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. 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 three years.
Before we begin, let me take this opportunity to direct you to 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 three-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. We have a full agenda for you today. We'll begin with Verisk's president and CEO, Lee Shavel, who will provide a strategic overview for our business. Three of our key division leaders will offer details on their strategies to drive growth. We will feature a panel discussion focused on how we are driving growth and supporting our clients by building out our ecosystem businesses.
Finally, Elizabeth Mann will wrap it up with her financial review, including our financial targets for the next three years. Based on your feedback, we will have dedicated lots and lots of time for your questions, so please don't be shy. With that, let me turn the stage over to Verisk's President and CEO, Lee Shavel.
One industry built on connection. When catastrophe strikes, an entire ecosystem responds. Modelers, adjusters, contractors, investigators, underwriters, all working together. At Verisk, we invest in data and technology that no single organization could build alone, then share insights and create connections that strengthen the entire industry. When everyone works from the same trusted intelligence, we become more resilient. Families rebuild, businesses secure their future, and communities grow stronger. We're investing on behalf of everyone. Together, we're connecting our industry.
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 it. I'm sure there's a lot on your minds, so we have a lot to cover today, so we're gonna jump right into it.
When we were together, and many in the room, were with us, in this hotel three 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 datasets to serve comprehensively the needs of our client base. 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.
I'm even more excited about the progress that we've made in elevating the dialogue with our clients and our ability to integrate datasets across our business and improve the core that we started with three years ago. That's going to be a lot of the focus that we are going to hear today. You're going to hear it not just from 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 10 x what we're able to say about the value that we're delivering to them and to the industry. 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 new technology.
All of this will make very clear to you how we have strengthened the core foundation, the datasets 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, 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. 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, 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. 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.
Between, 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. 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. 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 Anti-Fraud 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 that we gather through our field survey forces, evaluating every fire department in the country so that insurers can know what the quality is , what is the response time, what is the level of training to assess their risk in 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.
We can source that data much more efficiently as one company acting on behalf of the industry than they could individually. Off of this contributory and proprietary data, we add proprietary intellectual property like our catastrophe modeling, which builds off of 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. Software networks that we've invested in to deliver those data sets and those analytics and connect the industry. That's the foundation. We have invested intensely in each of these data sets. They're not static. They're not what they were.
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. We've accelerated our ability and the breadth of the data sets that we can collect on the proprietary side. We've also applied AI to improve our proprietary intellectual property by investing, by testing our models more quickly and more actively.
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. With the strengthened core, let me move to the growing marketplace that supports our opportunity and the competitive advantages that we bring to bear in pursuing that opportunity. The U.S. property and casualty insurance industry, our most important market, is projected to grow at a very solid mid-single- digit, 5% growth rate. That's higher than the historical rate of 4.3%. The reason it's higher is that we are seeing increased severity in a number of areas and across various insurance product lines.
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 writers. 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, claims, risk management.
We clearly see increased demand for data to support AI applications, 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 and demand in the intermediary space, including brokers, agents, MGAs, is 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 datasets and leverage the datasets that we have to meet their needs. 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.
All of these are contributing to a market environment where we have the unique ability to pull these datasets together efficiently and ensure the quality and the trust that the industry seeks in using them. 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.
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. 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 and frequently with different issues. A lot of what we do is staying on top of what's happening from a regulatory perspective. Finally, the unmatched 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 datasets.
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 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've 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 effectiveness for brokers and agents within the business. 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 and 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 datasets 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 relationship and by integrating the data the AI into those products, we're enhancing the value of those. 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. 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 datasets 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 two weeks ago with a client who wanted to talk about their data architecture and how we can integrate our datasets into that architecture to support their AI strategy. You know, 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.
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, to our datasets. 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." 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 constituencies 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. We need to protect that industry, not just from Verisk's perspective, but also from the perspective of our clients who contribute to it. If we can deliver that in a way that adds value, it reinforces the value, it expands the value of that dataset, and it encourages more contribution of that data. The other advantage that it leverages, and we benefit from is the ability to integrate those datasets 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.
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. 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. 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. 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, it's been a very positive trend, but our total revenues as a percentage of the U.S. net written premium is less than a third of a percent. If you take that revenue and take it across industry expenditures, it's slightly over a third of a percentage. Now, if you think about all of the datasets, all of the modeling, all of the analytics, that's an extraordinarily low cost relative to the overall costs of the industry. We certainly believe, and we believe our clients recognize, that there is tremendous economic value to them of this relationship. It's something that they can continue to leverage going forward.
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. 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 will continue to support our ability to grow at a faster growth rate. Let me turn finally to our strategy to drive client and shareholder value. There are three 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 three years ago. I'll have to tell you, our progress in this area has exceeded my expectations. 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 datasets and provide more." My team has been absolutely phenomenal in throwing themselves into broad discussions where we review our entire relationship and understand how we can better align our existing products and datasets to what our clients' needs are, as well as aligning our investments to where our clients see the greatest need.
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 three years has accelerated from where it had been the prior three years. 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. That's translated into an increase of over 100 datasets over the past year that have been added to our capabilities and our data portfolio. 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. 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. 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.
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. On this slide, you can see our plan over 2025 and over the next three 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 that have relevance to the industry. You see innovations in core lines that you'll hear Saurabh talk about.
Our Core Lines Reimagined initiative, the ability to add analytical objects, leveraging datasets from across our businesses in the auto suite, the ability to add regulatory capabilities on life. You'll see innovations in claims that you'll hear Steven talk about in terms of our Xactware 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. 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 non-insurance specialist that it's hard to appreciate the innovation that we bring to this, 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. 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. There's a lot of other good stuff on this page. You know, 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, you know, how we are helping connect the overall industry. This is a great demonstration. If you were to look at not just Elevate, but also our Verisk Insurance Conference, you'll see very similar themes. Turning to the third opportunity and kind of building off of that connected theme. Over the last three years, one theme that I have emphasized, and we talked about at Investor Day, if you go back and look at 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 datasets 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 Whitespace. You'll hear about from Aaron Brunko on how we've been better connecting the claims and restoration ecosystem. You'll hear from Rob with our Verisk Synergy Studio platform and Open Model platform, how we are expanding the connectivity and the value we deliver through that function. The Whitespace 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 risks placed, has grown tenfold over the last five years. We now have 385 firms trading on the platform and 16,000 active users, it represented in 2025 over $15 billion of net written premium that was placed on the platform. That's 30%-40% of the Lloyd's specialty market with room to grow, we are expanding, as you'll hear later today, into Dubai and Singapore. 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. In other words, anything that runs through Lloyd's goes through Dominic's business.
Marsh Specialty in the U.K. is Marsh's London market business. So basically, everything coming from the Marsh organization around the world that needs to go into the London market, it comes through us essentially. Every single business we operate in in the London market is incredibly nuanced, and we have to work very closely with the, you know, Verisk Whitespace to evolve the application. We have done that over two years, maybe three years now, very successfully, and we will continue doing that. If we didn't have that very intimate collaboration, what we were doing wouldn't work. You know, people talk a lot about how you apply AI.
You can't apply AI unless you have your data in the right place, and we now have it in the right place, and therefore we can develop applications which will enhance all activities, whether it's market activities, client activities, or indeed operational efficiencies. It's very much the centerpiece of, you know, how we will use AI, and indeed, you know, Whitespace has given us that kind of backbone, if you like.
That certainly, you know, is a tremendous endorsement. 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. That's something that we have been doing for decades and is a great opportunity for us going forward. I'll move to conclusion. In addition to that growth, you're gonna 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. You'll also hear Elizabeth talk about how our capital allocation strategy will remain balanced and disciplined.
