Verisk unveiled the future of premium audit at a November 12 webinar. As part of Verisk’s broader Reimagine initiative, which is also revolutionizing how the industry approaches forms, rules, and loss costs, PAAS® Reimagined represents the next evolution in premium audit technology.

Premium auditors and underwriters face mounting challenges in risk assessment and classification as business models become increasingly complex. During the webinar, which offered an exclusive preview of PAAS Reimagined, Verisk leadership demonstrated how this significant enhancement to its Premium Audit Advisory Service leverages artificial intelligence and advanced search capabilities to streamline premium auditing and underwriting.

“We’ve been deeply engaged with our premium auditors and underwriters, listening intently to understand their evolving needs” said Ron Beiderman, Senior Vice President at Verisk, following the webinar. “PAAS Reimagined is our direct response to those needs—bringing together AI, enhanced search, and a more intuitive experience to help our users work more efficiently.”

Revolutionizing premium audit with AI

At the heart of this transformation is an innovative AI-powered chat system—the first of its kind developed specifically for premium audit. Internal studies indicate PAAS AI will accelerate research for many complex queries by 98% compared to traditional methods. This advancement allows premium auditors and underwriters to focus more on analysis and decision-making rather than searching for information.

“The PAAS AI serves as a knowledgeable research partner, quickly synthesizing information from thousands of PAAS documents to deliver precise, contextual answers,” explained Kristen Chenowith, Product Manager at Verisk.

Modern search capabilities drive efficiency

Responding to user feedback about search functionality, PAAS now features a completely redesigned search engine that includes:

• Predictive auto-complete that anticipates user needs and suggests relevant terms
• Natural language processing that recognizes industry terminology and everyday synonyms
• Advanced filtering tools that help users quickly narrow results
• Flexible display options that adapt to different working styles

These improvements can help auditors and underwriters locate critical information with unprecedented speed and accuracy. The new system particularly shines when handling complex queries spanning multiple jurisdictions or lines of business.

A more intuitive experience

The redesigned interface consolidates scattered information into an intuitive layout:

• Jurisdiction-specific data from multiple sources in one easily navigable location
• Classification guides featuring clear categorization for faster reference
• Unified rating information for seamless access
• Interactive tutorials to help users discover and master new features

“We’ve reorganized content based on how our users actually work,” notes Gary Higgins, Product Director at Verisk. “The goal is to minimize time spent searching and maximize time spent on meaningful analysis.”

What’s coming in 2025

The current release marks the beginning of a broader evolution. Planned enhancements for PAAS in 2025 include:

• New businessowners policy (BOP) classification guides
• Expanded commercial auto content, including garage liability, business auto, and truckers
• Enhanced offline capabilities through an all-new PAAS download
• A mobile app featuring AI capabilities for on-the-go access

For current users, PAAS Reimagined is available now at core.verisk.com using existing ISOnet® credentials. For more information, contact PremiumA@verisk.com.

By Kristen Chenowith