Verisk launches new energy insurance platform

Data analytics provider Verisk has launched a new platform that claims to enhance how insurers research, assess, and underwrite complex energy risks.

The new risk-scoring platform Energy & Power Intelligence Xchange (EPIX) provides a wide range of information on energy risks-information that otherwise can be time-consuming and costly to obtain and fraught with inaccuracies, according to the company.

"Our energy insurance customers have asked us to provide data analytic solutions to help them improve underwriting precision, reduce costs, and increase operational efficiencies," said Maroun Mourad, president of ISO Commercial Lines. "The EPIX digital platform can provide energy risk engineers and underwriters with actionable insights in a highly reliable, accurate, and timely fashion for individual risks and portfolios."

Elizabeth Casas, managing director of energy and insurance for ISO, added: "EPIX is a powerful platform that can support underwriters, engineers, claims experts, and client managers in making more informed decisions and help reduce the time they spend researching and collecting broad industrywide data. With the power of Verisk data, analytics, and insights, insurers can map out energy facilities owned and operated by hundreds of companies around the world, compare their risks and exposures, and access valuable insights with visualizations of key market data. They can also compare their existing portfolios to energy assets and companies worldwide and develop a strategy for profitable growth."

Verisk said that it built EPIX leveraging the data assets of several of its businesses, including Wood Mackenzie, ISO, AIR Worldwide, AER, Arium, and Geomni, and is currently building two additional modules.

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