Over the past five years, we've generated about $10 billion of capital and invested about 15% of that in organic 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. Sorry, three-quarters 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. The financial model is simple, but it's economically powerful. You know, 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. 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 datasets and the expansion of those datasets in the platforms that tie the industry together. With that platform, 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.
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 sessions. Thank you very much.
Thank you. Thank you, Lee. 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've made in scaling our underwriting business and our growth drivers for the future. 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 four primary segments. One, the ISO forms rules and loss cost business. Two. the underwriting data analytics business, and then the life business and our international business. Each of these businesses is anchored by differentiated and proprietary technology and data assets.
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. Those loss costs are used by our clients as a critical input into their rating and pricing decisions. There's examples like this across our businesses. Let's look at how we've done in the past. Over the last five years, we've had steady and predictable growth. 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 three years, we've accelerated our growth.
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 three 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. 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. Historically, we've been able to outgrow that market by 200-300 basis points by innovating to meet our customers' needs.
That underlying market, as we look at the future, is strong, it's resilient, but the complexity is increasing. We believe that we are uniquely positioned with our proprietary data, our expertise, and our investments like the ones we're making in AI 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. I'm going to bring you back to those 39 billion records that I talked about. These are actual Premium and loss transactions that we get from hundreds of clients from their admin systems, from their claim systems, sometimes multiple systems at one client, and we bring it all together and we standardize it to create a loss cost. What is standardization?
I'm going to give you a simple example. We're sitting here in this building, the Hyatt Hotel. Let's for a second assume that over the last five years, this hotel was insured by three different insurers. Okay? 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, you know, different endorsements. A third insurer classified it as a mixed-use hospitality with a much higher deductible, different limits. We bring all of these together and map it to our proprietary classification code, map it to a standard base deductible, base limits.
This is all the constructs of our filed ISO program. This is how we create what we call our industry-standard loss cost. Quite honestly, after that, the fourth insurer can use it. Imagine doing this across 32 lines of business and hundreds of classifications within those lines of business. That is standardization. We're not done yet. 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. We file these, and then our clients use it, and typically, they will code it into their workflows. This is what we call proprietary regulatory-grade embedded analytics, and this is why in the world of AI, our differentiation continues.
I talked about the market need. How are we going to meet it? We have three growth drivers that we're going to focus on, and I'll walk you through each one of them. 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, rules, 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 Lines Reimagined 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 are highly innovative." 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.
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. Let's say that we provided that in December of 2025. Very important analytic and input into their pricing decision. The next time we would provide this would be a year from December 2025. 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 timeline.
Every two months, our SMEs are looking at our proprietary market database and finding trends and segments that our clients cannot see. In fact, the loss cost that we provide at the end of this 12-month is also in a totally new format, which you can see in our solutions gallery. You can see a lot more value. Just to put this in context, we've talked about 35 new customer modules that we have provided to our clients through Reimagine. These are three. 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 Reimagined roadmap. What you see is a perception difference where they're understanding that we're providing a differentiated asset, differentiated insight that creates a lot of value for them. Yes, we're participating in that value creation. 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. 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. Let me now go to the second growth driver, which is focusing on differentiated analytics and technologies. I'll use three examples to share here. Let's first start with aerial intelligence.
Aerial images have become a critical part of property underwriting, 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. 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 datasets 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 today to shop for an auto insurance quote, prior coverage, so what coverage you currently have, is an important input into that process. We compete in that market. The use of that input hasn't really changed. We're changing it. We are looking at the seven 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. You know, what changes do they make? When do they make it? How many times do they make it? We try to see if that could be indicative of their risk level. We actually found 40 such patterns, we call it objects, that are predictive. In fact, some of them identify risks that are 2x to 3x higher from a loss perspective. Pretty significant.
We are providing this differentiated analytic through our LightSpeed product. We're 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. 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. Beyond that, we're incorporating AI into our product strategy. First, we are enhancing our clients' experience of these proprietary datasets we have by adding an AI experience layer.
What we see is when we do that, there's more engagement from our clients, like in the case of our PAAS AI, which is the premium audit solution, or there's more purchase intent, as it's in the case with our Mozart Forms product. We're also finding opportunities to create new analytics and capabilities around our data and technology assets using native AI. Whether it's Underwriting Assistant, which sits on top of our commercial property database, or our AskMax and TellMax capability that sit on top of our FAST platform. You can see both of these in the solutions gallery. Finally, we believe that this technology provides us an opportunity to serve our clients totally differently.
Whether it be through agentic 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, six years ago, we thought that the life insurance industry was ready for modernization and digitization. We spotted an emerging differentiated platform in Fast. Fast's low-code and no-code architecture creates significant value for clients, whether it's faster time to market or much lower operating costs. As you can see, we've been able to more than triple this business over the last six years. We've done so through continuous innovation and a client orientation. 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.
As we bring all of these three growth drivers together, we can compound on that accelerated growth that I talked about and continue to grow at a 6.5%-7% growth rate going forward. You've heard me talk about the value we bring to clients and what we offer. Let me now share with you what's most important, a voice from one of our key clients.
I'm Dave Cummings. I'm the Chief Actuary and Head of Data and Analytics for USAA's Property and Casualty Group. I lead a team of actuaries and data scientists that support the full range of data and insights needed to run this industry-leading insurance company, and the only major insurance company that is focused on serving military service members and their families. We have a long-standing relationship with Verisk that influences many aspects of our business. Perhaps the best example I can give is in the process of writing new homeowners policies. When a member comes to us to get a homeowners policy, Verisk products help us ensure that we know the features and risk exposures of the home. All along the way, Verisk helps us report data about our members' policies to insurance regulators in every state in compliance with local laws and regulations.
Verisk solutions also have a broad impact on the insurance industry in many ways. One recent example to share is that Verisk had the first wildfire catastrophe model to gain approval from California regulators in 2025. This is a major development which should lead to meaningful improvements in the health of the California insurance market. Regulatory support of Verisk's models has a direct link to USAA's ability to serve the insurance needs of military families in areas with significant catastrophe exposures. Verisk offers tools to provide those insights and continues to work with us in a continuous feedback loop to refine and improve those tools every year.
Thank you, Dave. Just, you know, 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. 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.
All right, thanks, SK. Good morning, everyone. My name is Rob Newbold, President of Catastrophe and Risk Solutions. It's my twenty-fourth 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. 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.
If SK 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. 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 peril 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 industry's first probabilistic liability catastrophe model. We also have a global suite of external business risk indices for things like political violence, social unrest, and environmental factors that are delivered geospatially, which our clients tell us is valuable because so much more than just a risk number, you can visualize on a map aggregations and accumulations. At a macro level, fundamentally, we are a business about assessing risk. 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. A couple slides by the numbers. The Catastrophe and Risk Solutions business is roughly $400 million and comes predominantly from insurers, reinsurers, and brokers. We're reported as part of the Underwriting subsegment.
On the right-hand side, you can see our more than 135 PhDs work together to create these global suites of risk indices and property catastrophe models for more than 120 countries around the world. 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. 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. The first time is right here. I'm incredibly proud of the fact that 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%.
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. 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 re-architected, high precision, next generation loss modeling framework in one single analysis.
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've continued 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. Maybe closer to home, we've recently updated our U.S. severe thunderstorm 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 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.
We've taken deliberate actions to create the industry's first and only global open catastrophe modeling ecosystem, reinforcing our centrality in this market. Again, I am 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. The catastrophes are large, yes, but they're thankfully infrequent. 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.
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. It won't surprise you that the cat modeling workflow is also ripe with opportunities for operational efficiency, things historically done via API or via automation can be reimagined using agentic AI solutions, we are natively building those into Verisk Synergy 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. 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 four 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. 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. Underlying all of this is the specter of a changing 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 increase in cat loss. In the left-hand side, you can see the 5-year average outpacing the 10-year average, indicating an acceleration of global cat experience.
