A conversation on perils, incidents, and risk assessment

Educators say humans learn through a combination of perception and memory using three different methods: visual, auditory, and experiential. Each of us learns through a mix of the three methods that suits us best.

Every time we launch a new product or service at Verisk Insurance Solutions, we think about those three methods and how best to present the information to help our customers learn. We do have our preferences. If you’ve ever been to our Jersey City office or spoken to us on the phone, you may have noticed two things: We’re enthusiastic about what we do, and we love to talk about it. I don’t know if we’re all solidly auditory learners, but we’re surely auditory instructors.

We recently recorded a video about our next-generation ProMetrix® Peril and Incident Report. In keeping with our auditory bent, the format of the video is a conversation. Peter de Freitas, assistant vice president for ProMetrix, and Kevin Kuntz, assistant vice president of Risk Engineering, sat down together for an unscripted conversation. The discussion explores the uncertainties of risk assessment and the importance of understanding the history and risk of nonmodeled weather events, such as hail, lightning, wildfire, and wind.

Verisk’s Peril and Incident Report provides insight into those areas. It includes information on the date and nature of fire or gas incidents at the property and whether a claim was filed. The report provides aerial images that display the proximity of the property to fire hydrants, and it details the property’s history of hail and other nonmodeled weather events. Insurers get a more complete picture of a property’s risks, allowing them to set premiums more precisely or know which properties not to underwrite.

The Peril and Incident Report video is just one in a series by ProMetrix. Other topics include loss cost, the Building Underwriting Report, and our new Risk Engineering Utility. If you’re interested in the Peril and Incident Report — and are a visual and auditory learner — see and hear the video on our new YouTube channel here. If you’re strictly visual and want to read about it, go to our website.

Sanford Brown

Sanford Brown is the director of product development at Verisk – insurance solutions.