JERSEY CITY, N.J., February 9, 2015 — For the first time in the commercial property marketplace, underwriters can develop an optimum filed loss cost for a building by instantly modeling the impact of risk reduction using a web-based application. The Risk Engineering Utility, a real-time dynamic function, is now part of Verisk Insurance Solutions’ newly enhanced ProMetrix® suite of data and analytics for commercial property carriers. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
Verisk’s new Risk Engineering Utility allows insurers to identify remediable deficiencies in a building that drive the loss cost and, ultimately, the quote. Using a unique “what-if” assessment, it then allows underwriters to instantly recalculate the loss cost with the deficiency corrected.
“This enables you to make an economic case for the improvement to an insured or agent, providing a valuable service and an improved price,” said Peter de Freitas, assistant vice president, ProMetrix, Verisk Insurance Solutions. “This functionality provides carriers a competitive edge and allows them to quote fast and accurately.”
The Risk Engineering Utility shows underwriters up to three hazards that may be easily remediated through action by an insured. The underwriter can select one or a combination of hazards and see the drop in the loss cost resulting from the changes selected. Armed with both an accurate risk assessment and the opportunity for a remedy, insurers can offer more competitive terms to insureds if they agree to remediate the risk.
“The Risk Engineering Utility offers strong benefits to insurers, agents, and insureds — a win-win-win for everyone involved,” said de Freitas. “Insurers benefit through their ability to provide an important service to the insured, which will help retain business, expand their underwriting appetite, and improve the quality of their portfolios. Agents benefit through their ability to engage their clients in risk management planning that affects their insureds’ premiums. The insured benefits through the reduction of exposure and a projected loss cost that reflects the risk improvement actions. Our national call center can even provide the follow-up calls to confirm the remediation was completed. We believe this new Risk Engineering Utility will become an essential part of every competitive carrier’s risk selection process going forward.”
Verisk’s proprietary ProMetrix database of more than 3.5 million field-surveyed commercial properties and more than 6 million businesses is the foundation for the analytics, reports, and services. The enhancements are part of the next-generation ProMetrix website, which customers are transitioning to over the next several months. A web seminar about the Risk Engineering Utility is available on-demand at Verisk’s web seminar website.
About Verisk Insurance Solutions
A Verisk Analytics (Nasdaq:VRSK) business, Verisk Insurance Solutions is a leading source of information about property/casualty insurance risk. Drawing upon vast experience in data management, security, and predictive modeling to serve its clients, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.