How Verisk Reduced Turnaround Time While Increasing Capabilities

Impact Statistics

• Customer Growth: Verisk’s customer base of state jurisdictions has grown over the past 3 years with currently 33 departments using SAVi-R. Since enabling ThoughtSpot, Verisk has grown its department user base by 22% for SAVi-R and by 50% for SAVi-R CAT.
• 50% Reduction in State Implementation Effort: Achieved approximately a 50% reduction in implementation effort per state, driven by accelerated dashboard delivery and expanded self-service capabilities.
• 60% Faster Pre-Built Dashboard Development: Realized an estimated 60% reduction in development time for pre-built dashboards through enhanced user self-service, enabling increased data product volume and the ability to support multiple custom data calls.

The Challenge: Breaking the Bottleneck of Complex Regulatory Inquiries

Verisk’s regulatory intelligence products, SAVi-R and SAVi-R CAT, handle over 250 million records of insurance premium, loss, and catastrophe data.

With the growing user base, Verisk needed a more efficient way to deliver data visualizations

• The "Two-Week" Delay: Simple requests, such as comparing loss-cost ratios between years, were difficult for users to perform via legacy interfaces. These requests required back-and-forth emails, resulting in a two-week turnaround time.
• Fragmented Tools: Regulators often had to jump between multiple tools to perform a single analysis.

The Solution: Seamless AI Integration with ThoughtSpot Embedded

Verisk evaluated five to six major analytics tools and chose ThoughtSpot for its "dev-friendly" data analytics platform and superior AI capabilities. By embedding ThoughtSpot Spotter, Verisk transformed SAVi-R into a self-service powerhouse.

Implementation Spotlight

ThoughtSpot is the most dev-friendly AI data analytics tool we’ve seen. With the ThoughtSpot software toolkit, we experienced a far less buggy embedding process compared to other tools. We finalized the infrastructure in a month, and the actual development only took six weeks. Despite being a small team and this being our first time using ThoughtSpot, we were in production in just 12 weeks.

Aria MoshariDirector of Software EngineeringVerisk

• Out-of-the-Box Integration: The team conducted a Proof of Concept (POC) for ThoughtSpot, which showed immediate progress within the first two weeks, whereas other tools stalled.
• Handling Data Complexity: ThoughtSpot’s flexible worksheets and synonym definitions (metadata) allowed Verisk to seamlessly model its non-straightforward data architecture.

The Impact: Doubling Coverage, Democratizing Data
& Freeing Data Team

The transition to ThoughtSpot has significantly enhanced how Verisk supports state regulators, particularly during critical windows like post-disaster recovery.

When a catastrophic event occurs, Verisk can now upload carrier data more efficiently, providing regulators with quicker time to insight, reducing what once would have taken weeks to a matter of days.

Using ThoughtSpot has significantly shortened the development time required to assist states. For those with varying levels of expertise—from senior staff to actuaries—ThoughtSpot’s Change Analysis feature is a huge benefit. It empowers them to focus their resources on where they are needed most.

Nancy ClarkAVP of Regulatory StrategyVerisk

What’s Next: Unlocking the power of unstructured data

With the technical team no longer buried under manual queries, Verisk is exploring ThoughtSpot’s capabilities for unstructured data, such as PDF and Word documents.