Verisk Launches New Energy Insurance Platform
JERSEY CITY, N.J., February 28, 2018 — Verisk (Nasdaq:VRSK), a leading data analytics provider, has launched the Energy & Power Intelligence XchangeTM (EPIXTM), a benchmarking and risk-scoring platform that can significantly enhance how insurers research, assess, and underwrite complex energy risks.
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.
“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.”
EPIX offers robust modules to support decision making for energy insurers globally. EPIX Asset, the platform’s core module, provides critical and regularly updated data on thousands of energy companies and their assets in the upstream, downstream, and power-generation markets across the globe, including oil fields, refineries, and power plants. EPIX Portfolio, the platform’s second module, is entering beta testing next month and is designed to help insurers analyze risks such as natural catastrophes and supply chain disruptions and evaluate how they affect overall portfolio composition and performance.
“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,” said Elizabeth Casas, managing director of Energy and Insurance for ISO. “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 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. EPIX Experience, the platform’s third module, will provide a proprietary database of industry loss events. EPIX Operations, the final module, will offer in-depth insights into how energy companies are managing their assets and operations, using information garnered in part from sensors and the Internet of Things.
To learn more about EPIX, visit www.verisk.com/epix.
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500® Index. In 2017, Forbes magazine named Verisk to its America’s Best Mid-Size Employers list and to its World’s Most Innovative Companies list. Verisk is one of only seven companies to appear on both lists. For more information, please visit www.verisk.com.
Edelman (for Verisk)