Verisk Enhances Energy Insurance Platform with Event Records on More Than 10,000 Energy Assets Worldwide
New EPIX Experience Can Help Insurers Gain Insights into Portfolios, Assess Exposures, and Develop Strategies to Grow Bottom Line
JERSEY CITY, N.J., October 25, 2018 — Verisk (Nasdaq:VRSK), a leading data analytics provider, has enhanced its energy insurance platform—the Energy & Power Intelligence Xchange™ (EPIX™)—with a new module that features critical records of events involving 10,000 energy assets around the world, including regulatory violations, man-made events, natural catastrophes, and terrorist acts. EPIX is a benchmarking and risk-scoring platform that can significantly enhance how insurers research, assess, and underwrite complex energy risks.
The new module, EPIX Experience, enables insurers to see the frequency of these events for offshore oil platforms and refineries worldwide and benchmark that information against broader industry data.
“The addition of EPIX Experience takes our energy insurance platform to the next level,” said Elizabeth Casas, managing director of energy and insurance at Verisk. “By collecting, synthesizing, and matching event data with more than 10,000 assets around the globe, we’ve developed a tool that can help insurers gain powerful new insights into their complex portfolios, assess their exposures, and develop strategies to grow without compromising bottom-line results.”
While developing the new module, Verisk obtained insights from several leaders in the industry, including Ironshore, a global specialty insurer.
“EPIX Experience has the potential to significantly improve the underwriter’s confidence on a risk,” said Dan Owen, senior vice president of builder’s risk/energy property at Ironshore. “With better data, we should be able to increase our participation and adjust terms and conditions with more confidence.”
EPIX Experience is one of three modules in the EPIX platform.
EPIX Asset, the platform’s core module, contains more than 18,000 assets and provides critical and regularly updated data on thousands of energy companies and their assets across the globe, including oil fields, refineries, and power plants. The assets are identified with the Verisk Asset ID, a code designed to allow insurers to identify assets consistently in an industry where individuals often refer to oil rigs and refineries by different names.
EPIX Portfolio, the platform’s second module, can help insurers view and score their exposures to natural catastrophes and supply chain disruptions and evaluate how those factors affect overall portfolio composition and performance. This module has recently been enhanced to allow insurers to upload their portfolios; match them with EPIX assets; and enhance, analyze, and benchmark their portfolios against broader industry data.
To learn more about EPIX, visit 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 2018, Forbes magazine named Verisk to its World's Best Employers list. For more information, please visit www.verisk.com.
Edelman (for Verisk)