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 perils 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. In a 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.
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. 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 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 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.
As one example of the value we provide to the market and the way we partner with our clients, let's hear from Frank Fischer, Chief Analytics Officer of Aeolus Capital.
ELIS was formed post-Hurricane Katrina in 2006 as one of the first collateralized reinsurance companies, and over time, we've evolved into an ILS manager. Embedded in the Verisk models to us, some of the value is there are thousands of man-hours of research from specialists in meteorology, seismology, engineering, and all that expertise is something that no single insurer or reinsurer could possibly create on their own. Verisk also provides a wealth of valuable resources to the industry that we really appreciate. You know, the Global Modeled Catastrophe Losses report is widely read and used in our company and around the industry, as well as the real-time alert service. Verisk has been a strategic partner in many ways for us over our nearly 20-year history. They helped us really set everything up in the beginning.
In more recent years, that has evolved into our use of APIs.
It's not just me that talks about different ologists. You can see our clients do it too. All right, let's transition and close our discussion by looking at our future growth. Within Catastrophe and Risk Solutions, we have 3 initiatives that will drive our next phase of growth: a technology transformation to Verisk Synergy Studio, activation of Verisk 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. This platform is a SaaS application. It's built on AWS. It's in client preview right now and planned for market production release of June of this year.
It delivers these four value propositions and so much more than this. 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 changing climate, and our clients are relying on us to provide that information to them as efficiently possible. The thin deployment nature of a 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 Verisk data assets, which we'll talk about as our second growth driver. 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. As one maybe tactical example to bring this to life, we do not have in our suite currently a model for Middle Eastern flood.
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 Verisk 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. Because I haven't said it explicitly yet, this platform is fast. The ability to do enterprise-wide aggregation in less than three hours, 90% performance improvement for complex commercial risks, and sub 10-second policy-level analyses 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 Verisk data assets for better risk analytics.
Again, taking a step back, a cat model requires three fundamental pieces of information to generate a loss estimate: where is the risk? What's the risk made of? How much does it cost to replace it should something bad happen to it? You can see in the box on the left, Verisk has proprietary data to answer all of these questions. 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 better loss accuracy and clearer visibility into their loss patterns. Again, one more example maybe tying our sessions together. SK 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 a 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. That's just one of many examples. 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. 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 need it and have not had it historically.
To wrap all of this together, these key growth initiatives of transitioning to Synergy Studio, activating Verisk's data, and expanding to adjacent markets will allow us to continue to grow this business at high single digits over the next three-year time horizon. 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 SK back up for questions. Thanks.
We welcome your questions. We just ask for you to wait until you get a microphone, so that those on the broadcast, the virtual cast, are able to listen.
Good morning. Thank you. Lee, I just had a question on obviously the data. The 20% that you classified as proprietary self-sourced through in-person collection, can you just elaborate on some of the examples there and how comprehensive that is? 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, you know, what the limit to that is. Like, just what are the drivers of these incremental data contributors?
Sure. excellent. Actually, I think a great opportunity to turn that over to SK, you know, that can speak specifically to those proprietary data sets that we gather.
Yeah. On the proprietary data sets, I'll mention two. 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 60 million. Some of that is site verified, as in we've gone there, and some of it is modeled. 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 to a house, how quickly can the fire department get to it? You know, what are their capabilities?
Those are two self-sourced proprietary data sets that we have. I think your second question was about new contributors. As part of our Reimagine program, we've gotten commitments from 100 new insurers to provide data to our contributor database. 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.
Yeah. 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, it's actually a terrible acronym, BCEGS. It's Building Code Effectiveness Grading Survey. 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. You know, that is a judgment that we're able to make on the basis of actual survey and data that support that. You know, that's one of those real nitty-gritty elements that make it so defensible.
Yeah.
Oh, my goodness. Thank you, 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 Verisk taking a closed architectural approach, maybe like a Bloomberg? Is this, you know, kind of AI in partnership with companies like Claude? Like, would you be part of Claude for financial services?
Yeah. Our philosophy is to an open architecture. That's a deliberate strategy that we have developed over the past three years in a variety of areas that you'll hear my colleagues speak to in the panel that we're doing. In each case, you just heard Rob describe of 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. 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.
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. 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.
Right. You didn't answer the last part.
Please.
Claude for financial services, you know, is the industry interested in Verisk data being a plug-in there?
Absolutely. 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 review of making certain that that's done in a safe, ethically appropriate way and with regulatory support to it. We're open to any of the ideas that the industry believes is necessary to support their needs.
Thanks, Lee.
Okay. Hi there. Toni Kaplan from Morgan Stanley. Lee, you talked a lot during the presentation about how 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?
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 the 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 and the information that they utilize to estimate and adjudicate those claims. You know, it has influence in the specialty markets and the reinsurance markets, in terms of how those markets are transacted. I think it's pervasive across the industry.
as we are integrating more datasets 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. You know, one simple example of, you know, 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.
That's the level of engagement and the level of detail that we're able to provide for the industry.
Good morning, everyone. I'm Greg Peters. I'm with Raymond James. I guess I have a question in two parts. First of all, I being not a subject matter in all areas of technology, when you use open architecture, I pivot over to the insurance industry, they're very protective of their own data assets. 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. The other question was just on the OCC guidance that was offered in the forms business and just if you can unpack some of that, you know, the components, I've asked this question before around the component that relates to price increases versus other areas.
Thank you.
On the open architecture question, then I'll hand it over to SK to talk about the OCC growth guidance for the underwriting business. When I refer to that, when we refer to that, it is not opening up access to data in an uncontrolled fashion. It is entirely with the support of the industry in how we are able to integrate other analytics, other providers into that and promote more connectivity across that ecosystem. It is one where we will be extraordinarily attentive to how that data is used, and we have established a regulatory framework and established ethical AI policy as well as contractual obligations in how we are utilizing that data.
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. 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 datasets and analytics, and we're the natural platform with our scale and our expertise to be able to deliver that value.
Yeah. 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. Happy to answer questions after that.
Hi. David Paige from RBC. Thank you for taking my question. 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 evolve? Thank you.
Sure. It's both. What I want to emphasize, and as 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 datasets of understanding how we can utilize AI. It's not just generative, it's agentic, it's also, we think perspectively 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. That is informed at varying levels of scale. For our smaller and more mid-sized clients, I think they are looking more to us to be able to drive that because of our scale and our expertise.
For our largest clients, they clearly have an AI strategy, but they want to talk with us about how we deliver our datasets, where we are investing specifically, so that they can dedicate their resources to the differentiating factors that are important to them. 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.
Surinder Thind with Jefferies. Question about product penetration. With your largest clients, you know, we saw products in the teens, 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? How should we think about where product penetration can get to?
SK, do you want to talk about that from an underwriting standpoint?
Absolutely. I think there are a couple of elements, right? One is there is an education element, and that comes to sometimes when our clients are doing things internally themselves, and we're able to come in and say, "Hey, you can use our technology to make it better." I'll give you an example. We have our rating content. We provide that through our platform, and, you know, 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 did not know you had that. I'm already doing it.
What is the ROI?" If we're able to demonstrate that ROI, then it becomes the next sale. That's one. The other is competitive, right? I mean, there we have competitors. Our clients are using competitive products. We have to go make our case and expand our opportunity from that perspective. I think both those things are there. The final thing that Lee mentioned, we're all innovating every day. We're coming up with new things that 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.
