Verisk Launches New Energy Insurance Platform for Insurers
Verisk, a data analytics provider, has launched Energy & Power Intelligence Xchange (EPIX), a benchmarking and risk-scoring platform designed to enhance how insurers research, assess, and underwrite complex energy risks.
EPIX provides a range of information on energy risks and includes modules to support decision making for energy insurers globally. EPIX Asset, the platform’s core module, provides 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.
Maroun Mourad, president of ISO Commercial Lines, said energy insurance customers have asked Verisk to provide data analytic options to help them improve underwriting precision, reduce costs, and increase operational efficiencies.
“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,” he added.
According to Elizabeth Casas, managing director of Energy and Insurance for ISO, the Verisk data, analytics, and insights, can help insurers map out energy facilities owned and operated by companies around the world, compare their risks and exposures, and access 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.
Verisk provides data analytics to customers in insurance, energy and specialized markets, and financial services. 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.