Verisk to Acquire Behavioral Data and Intelligence Vendor Jornaya

The acquisition will help insurers and lenders time and tailor interactions with customers and prospects, delivering better experiences and improving customer acquisition and retention

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(Image source: Jornaya.)

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JERSEY CITY, N.J., December 15, 2020 — Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today it has entered into an agreement to acquire Jornaya, a leading provider of consumer behavioral data and intelligence. The acquisition will add Jornaya’s proprietary view of consumer buying journeys to Verisk’s growing set of marketing solutions for the insurance and financial services markets.

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Using advanced marketing techniques, customers in the property/casualty, life insurance, and lending industries rely on Jornaya’s behavioral data, lead compliance intelligence, and other solutions to drive return on investment. With this acquisition, Verisk clients will have the intelligence and agility to time and tailor interactions based on actual in-market behaviors—ensuring engagement with customers and prospects at the right time with a relevant message.

 

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Ross Shanken, Founder and CEO, Jornaya.

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“The rapid growth of competition in insurance and financial services has made it more critical than ever for businesses to help consumers find the products they need with speed and ease,” comments Doug Caccese, president, ISO Personal Lines, Verisk. “Jornaya brings unique insights to consumer buying journeys and the ability to meet the evolving needs of CMOs and marketing teams. Combined with our extensive data assets and deep domain expertise in predictive analytics and decision-support solutions, this acquisition will enhance our ability to develop innovations to help our clients refine their marketing outreach, boost customer acquisition and retention, and increase profitable growth.”

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“Verisk has shown a strong commitment to meeting the rapidly changing needs of leading marketers with data-driven solutions, highly experienced teams, and a significant innovation pipeline,” says Ross Shanken, founder and CEO, Jornaya. “As part of the Verisk family, we’ll be able to increase our reach, improve our solutions, and help our clients grow with greater speed and efficiency by driving better customer engagement, acquisition, and retention.”

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About Jornaya

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Jornaya has proprietary behavioral data in markets where consumers make considered purchases, including the insurance and lending industries. Jornaya’s data helps companies and their marketing teams improve consumer engagements and drive profitable growth through a deeper understanding of their customers and prospects and their buying journeys. Leading companies use Jornaya’s data to help retain current customers, grow relationships with existing customers, and establish new relationships. For more information, visit jornaya.com.

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About Verisk 
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.

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Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500®Index. In 2018, Forbes magazine named Verisk to its World’s Best Employers list. For more information, please visit www.verisk.com.

 

The Insurance Consumer Journey

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By Ken Leibow

 

Jornaya has taken Data Analytics to a new innovative level. “Jornaya Activate” is an application that enables more cost-effective target marketing by witnessing the behavior of the consumer online shopping experience. An example is a Life event whereby a consumer is shopping online for a new home loan or to refinance their current Mortgage. This will identify that the consumer will need more Life Insurance. A Carrier or Agency’s portfolio of customers can be better targeted with marketing campaigns with messages that will be more cost-effective in generating new sales opportunities.

 

Jornaya captures 200 million unique shopping events each month of which 5 million are life insurance related opportunities. This has increased 30% over 2018. Literally there are portfolios of millions of customers. There is NO personal identifiable information captured (PII). Privacy of these consumers is secured. The data criteria captured are focused on witnessing the behavior of consumers filling out online forms for shopping for insurance, mortgages and other activities across multiple websites that can be analyzed to determine specific insurance needs. Jornaya works with Multi-Line Insurance Carriers and Agencies including life insurance Direct Marketers like AccuQuote and eFinancial. I interviewed Jamie Pickles, GM of Insurance at Jornaya, for this article and he had a quote that sums it all up. “A predictive model is great, but facts are better”.

 

Jornaya Activate monitors a portfolio of prospects/customers for Major Life Purchase (MLP) in-market behavior by incorporating intelligence on behavior and measuring intent in Real Time, Jornaya’s innovative technology can Provide intelligence that could become a new sales opportunity for life insurance. If you are a marketer, the data captured will allow you to interact better with your customer and improve customer retention.

 

Download and Read the Report by Jornaya “Understanding the Insurance Consumer Journey” by clicking the button below.