One thing I'd add, I think SK articulated the scale and the sophistication and also the breadth of those larger clients' businesses. You know, on the small and mid-size, there may be a smaller line of businesses, so the importance of integrating. There also is, I think, an opportunity for us where the focus in elevating the strategic dialogue and thinking at an enterprise-wide level for our customers, we've been 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 strategic value sale, and improve a broader set of clients with that, with that enhanced go-to-market strategy.
Hi. 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, you know, like how the, those 100 dataset contributions split between maybe between top 10 versus outside of the top 10, I'd be interested in hearing. Thanks.
I would say 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 they're, you know, we're adding a line of business from a contribution perspective. How they think about it is very simply what is the value they get from contributing to us. 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. The final thing I'll say is, you know, we're finding new ways to help the industry kind of bring datasets together. For example, in our excess and surplus E&S market, where we've launched a new initiative, where we've said, "Look, there isn't this database that exists in the admitted side.
We're going to build one on the ENS side. That was from feedback from our clients. There, you know, we're already seeing clients coming in and contributing data to us. It's a broad spectrum of that.
Hi. 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. 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. Could you just talk broadly to maybe what the opportunity looks like outside of the insurance end market and maybe what your right to win is in those end markets as well? Thank you.
I mean, I'll start by saying we operate in competitive markets within the insurance space as well, and we've had success growing our business over a long-time horizon, even in the face of that competition. We continue to believe of the value of the solutions we provide. The Verisk 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 model 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'll also be beneficial as we look to get into some of these markets where maybe our competitors are already playing.
From a broader context, you know, it's driven by the value of the data and our ability to deliver value to those adjacent client sets. Rob described, you know, that in terms of catastrophe risk and the other elements. You'll hear from my colleagues when we talk about the networks, how we already serve adjacencies that are relevant to the insurance process. In claims, serving the contractors and the adjusters and the estimators that are involved within those businesses. You know, regulators are an adjacency as well. It's driven by an understanding of where our data or our connectivity creates value within those ecosystems, and premised upon where that the value of that data can be realized by our clients and monetized by us in that context.
Ayssar Fernandez from PineStone 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 from potentially being disintermediated by AI. 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?
It varies, and I'm gonna 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. To your fundamental question is, it's a range of how we're applying it. We have certain product sets. You'll hear Aaron talk about XactXpert and XactAI and XactGen, you know, 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. It depends upon where we think it's most effective.
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 flashy 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. Let me turn to Rob to talk about how he's seeing, you know, the impact of AI on the analytics that we provide on the modeling front.
Importantly, I'd start by saying AI is not new to the catastrophe modeling space or to 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 enhancements 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. It's, at least for our business, it's not new. It's an operational enhancement that makes our data more available.
Yeah. 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, you know, 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. 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. That drives that flywheel of more value. They give us more data; we provide more analytics.
Hi. Good morning. Thanks for taking my question. This is Kelsey from Autonomous. When I look through Verisk transcript over the last 10 years, you basically started talking about integrating AI into your workflows from 2016. 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. What would that look like in the last 5 years, and what do you envision that will look like in the next 5 years? Thank you.
Yeah. As you know, we have been integrating AI for at least a decade in various permutations. 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. Because that AI is often integrated into our products, we can't quantify, you know, how much of that is AI-driven because it's embedded in the natural analytics that we're delivering to those customers. 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 five years ago and certainly 10 years ago. 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? 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.
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." That's where our advantage, scale and expertise and embedded workflows become such a potent advantage for us, and we do expect it will, it will increase the value of what our data and our technology delivers to our clients.
Hi, Jeffrey Meuler from Baird. It's interesting to me to see aerial imagery listed on the slide among the 10 or 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. 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. Thanks.
Yep. 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. Yeah, SK?
Yeah, we are focused on analytic first. We're not focused on capturing the images. We're focused on getting the best analytic out of it and making sure that we can embed it in many of our products and create new analytics. You're right, the reason why we looked at multimodal is because these technologies are changing. We want to be agnostic of that. The goal, best coverage, best refresh rate, and in the most economically possible way. If satellite gets there, sure, we'll be ready. We've looked at balloons and now we're looking at flight. That's why we are focused on analytics and not the image capture. You're right, satellite's getting better, especially as you look at wildfire.
That's an area where that is helping kind of zone in on where the issues might be before we get to more kind of minute data images.
We're going to have to cut it off there, but you'll have another crack at us for our next Q&A session. Great questions, really appreciate them. We're moving to a break at this point. Okay, thank you.
We invite you to enjoy a short 15-minute break and encourage you to visit the solutions gallery. We invite you to please take your seats as we will be beginning shortly.
Welcome back. I'm Steve Kauderer. Thrilled to be here at Verisk. It's day number 23 for me, but who's counting? I joined about four weeks ago as the President of Claims Solutions after many years in the insurance industry. I'm a former specialty lines underwriter at Chubb but spent most of my time consulting in the insurance industry. I spent many years at McKinsey and Bain & Company, where I built and ran their underwriting practice and their claim practice respectively. Ultimately became a senior partner at both firms, where I was a global insurance leader. Over the past couple of years, I was at EY-Parthenon, where I started and ran Enterprise Reimagine, which is an AI-embedded set of solutions to create value across the financial services industry, particularly insurers.
I've had the privilege over the last couple of years of spending a lot of time with senior executives in the insurance industry, the common theme that all of them, every one of them had, was: How do we achieve profitable growth? The answer, the unlock, according to every one of these executives, is getting access to data and leveraging insights from that data to create solutions, particularly technology solutions, to, in a very granular way, select, price and underwrite risks on the front end and figure out how to efficiently and effectively get the right outcome on the claims end. That's one of the key reasons I joined Verisk. We are seated at the core of that entire value chain.
I'm working with an extraordinary group of colleagues here at Verisk, what we're doing is day-to-day taking our dataset, proprietary, creating solutions through AI in innovative ways to create that insight to create enterprise value for our customers. Over the next three minutes, I'd like to do three things. One, talk about our platform and our products, talk about how we're leveraging growth, finally, talk about our strategic advantage. Before I get into our platform and our products, just a word about the importance of claims. Claims is that promise to pay. It's sort of where the rubber meets the road. It's the core, in many respects, of the insurance value chain. When we think about profitability for our customers, for our carriers, over 70% of the premium dollar flows to the claims function. It's really the core.
Figuring out how to efficiently and effectively settle a claim, that's the loss adjustment expense side, getting the right accurate amount, which is the loss ratio or the loss cost side, those are the two key things. You add in creating excellent customer experience, that's sort of the holy grail. Again, Verisk sits at the core, at the center of that. Those of you in the room or on the line that have ever had a claim, it could be a pretty frightening and sometimes a daunting experience. You put a claim in, you don't know what's gonna happen. The key is having an adjuster manage expectations, settle your claim very efficiently and with a fair value. That's what it's all about. Let's talk about our business.
As you can see here, the Claims Solutions business is approximately $900 billion in revenue. Two areas are the vast majority are Property and Restoration Solutions group and our Anti-Fraud Solutions. On the right-hand side, I'm particularly excited about the third number, the 1.9 billion+ claim records. Those are proprietary records that we've accumulated and that we continue to accumulate every day. It's through that, the insights that we create, that creates the value. How are we doing? Strong growth and great recurring revenue. On the left-hand side, you can see we have about 7.5% growth, and that's actually at the high end of what we said three years ago at Investor Day.
On the right-hand side, I'm excited to say that our subscription or our recurring revenue is up 4 points from 74% to 78% over the last three years. Let's talk about our customer base. It's actually the most diverse base 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've made significant progress across all parts of what we 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. 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 can 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. Speaking of growth, we've delivered 1.5 x the industry average over the past three years.
There are many factors and concerns that are facing the industry today, as you can see on the left-hand side. 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 customers, particularly our customer claim adjusters, 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. 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.
