Relative Hazard Percentile
Helping insureds and insurers improve risk and lower projected loss costs is a powerful way to get an edge on the competition. Some of the simplest risk improvements can make a significant difference in loss costs, and Verisk’s Risk Engineering Utility lets you take advantage of information on those cost differences. Customers get a real economic benefit — and the best possible quote.
The Risk Engineering Utility provides a win-win-win. Agents benefit by engaging with clients in risk management planning that affects premiums and retains business. Insurers benefit by offering an important service to their insureds and improving the quality of their portfolio. And insureds benefit through the reduction of exposure and a projected loss cost that reflects the risk improvement actions.
Available through the ProMetrix® for Agents application, the Risk Engineering Utility identifies remediable building deficiencies that drive the loss cost. Using a unique “what if” assessment, you can instantly model the assessments to recalculate loss costs based on correcting the deficiencies. And that allows you to present an excellent economic case for making the remediation to an insured. You can give them a quote that reflects the improved risk, something the competition can’t do.
The Risk Engineering Utility provides:
- a single modeling tool that links the loss cost, loss estimate, risk improvement statements, and sprinkler grade (where applicable) for a property
- “what if ” scenarios with outcomes tied to compliant loss cost information
- a real-time calculation of changes in loss estimates and loss cost when improvements are completed
- a revised and better sprinkler grade if automatic sprinkler protection is improved
- modeled outcomes you can save as a PDF
For more information about the Risk Engineering Utility
- Call Verisk Customer Support at 1-800-444-4554, option 3.