Verisk

Insurance companies need to price risk correctly. They need data about claim frequency in different locations, property types, conditions. Varisc analytics became the keeper of that data. The company collects property, weather, casualty information, and sells risk assessments. 90% of United States insurers use Varisc. The data mode is nearly impenetrable. Varisc has decades of historical claims data competitors can't replicate. An insurer can't just stop using Varisc without comprehensive replacement. Building that data takes years. Varisc isn't a vendor, it's critical infrastructure. Insurers depend on Varisc for pricing. Customer churn is near zero because alternatives mean pricing incorrectly and losing money.