Every insurance CEO, company CEO said to me, "Can you please bring in data to these solutions?" To which I 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. AI without data is a non-starter. We have incorporated AI into all of what we do. Just to talk about AI, the way we see it, there's two branches. One branch is the generative and the associated agentic AI. That's great for efficiency and productivity. Back to the loss adjustment 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 great at claim outcomes or accuracy.
It's also, by the way, auditable and traceable, so regulators love it. 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 outcomes. All of this is creating enormous enterprise value at our customers. As you can 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 of AI plus data together. Don't take my word for it. Let's listen to Demetrius King from The Hartford, one of our customers, talk about this.
I'm Dimitrius King. I lead our auto, property, and workers' comp group for The Hartford. Within the claims process, we utilize Xactimate, we utilize XactAnalysis, and we also get the insights product from us to look at our business in auto and properties. I think just being able to understand our data from end to end and tying those solutions to our strategies and then being able to see an external view, it just really gives us the additional data set to guide us as, you know, Verisk has been able to provide additional information. Verisk has been a tremendous partner to our organization. We've sat down and I've sat with some of their executives and talked about our strategy and alignment, and they've been able to give us insights that we may not be able to see by ourselves. We appreciate it.
We work directly with our performance and analytics team, their data teams, our data scientists, so we have a really deep and strong relationship to help us make sure that we're going in the right direction.
I had the privilege of meeting Dimitrius at our Elevate conference, which is our property restoration 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 three growth drivers to fuel our overall growth. Let's start with our expanding claim ecosystems. As I mentioned, we've invested heavily in growing this partnership, and we're 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 increase 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, missing cars, missing vehicles. They could know whether the car or parts of that car are for sale on any part of a website or somewhere else. Now when an insured brings in or puts in a stolen car claim, because we embed this into the in-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 adjusters because it saves them from paying out from fraudulent claims. It's a win for insureds, obviously it's a win for Verisk. The second, the second growth driver is around back to 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 selected against because they can't make those frontline decisions around underwriting or claims. Conversely, those that do deliver best-in-class results. Let's provide a real-world example of the data, and this is unlike the last one. We partnered with another organization.
This is homegrown from the bottom up 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. It has, among other things, two statistics that are frightening. The first statistic is 30%. 30% of all U.S. consumers think it's okay to manipulate a data, to manipulate a picture that's sent to an insurance company to bolster their claim. 30%, one in three of us. The more frightening figure is 55%. 55% of Gen Z, the youngest among us, think that's okay. Over half of the Gen Z folks think it's okay to take a 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. Now when a claim comes in and an insured 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 they go for prosecution.
If it's not, they efficiently and quickly settle the claim at the right outcome. A huge win for our customers in terms of saving money that they shouldn't be paying. A huge win for honest insureds 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 dataset. This is a huge unlock for every one of our customers, every one of our carriers, contractors and third-party adjusters. Another example, this one in our Property and Restoration Solutions business, XactXpert, we have created a rules engine to figure out exactly how much damages there are in a home. Again, we embed this into the workflow and processes of every claim adjuster and third-party adjuster of our customers.
This is you could 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 the actual, the estimate, which is the loss ratio or the loss cost side. You know, very, it's a repeatable model here of creating huge impact and 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. I'm going to let's hear from Ramon Lopez, another valued customer.
Hi, my name is Ramon Lopez. I'm the President of Claim Assist Solutions. I've been in the insurance claims industry over 20 years. Over the course of my career, I've had the opportunity to work with Verisk Claim Solutions from two very different perspectives. First, as a senior level executive of a national insurance carrier, now leading operations inside a claims third party administrator. At the carrier level, we depended heavily on tools like Xactimate and ClaimXperience to create consistency, not just in estimating, but in how we evaluated scope, reviewed losses, and aligned internal teams with external partners like independent adjusters and restoration contractors. At the end of the day, Verisk enables true alignment between leadership intent, operational execution, customer outcomes, as well as multiple vendor partnerships.
I've had the privilege of also knowing Ramon for many years. He was a senior executive at a major insurance company, as he said. When I told him I'm joining Verisk, he said, "Wow, congratulations. You guys are the unlock for us in creating claims enterprise value." Last but not least, and I'm really excited about 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. 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 want to see. We've elevated 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 three to five years. 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.
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. Bringing all this together, these three initiatives will result in a 6%-8% annual growth over the next three 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, and finally, great value for Verisk.
Thank you very much.
Sorry, bear with me. Lost my mic there for a second. Can you guys all hear me? I want to bring, invite three 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. 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. 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, more efficient outcomes. That in a broad sense is the opportunity that we have across this global, this global industry. I'm going to start. I have three of my colleagues, going to ask each of them to introduce them briefly, and then we'll talk about each of their networks.
Hi, I'm Aaron Brunko. I'm the President of our Property Estimating Solutions business unit. I've been with the organization for 25 years now. I started in technical support, fielding contractor calls after perhaps a release of our software that might have interrupted their day. I've held just about every position within the departments that we offer, and happy to be here with you today.
I'm Ron Beiderman. 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.
Good morning, everyone. I'm Tim Rayner. I'm president of Specialty Business Solutions. I've been at Verisk for seven years, having spent the prior 18 years on the broker side of the London market.
Okay. Thanks, guys. Aaron, tell the audience what they need to know about your business as a starting point for our discussion today.
Excellent. If you've ever had a property claim, damage to your property, let's call it roof damage, maybe a hail event, fire damage in maybe your kitchen or perhaps a flood in your basement, odds are pretty good that your home was restored or your claim settled using our platform and capabilities. 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, a 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.
In a way, we're creating the language through data and through workflow standardization that facilitates their communication.
Absolutely.
Okay.
It's an orchestration of how that unfolds.
Okay. One great example of this, I referred to the Elevate conference in terms of the word cloud that we showed. If you're there, you would and hopefully you may have an opportunity to attend, you'll see the incredible community and connectivity that ecosystem represents. You know, they really take a lot of great pride in addressing policyholder claims and helping them in their most difficult moments. With that as background, Aaron, can you describe the network dimension and how we are adding value as a network to that ecosystem?
I think a good way to start with this is to come up with a real kind of evaluative example. How many of you have climbed on o ther 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 if you have. No? Nobody has? Okay. 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 had learned what the contractors' favorite formula was or theorem, the Pythagorean theorem.
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, the question around the aerial imagery, we have some very great partnerships around that, as an example, where the imagery is coming in. 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 hail hits, if you will, on that particular property, and essentially be able to settle that claim using, to your point, Lee, 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. In that one simple example, right, it's just kind of a one-to-one example, imagine what happens. Rob had talked about the DFW area and a major thunderstorm. Imagine what happens maybe in Denver, the same type of a hail event. Literally overnight, you have 40,000 claims and properties that have been damaged. Using our capabilities, you understand the hail 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. All of this then comes back into the system.
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.
Excellent. By the way, your life insurers thank you for not getting up on your roof. Try to avoid that if possible. Aaron, you know, 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 this network?
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. From an overall retention or customer acquisition, we get better with new and interesting partners that are added to the system. 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. You heard Steve talk about this before. We have within our particular business unit a 28% compound annual growth rate since 2022 of that particular segment of our ecosystem providers. It's growing pretty dramatically and healthy.
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.
Excellent. Aaron, 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 three years.
Yes.
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. Thanks for that. Ron, you know, a lot of folks might not naturally think of the Core Lines business as a network business. You know, at its foundation, it, you know, effectively was a network in a utility form. Tell us, give us a little bit of background on the forms, rules, and loss cost businesses that you're responsible for.
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.
