Risk Engineering Utility
Helping insureds improve their risk and lower projected loss costs is a powerful way to get an edge on your 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. You’ll give insureds a real economic benefit — and the best possible quote.
The Risk Engineering Utility provides a win-win-win. Insurers benefit by offering an important service to their insureds, which will help retain business, expand your underwriting appetite, and improve the quality of your portfolio. Agents benefit by engaging their clients in risk management planning that affects their insureds’ premiums. And insureds benefit through the reduction of exposure and a projected loss cost that reflects the risk improvement actions.
Risk Engineering Utility overview
Risk Engineering Utility overview
Available through the ProMetrix® 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 remediations to a distributor or 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
The Risk Engineering Utility offers modeled outcomes you can save as a PDF. Our field analysts can verify the status of mitigation actions by the property owner or insured. Or our National Call Center can provide the follow-up calls to confirm the remediation was completed.
