us. Now where the market is, everyone is looking for growth. It is more distributed. That is kind of a little bit of the headwind from that shopping experience. The other is we have a product which is kind of a non-countercyclical product where customers used our service in that 2023, 2024 time period to do some non-return risk check, right? Now, as we look at the next three years with the rates being adequate, we see that the demand for that product not being as high.

Andrew Steinerman, Analyst: I agree with the market the way you described that.

Saurabh Khemka, President of Underwriting Solutions, Verisk: I think that's one group. The other is, as you said, other is around products that I would say are not clearly differentiated from our competitors. Parity in terms of our ability to offer that product, our ability to match the functionality, but it's not differentiated.

Andrew Steinerman, Analyst: LightSpeed is differentiated, right?

Saurabh Khemka, President of Underwriting Solutions, Verisk: And so without getting into the details.

Andrew Steinerman, Analyst: It's a simple question. Is LightSpeed differentiated?

Saurabh Khemka, President of Underwriting Solutions, Verisk: LightSpeed is. As you said, where the challenges are coming from are in places where we don't have differentiation.

Andrew Steinerman, Analyst: It's not LightSpeed, right?

Saurabh Khemka, President of Underwriting Solutions, Verisk: I think we are seeing that challenge. What we want to do there is I want to go talk to our customers and understand how we can differentiate our products and serve them differently and focus on that.

Andrew Steinerman, Analyst: Okay. How long do you think we'll be talking about this competitive pressure?

Saurabh Khemka, President of Underwriting Solutions, Verisk: Look, I think it is you win some, you lose some. Depending on which point in that equation you're talking, there might be that headwind. Again, the focus is going to be in the auto business and looking at ways for us to differentiate. We do have examples. You mentioned LightSpeed. We also have examples in our Coverage Verifier product where we're innovating. We have good feedback on that.

Andrew Steinerman, Analyst: Right. Okay. Yeah. The only thing I really worry about is when a competitor gets LexisNexis Risk Solutions is it's not that they're the biggest. They just have a broad breadth of products. That's what I worry about. Isn't it just easier to go with one provider? Or do you think this is the type of market that's naturally a multi-provider market in a given customer?

Saurabh Khemka, President of Underwriting Solutions, Verisk: We also have a pretty good breadth from a product perspective. I do think that it is a market where the solutions are very well embedded in the marketplace. You have to have a real differentiation for customers to think about switching to you or moving some business to you. We will continue engaging with customers and seeing what's the best way to kind of build a sustainably differentiated product here.

Andrew Steinerman, Analyst: Right. You mentioned both rate adequacy. That has really kind of happened already in the marketplace and the insurance marketplace. You also mentioned net premiums, which growth surely seems like it is moderating from peak. My question is, I know it does not make a massive difference, kind of hard versus soft market for Verisk. If we are heading into a market where there is a little less tailwind, where could Verisk underwriting try to kind of make up the growth difference into, let's say, the next couple of years?

Saurabh Khemka, President of Underwriting Solutions, Verisk: I mean, you said it. I do not see a huge difference in the core set of products that we offer with respect to the cycles. What I hear from our customers when I talk to them, even as we are going to the soft market, they still want to grow. They just want the right business. They want the right new business. They want the right business. They are still looking for underwriting excellence. They are still looking to be more automated, more efficient in how they write business. Whether it is our data, our analytics, or our workflow solutions, I think the demand for it is there. We just have to continue making our case to our customers.

Andrew Steinerman, Analyst: Okay. Great. Open for questions. Go ahead.

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah, absolutely. Look, I think we work with Guidewire and all other policy admin system vendors because our content is critical for our customers as they kind of use that system to write business. I would say that we work very closely with Guidewire. We sell our product through their accelerators. Our content goes into their rating engine. They use our electronic rating content. I would say there are areas where there is some competition because they bought some analytic data companies. I do not think that has changed in my mind. I think we continue to work with them. The key is to work with them for the betterment of our customers. Our customers want us to do that.

Andrew Steinerman, Analyst: You're still from the insurer, right? You say, "Hey, we're putting it on Guidewire." It is still the insurer who's paying you, right?

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yes. Yeah.

Andrew Steinerman, Analyst: Sorry. Did he answer your question?

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah.

They did just come out with a new underwriting.

Andrew Steinerman, Analyst: Yeah. There was a press release recently.

I wasn't sure if that was.

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah. Yeah. I would think that customers will use several platforms or many ways to kind of do their underwriting, like underwriting workbenches and stuff, right? What we're providing is we're providing the data that goes in there for them to kind of work through. It might be a workflow software that you're using, but it could be Guidewire. It could be several other providers. We're providing the data analytic. In some instances, we're also providing the software. Much like when we work with customers, we're okay on whichever policy admin system they use. We will provide the content. As long as they're using our content, we're okay with it.

Andrew Steinerman, Analyst: You do not view them as a data company, do you?

Saurabh Khemka, President of Underwriting Solutions, Verisk: Guidewire?

Andrew Steinerman, Analyst: Yeah.

Saurabh Khemka, President of Underwriting Solutions, Verisk: Not necessarily. I think, look, their biggest business is the policy admin software business, right? I think there are specific places where they have acquired some data companies. But largely, I think their business is, and where we interact with them is in the policy admin space.

Andrew Steinerman, Analyst: Sure. Okay. Other questions for Sarah? How about right now, there's a lot of focus on the AccuLynx acquisition that's pending. And I know that's the claim side of the business. What's the appetite for M&A on the underwriting side of Verisk?

Saurabh Khemka, President of Underwriting Solutions, Verisk: Yeah. Look, the appetite is there. The M&A actions come from our strategy. Our strategy is to look for good standalone companies where together we can serve the industry better and where we can create solutions that create more efficiency in the industry. Just an example on the life solutions side, we bought a company called Assurance Bay. Just as background, Assurance Bay sells to agents. They are the leading agent onboarding and compliance system in the life insurance segment. We have the leading admin platform in that business. We together can serve the industry in a better way because we're making it more efficient to how you buy and sell insurance because you need the connection between the agent database and the admin. We're making that more efficient.

This is an opportunity where we saw we can come together with Assurance Bay and create more value for the industry.

Andrew Steinerman, Analyst: Do you mind if we just, I mean, we really only have 45 seconds. Can we rotate back to core.verisk.com? And I heard you say, "Hey, about 50% of the clients are using this, but they're also using legacy platform." When do you think it will be all converted over? Or do you think it's going to not, we're not going to do a forced conversion. So it's going to be like this for a while.

Saurabh Khemka, President of Underwriting Solutions, Verisk: What we did not want to do was a forced switch-on, switch-off conversion. Our customers told us very clearly they do not want that. I do think that it will be a process. I do not think it will be an endless process. I do think it will be a process. My view is that once we put all our content on the new platform and customers see.

Andrew Steinerman, Analyst: Is that by, that's not so far away, right?

Saurabh Khemka, President of Underwriting Solutions, Verisk: I would say in the next 12 to 18 months, largely all our content will be there. Once you have that, there will be some transition. When customers see the efficiency that they gain by consuming the data in the new platform, they will all be looking at that platform as their own place.

Andrew Steinerman, Analyst: Okay. That's where we'll end. Thanks, Sarah.

Saurabh Khemka, President of Underwriting Solutions, Verisk: Thank you.

Andrew Steinerman, Analyst: Appreciate it.

Saurabh Khemka, President of Underwriting Solutions, Verisk: Thank you very much.

Andrew Steinerman, Analyst: I appreciate the dialogue.

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