If you think about any insurance transaction that you've had, there are really two 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. 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. When you think about doing that, the providing the forms, rules, and loss costs across 32 lines of business and personal lines and commercial lines, we become deeply embedded in our clients' insurance programs.
Let's talk about building from that. Let's talk about the network dimensions and how our clients get value out of that network.
Yeah. When you think about Core Lines and its 50+ 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. Let me give you an example using our forms. Every year, we introduce hundreds of new and revised forms updates in response to compliance issues, in response to emerging issues, and market trends. We file those forms in 50 jurisdictions and work with the regulators to get those forms approved, so that way 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 cost out of the industry and accelerating speed to market by streamlining that regulatory approval process.
From a claim's perspective, if you'll let me talk claims.
Please.
You may not realize this, 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. Insurers that are using our insurance wording have confidence when they're adjudicating claims based on policy language, which helps them reduce claims costs and litigation risk. 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 ecosystem.
Yeah. 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. You know, 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. As you think about the growth opportunity as we continue to build that network, Ron, and how it impacts your business, you know, describe that to us.
Yep. 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 points. 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. Now we've heard already, you know, 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. That's creating value for them that we will look to participate in that value creation.
We also mentioned the E&S area, where historically the E&S data has been fragmented and hard for insurers to use. By partnering with insurers and MGAs and by leveraging AI, we've been able to ingest carrier native E&S data into our industry standard data structure, which has allowed us to 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.
Right. Now that may not 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, you know, 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?" We took that ball, the team ran with it. We now have an E&S actuarial specialist. 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, the E&S market, which is another dimension of growth for us. Thanks, Ron.
Tim, I feel as though we kind of stole your thunder, or at least Dominic Samengo-Turner from Marsh did. Nonetheless, why don't you give us some background on the Specialty Business Solutions business to start?
Absolutely. Thank you, Lee. We're extremely proud to have the video testimonial from Dominic that talked about the Whitespace platform. 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.
Could you distill the value, that the participants in that network are extracting, you know, relative to the way that they worked previously?
Whitespace is unique in itself. Unlike our competitors in the marketplace, Whitespace has been built over the last seven years on a data and an API-first basis. That data and API-first basis have 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. 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.
How do you think about that in terms of the growth impact for SBS overall, Tim?
Whitespace in 2025 grew 40%, four, zero, year-over-year. Our mission, our aim, and the growth underlying this is more firms trading, more risks being placed, more premium going through the platform. The Whitespace marketplace is not just about placement. Leveraging assets from across the Verisk ecosystem, from claims, from catastrophe modeling, from underwriting datasets, we see huge potential future growth in terms of augmenting and extending that capability into more disciplines and reusing that data.
Okay. Thanks, Tim. We're gonna do a little bit of a lightning round, and I'm gonna start with Tim and bring it back home here. Tim, describe how you're integrating AI to support the network dimension at Whitespace and even more broadly at SBS.
We are deeply embedding AI in every solution that we offer to the market. In the Whitespace 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. 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. Thanks, Tim. Ron, you know, Core Lines Reimagined has integrated AI in multiple dimensions. You know, where has it been most impactful from our clients' standpoint?
Yeah, 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. Our clients are building on top of our foundation and also creating their own forms. 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 form's 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. 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's important to know that, but what's more important to know is that by adding this new paragraph, you've now brought in coverage beyond what was previously provided. 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 in forms management.
Okay. Thanks. Thanks, Ron. 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?
Absolutely. If you take the consideration of the base, which is the core products that we offer, we have $200 million+ 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. Now when you start to layer on top of that, give you a good example, XactXpert. XactXpert is the rules management capability. 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. 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.
The actual job to be done that people are trying to accomplish. 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 XactAI comes in on top of that. It's a little bit more horsepower, if you will. It supercharges the experience and the workflow for some of our customers. Then you set the next layer on top of that, which is XactGen 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. Just a simple example, if you look at XactXpert, our customers are hungry for this type of information, for these types of capabilities. XactXpert has grown by over 130% year-over-year.
We launched XactAI in October of last year. We already have 3,500 users who are using it today. Our clients are hungry for this additional capability that helps to supercharge their workflows.
Yeah. If I can just add one point to help you appreciate the scale. For XactXpert, we have tens of thousands of users of that platform. 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. That's a great example of where if we deploy this technology into their workflows, they can get the value much quicker at a much lower cost of investment. That's a great demonstration of our competitive advantage. 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.
Yeah. Thank you.
Thank you. We invite you to enjoy a short break of 15 minutes and encourage you to visit our solutions gallery, and we will continue at 10:45. We invite you to please be seated as we will begin momentarily.
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, it's great to see so many familiar faces that I've spoken to quarter in, quarter out over the last three years. It's a real pleasure to take a step back and take a look at everything we've accomplished over that last three-year cycle, 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 have strong growth driven by our subscription-based revenue model with very strong retention rates.
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 in two sub-segments of underwriting and claims, so you can see how those are reported here. 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.
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. 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. 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.
Our reported growth rate has grown consistently. In fact, in the last five 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. 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 two years of global crisis in 2009 and 2020. 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?
The answer is Verisk and 12 other companies in the S&P. 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. What you can see here in the gray line is the insurance industry direct written premium growth. You can see 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.
Throughout those insurance industry cycles, the Verisk revenue, OCC revenue, which you see in the navy line, has shown that resiliency and stability averaging out at around 7%. 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. You can see here 83% of our revenues today come from subscription with average subscription length of just over two years. Over the last five 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. 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 three-year cycle, even while continuing to sell 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.
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 three 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. 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 gonna focus on each one of these in turn.
Let me start with our organic investments. 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 datasets. It's also focused on the investments that we've talked about in AI in 35 different projects that we have in use today. Today, we're investing about 10% of our CapEx in AI-based initiatives.
We get asked sometimes about competition from insurtechs or other startups, I wanna point out on the left-hand side, you see our CapEx invested over this five-year cycle has been well over $1 billion. 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. I just wanna 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. We intend to continue CapEx at roughly this rate, as a high single-digit percentage of revenues.
Just some of the projects 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 Reimagined 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 Reimagined, 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 five-year basis. 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 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 will 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. Number three, therefore, we think there is a long runway for the, 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. 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. There are many insurtechs, or indeed startups 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.
I'm proud to say that just since our last Investor Day three years ago in this room, we have scaled not one, not two, but three businesses through that $100 million mark and beyond. 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 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, you know, collectively in the strong double-digit range. The two businesses that we divested were clear headwinds to growth. 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 datasets, whether acquiring new datasets or enhancing our own proprietary datasets. Number two, focusing on emerging and new risk areas and expanding our customer base. 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 2x-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 percentage, the percentages in the bars represent the % 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 one-time 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. 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 three-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, 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. 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 6-8 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 300-400 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, 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 350-450, 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, I've often been asked what is the long-term growth profile of the different businesses, here is the view into that. On the Y-axis, you can see their target growth range.
Finally, the bubble size of each business re-represents their relative size. 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. 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. That's driven by a couple 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. Those two opportunities for margin expansion may be somewhat offset by a mixed shift as we continue to invest in higher growth businesses, both organically and inorganically. Taking all of that together, we continue to expect margin expansion opportunity in the 25-75 basis point range. That results in our new long-term financial targets. We anticipate revenue growth of 6-8 percentage points organic constant currency on an annual basis, adjusted EBITDA growth of 7-10 percentage points annually, adjusted EBITDA margin expansion of 25-75 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. 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. 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. With that, I'm going to invite my colleagues back up on the stage with me to take your questions. Thanks.
While everybody's coming up on stage, there is going to be a survey. You know, we're always looking for ways that we can improve how we approach this. Is this the survey? Okay. You can use that QR code. It'll probably be available, you know, through other channels. We welcome that input from you. Right.
