(Screenshot from EPIX. Image source: Verisk.)
Verisk (Jersey City, N.J.), a provider of data and analytics solutions to the insurance industry, has launched the Energy & Power Intelligence Xchange (EPIX), a benchmarking and risk-scoring platform that the vendor asserts can significantly enhance how insurers research, assess, and underwrite complex energy risks.
Verisk reports that 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,” comments Maroun Mourad, president, 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 what the vendor calls robust modules to support decision making for energy insurers globally. EPIX Asset, the platform’s core module, is designed to provide 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, will enter 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, according to the vendor.
Powerful Platform for Underwriters, Engineers and Claims Professionals
“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,” comments Elizabeth Casas, managing director of Energy and Insurance, 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 reports that it 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.