Verisk's Acquisition of Morning Data: A pivotal moment in the Insurtech Landscape
Blog -- 29 November 2023
The Insurtech sector is a rapidly evolving domain. As technology continues to permeate every facet of business operations, the insurance industry is no exception.
This evolution often leads to strategic mergers and acquisitions, which aim to leverage synergies, tap into new markets, and introduce innovative solutions.
One acquisition that stands out in this context is Verisk's recent acquisition of Morning Data, a well-established insurance technology company focused predominantly on brokers and MGAs.
Kirstin Duffield, CEO of Morning Data, provides a comprehensive understanding of her company's trajectory and ethos. She characterises Morning Data as "the oldest Insurtech in the market." This is not just a statement; it is a testament to the company's enduring presence in the Insurtech sector for over three decades. Throughout its existence, Morning Data has been a pivotal player, especially in the London insurance market. Here, they have consistently delivered specialised software solutions tailored to a diverse clientele.
This list includes but is not limited to: Lloyd’s brokers, international brokers, coverholders, MGAs, and captives. Their targeted solutions for the SME market further emphasise their dedication to catering to a wide spectrum of market needs, ensuring that no segment is overlooked.
Duffield, when discussing the acquisition, asked “Why Verisk?" Her reflections provide a window into the strategic thinking behind the merger. For Morning Data, the decision to join forces with Verisk was not just about business expansion. It was a carefully considered move, rooted in the vision of mutual growth, shared objectives, and long-term collaboration.
Duffield elaborated, "We were looking for a home that had synergies, and that we would add value to rather than just bring a client base or a product range." This sentiment underscores the depth of the partnership and how it is more than a mere transaction; it is a shared journey towards achieving collective milestones.
The potential benefits of this acquisition are multifaceted. For Morning Data, the partnership offers a golden opportunity to access Verisk's vast resources, thereby enhancing its solution suite and delivering more integrated and holistic solutions to its clients.
Duffield's insights into the challenges faced by smaller companies are particularly enlightening. She remarked, "We, as with many small companies, like to call ourselves boutique. There's a limit to how much you can handle at any one time." This candid admission highlights the operational challenges that smaller firms often grapple with. With Verisk's robust infrastructure and industry expertise, many of these challenges can be effectively addressed, paving the way for enhanced service delivery and client satisfaction.
Any discussion about Morning Data would be incomplete without mentioning Novus, their flagship product. Novus epitomises Morning Data's commitment to innovation, client satisfaction, and forward-thinking solutions. Duffield is optimistic about the product's future trajectory, especially in light of potential integrations and collaborations with Verisk's vast resources. But new to the offering is their Eos platform, a suite of Apps to offer “soup to nuts” journey of the client. Each app is both stand alone and integrated to Novus, which in turn is now integrated to another Verisk solution, Whitespace, it truly shows the power of a joined-up set of solutions to meet the clients’ needs.
This hints at the exciting possibilities on the horizon, with both companies pooling their expertise to deliver state-of-the-art solutions. The acquisition of Morning Data by Verisk is not just a business development; it is a significant chapter in the narrative of the Insurtech industry.
Discover more, watch the full interview in the link below.
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