Andrew.
Thanks, Lee. Andrew Steinerman, JPMorgan. Elizabeth, love the bubble chart, and X and Y axis, very helpful. The thing that caught my eyes up, that one in the upper right, SBS, if I look at the Y-axis, that looks about 13%-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%-14% growth already included in SK's slide that we already saw, slide 56, with this 6.5%-7.0% Underwriting Solutions growth? Just talk more what's driving SBS, and you have to remind me, is SBS is Sequel in SBS?
Yes. As is Whitespace. To your first question, or your second question really, it is not included in the Underwriting Solutions bubble. Tim, maybe that's, maybe you should talk about the drivers of the growth.
Yeah, very happy to. Whitespace that I talked about in the panel is a key component to that. The other two pillars are the digital solutions. How do we embed agentic AI and generative AI across our technology stack? The third is not losing sight of our heritage products in terms of policy administration. Leveraging the network capability, 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. In summary, three pillars to the growth: developing that marketplace, delivering digital solutions, and modernizing our heritage platform.
Is it very non-Europe today? Like, I remember the Sequel acquisition had a U.K. heritage.
Yep. Whitespace, all of our products are deeply embedded in the London market. As Lee talked about in his presentation, we've launched Whitespace in Bermuda, in Dubai, in Singapore, and that's very much the global foundation that we'll build out and support the specialty industry.
Thank you.
We're over here. Greg Peters with Raymond James again. I want to go back to the CapEx slide that you put up there, which I thought was kind of interesting. 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. 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?
Yeah. Thanks. We balance our priorities on investment from the timescale to your point. We want to be evolving, you know, with industry change, but we're also not changing the programs quarter- to- quarter. I think Data investments I think are evolutionary. 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. They've given us the right data foundation and framework to continue to evolve them and enhance them as capabilities improve.
Hey, guys. Scott Wurtzel from Wolfe Research. Elizabeth, just on the revenue sort of building blocks algorithm, it looks like you're also, you know, relative to the last guide, expecting, you know, greater contribution of, to growth from new clients, but also some elevated attrition as well. Just wondering if you can talk through, you know, the changes in those building blocks relative to the prior guide.
Yeah. Happy to. We're now saying, you know, 100-200 basis points increase and then offset from those two factors. Three years ago, we said 50-150. 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, you know, the rise of e-MGAs and our increased focus and presence with brokers, growth from reinsurers. Various different types of capital coming into the insurance industry that we are in a better position to capture. And some, you know, 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. 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, you know, 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, you know, continually been able to sustain growth even with that.
Hi, 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?
It is something that we are thinking about and exploring. I think we'll continue to evaluate it over time. Our, you know, our forecast that we showed assumes kind of the revenue model that we have today.
Yeah. 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. You know, if it is. If the data consumption is being defined as, all right, you know, here are the datasets 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 datasets and that provides incremental value, we always want to be motivated to create more value for our clients, and to participate in that, in that value creation. I think that's an important underlying philosophy that I see persisting.
Hi. Faiza Alwy from Deutsche Bank. I wanted to follow up on the question around software analytics, particularly on the underwriting side. 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, I'm curious, are what's how many of your customers or are your top customers sort of using those analytics that you have? 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.
Yeah. Let me, on the underwriting side, you know, highlight for the different segments. If you think about our forms, source and loss costs, 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; we're getting more of that data out to our customers. On the underwriting side, I talked about, you know, 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, we're offering a differentiated asset from that perspective. Finally, from a software perspective in our FAST business, I think, you know, we still see the same competitive environment that we've seen.
You know, we are the leader there from a differentiation perspective. We're driving that penetration in that market.
Hi. Manav Patnaik, Barclays. Just two questions. Elizabeth, you showed the chart with net between premiums and growth. You've given us some stats before, just to clarify, you know, in the past you've talked about the percentage of revenues exposed to that and whether it is directly tied or multi-year. If you can just clarify that. The second question is, you know, thank you for all the disclosures and mix today, just we always want more. Just two quick one's for you. You know, the mix between personal and commercial, because there's, you know, a lot of debate on whether personal is, you know, declining, and then similarly auto versus other.
Yeah. On these ones I'll repeat rules of thumb that I've given before. On the input from premium, it's around 20%-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, you know, very rough rule of thumb, about 60% commercial lines, about 40% personal. Auto still represents as an end market roughly 10 percentage points across the portfolio.
Yeah. Hi, everyone. Henry Hayden from Rothschild & Co Redburn. I was hoping to get some color on the state of discussions with your clients. 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? Thanks.
Yep. 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 datasets and support their AI strategy, which we've talked a lot about today. The other dimension of the accelerated dialogue with our clients is how we can deliver enterprise solution to their purposes.
What I mean by that is, 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." That has become a very frequent part of our dialogue with clients. 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.
On both of those, we've seen an intensification of our dialogue and the sense of partnership, that we've developed with our clients over the last three years.
Great. Thanks very much. Henry Cornago of BofA. Liz, a couple for you. One, just going back to the CapEx, AI, the 10% of total. Where specifically is that investment going? Where does that compare to prior years? And maybe somewhat of a bigger question, kind of why not higher? It's about $30 million, a little lower. Then a second one, just a little more specifically how M&A fits into the capital allocation framework, which verticals, datasets, you know, workflow solutions might be most attractive, and given, 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. You know, how do we think about the appetite for, let's call it larger bolt-ons?
Is that enough? Is that enough for you, Elizabeth?
Sorry, that's a lot of questions.
Yeah. Okay. Yeah, let me see if I can. On the CapEx and the AI investments, 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. It's very broad across the portfolio. On M&A, the, you know, the target leverage range, you know, we have ample capacity from a balance sheet standpoint. We will continue to look at opportunities in the market.
We, you know, we gave our three priorities, the enhanced datasets, the customer base or new risk areas, and then the, you know, 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, you know, 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.
Hi. Thanks. David Motemaden from Evercore ISI. wanted to just follow up on the Core Lines Reimagined and, you know, 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?
Yeah, I'm happy to. 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. You can just see the amount of adoption that we're seeing within our clients with the user base. What we see is as we go to our clients every day, we're showcasing this platform, and that's just driving more and more usage. I think really Core Lines Reimagined is creating more consumption of our insights and the new insights that we're bringing, and we continue to see that in the future.
Yeah. It's, and, you know, one thing that I've observed is that, you know, a lot of the industry is used to a certain process, and you have to almost force and break them out. A lot of that is concerted focus from a senior management perspective, where we can partner with them and work on the training. That's, I think there's a lot more opportunity for our clients to get more value out of that. We've already heard from a variety of sources that it's clear that the productivity has been enhanced. Toni?
Great. Thank you. 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 2025 was. Just wondering, are we going to see sort of more of the price uplift in 2027 and 2028 versus this year? Or is it maybe it's across the whole period but just wanted to clarify that. Maybe also on the six to eight OCC growth for 2026, if you include M&A and the divestitures and all that out, I think we're a little bit below that range for 2026.
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? Thanks.
Thanks for the questions, Toni. I'll start with your second one, because I remember it. Yes, the 6%-8% organic growth. You know, yes, in 2026, we are experiencing some near-term, you know, quarterly headwinds. We expect those to abate over the balance of the year. Even for 2026, we expect to be in the range. Yes, as those headwinds abate, and we don't expect to have them in the future, we do see more opportunities going forward. Your first question was on the pricing side of things. Actually, sorry, can you repeat on the pricing with the.
You're raising the range for pricing in 2026. I thought it was supposed to be a little bit lower.
