Verisk Analytics has announced the launch of a new benchmarking and risk-scoring platform called Energy & Power Intelligence Xchange (EPIX).
The data analytics provider claims that the platform will significantly enhance the way insurers can research, assess, and underwrite complex energy risks.
EPIX is designed to support the decision-making processes of energy insurers by providing them with a range of risks-information that has previously been very time-consuming and expensive to acquire, or largely inaccurate.
Maroun Mourad, president of Verisk subsidiary ISO Commercial Lines, said: “Our energy insurance customers have asked us to provide data analytic solutions 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.”
The core module of the platform, EPIX Asset, will track data on thousands of energy companies and regularly provide users with critical evaluations of companies’ assets in the global upstream, downstream and power-generation markets.
The platform’s second module, EPIX Portfolio, will analyse risks like natural disasters and supply chain disruptions, and will inform insurers how the overall composition and performance of their portfolio is likely to be affected. EPIX Portfolio will enter beta testing next month.
“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.
She added: “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 was able to assemble the platform by leveraging the data assets of a number of its businesses. These include Wood Mackenzie, ISO, AIR Worldwide, AER, Arium, and Geomni.
The creation and addition of two additional EPIX modules is currently underway. EPIX Experience will offer a proprietary database of industry loss events, while EPIX Operations is due to provide insight into how energy companies manage their assets and operations.