Yes. Okay. Yes, we are raising the long-term target range. On the flip side, we're coming back. Although the old target was 300-400, 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. Basically, we have room to raise the target even while, you know, having some cushion to the historical levels.
Hi, this is Kelsey from Autonomous again. Could you talk a little bit more about your strategy in life insurance after the acquisition of FAST, SuranceBay? I'm just wondering what the roadmap looks like for the next five years.
Yeah, I'm happy to. You know, there are three areas that we're investing. First, FAST is still in its early innings of adoption in the life insurance industry, 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. The third is new areas like distribution with SurancePay, like group benefits and pension risk transfer.
Surinder Thind, Jefferies. When I think about the big picture here, I feel like you guys have done a good job with discussing the moat. From an outsider's perspective, can you maybe help us understand where the risk from an AI disruption is in the portfolio? Of 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?
Sure. We do think at a fundamental basis that the power of AI, which we embrace, depends upon datasets. There are a variety of moats that we discussed, but the underlying quality of the datasets that we provide, and their unique aspect is the most important defense and the economics associated with producing and sharing those datasets. If we were to define the risk, it would be that AI would have an ability to, through other datasets, which we can't hypothesize, you know, to deliver the analytical function that our analytics and our data support. I think we view that as challenging because the datasets that we have come from the industry. They are at scale.
They're efficiently gathered. You know, that's one dimension. 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, what we are doing. I think that AI is going to be powerful in improving and the functionality and the productivity of insurance professionals within the industry, and that will have a bigger impact. It'll accelerate the interactions between parties, but it will still require an existing framework that is necessary to operate.
Certainly, there are risks, 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. 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.
We have Greg here on the side.
Thank you. very rarely do we have an opportunity just to keep asking questions. If everyone's going to be quiet, I'm going to certainly stand up and ask more questions. Elizabeth and the team, you, I did an informal survey last year from some of your top customers just to get some feedback, and I wasn't out there looking for good news. I was out there looking for the dirt. One of the themes that came back was around customer service. Now, I understand you've made a lot of investments, Core Lines Reimagined, et cetera.
Maybe you can talk a little bit about your perspective 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 at customer service anymore.
Thanks for the question, Greg. We're always looking for areas that we can improve in. I think, you know, when we started three years ago, 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. That's been a concerted effort. It's not just been kind of relationship-driven, but how do we improve their overall experience? You know, since we have the time, I'm going to ask, you know, each of my business leader colleagues to talk about what they have heard and how we've responded to it. I feel bad for Rob because nobody's interested in catastrophic risk modeling.
I just explained it so well that there's no questions.
Why don't you kick off, and then, and then we'll go down.
Yeah
down the circle.
Thanks for the question, I guess maybe the challenge. We take an enormous amount of pride in our client service, 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. 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. 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. We have an exceptional degree of client service interaction, and we'll continue to lean on that as we grow the business.
I'm going to step in and spare Steve because, you know, I can provide historical context here.
One thing I will say is in my 3 weeks here, I've 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. Each one, 1 had 800 customers, one had 600 customers. I didn't talk to all 1,400, but I talked to a bunch at both. The sentiment was incredibly positive around the partnership between Verisk and each of these organizations. We are, you know, ensuring that we, you know, going forward, always exceed expectations. The sense I got, at least from the first 3 weeks of meeting folks, is very, very positive.
Yeah. 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 kind of past leadership, it was a very closed system. There was a view of, you know, this is what we provide and this is the right way to do it. Some of our clients got frustrated, and that had consequences for us. That situation has changed 180 degrees, particularly because we've 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. You, 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 has changed. Depending upon where you're talking within the organization, some of those perceptions, you know, may take a while to change. At the root level, I know that that's been something that we've improved dramatically. We're seeing a similar dynamic in our anti-fraud business as we're also opening that ecosystem and bringing new technologies to it.
SK, can you address it from an underwriting standpoint?
Yeah. 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 where historically we've had some challenges on the, 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've fixed that. We've gone 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?
I think that has made a huge difference in the feedback that I'm receiving from clients. The second place where we have gotten feedback is, you know, 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 it's regulatory grade, we have to make sure that we are looking at errors and mistakes and trends to make sure that data is, has the highest fidelity. That requires us to work very closely with the same clients who are giving us data. There's a lot of back and forth. 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. I think we're working there, but we do that so that we have the best fidelity data, which is regulatory grade.
Great. Good. Yes. Go ahead. Thank you.
Just a question about the net written premium growth expectations. When we think about the implications of AI and the ability to potentially price risks a bit more efficiently, how does that work as we look over the next five 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? 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? How does that work through in the political environment?
SK, you wanna take a crack at that?
There are a couple of things playing here. Your point about, you know, AI and better pricing. First of all, if you think about the kinds of risk and the complexity of risk, the exposures. The exposures are going up, right? Premium is exposures and how you price that exposure. 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. I think that element of the, that kind of 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? That exposure is going up. Yes, risk pricing becomes probably, you know, more efficient.
If you look at the returns on equity on the insurance industry. Underwriting profitability is still in the 2%-3%, right? It's not like there's a huge room to kind of compress that. I think that what happens is probably there's more competition because people are able to do more. 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.
Yeah. 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. You have that increasing severity. 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 to the overall pool of net written premium on a global and even on a U.S. basis.
Thank you. 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 spend more at this point, or could you spend more to maybe accelerate your innovation curve?
Yeah. Thanks, 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, you know, our bandwidth and our focus as an organization, to put the investments in areas where we think, again, not only that just that there's a good idea, but a scale and a commercial opportunity. Putting that together, you know, our CapEx has been growing, you know, and so we expect it to continue to grow roughly in line with our, with our overall financial profile. You know, today I don't see a need to accelerate that further.
We'll keep our minds open if there are new ideas.
Okay.
You know, 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.
Okay.
Yeah
Yeah, 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? Then I don't know if this is related to that or not, but any comment 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. I know you have a tough competitor, but just what's the opportunity to change that trend? Thanks.
Thanks. Maybe I'll start with the first question and Saurabh.
Yeah
Can talk about the auto piece. On the retention, you know, no fundamental change in the experience that we're seeing as you saw in the metrics that we've put out, which are, you know, consistent with what we've had before. The, any dislocation comes more about capital moving out, in or out, people stopping to write, stopping writing certain lines of business or in certain states, or, you know, unfortunately liquidations, should they happen. No, no fundamental change in our own retention rates.
Yeah. On auto, look, I'm encouraged by what we see when we create a differentiated product and go to market. You know, whether it's LightS peed, whether it's the coverage, verify analytic objects, our customers are looking for the edge. They're looking for better segmentation. 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, you know, that's been the tough place for us. You know, I'm encouraged by where we are in differentiating, and we'll continue investing in that.
I think we have time for one more question, and then I'll wrap it up.
Hi. I had a question on the Claims side. I believe your market share is unchanged from the last Investor Day. What has been the main barrier here? 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? Thanks.
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 gonna go up quite a bit as we sort of create answers to the pain points or carrier or claim carrier executives and frontline folks. That's exactly what we've built are 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 customer. We believe that our share will go up. It is going up now, so we believe it will go up, you know, in more of an S curve.
Okay.
I can add on the historical, I mean, you know, 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, you know, corresponding revenue growth on the Claim side.
Great. 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, across the years of understanding, what is, to us, a very exciting business. You know, for other, you know, for others that aren't as enthusiastic about insurance, you know, sometimes arcane and difficult to understand. 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, you know, 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 datasets to our clients, you know, the economics of the networks that we're facilitating are absolutely compelling. 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. you know, 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.
When 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. The third thing, it's, you know, 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. Our industry clients appreciate that energy enthusiasm, that really is the fuel that powers our ongoing success of finding those solutions and being able to get that value to our clients. 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.