(Photo credit: Charles Voogd, Zelfgemaakte media.)

Verisk Insurance Solutions (Jersey City, N.J.), a Verisk Analytics company, has introduced the Risk Engineering Utility, a web-based, automated solution that enables commercial property underwriters to develop optimum filed loss costs for a building by instantly modeling the impact of risk reduction. The vendor describes the Risk Engineering Utility as a real-time dynamic function that has been added to Verisk Insurance Solutions’ newly enhanced ProMetrix suite of data and analytics for commercial property carriers.

The Risk Engineering Utility allows insurers to identify remediable deficiencies in a building that drive the loss cost and, ultimately, the quote, according to Verisk. Using what the vendor characterizes as a unique “what-if” assessment, it then allows underwriters to instantly recalculate the loss cost with the deficiency corrected.

“This enables you to make an economic case for the improvement to an insured or agent, providing a valuable service and an improved price,” comments Peter de Freitas, assistant vice president, ProMetrix, Verisk Insurance Solutions. “This functionality provides carriers a competitive edge and allows them to quote fast and accurately.”
The Risk Engineering Utility shows underwriters up to three hazards that may be easily remediated through action by an insured, according to the vendor. The underwriter can select one or a combination of hazards and see the drop in the loss cost resulting from the changes selected. Armed with both an accurate risk assessment and the opportunity for a remedy, insurers can offer more competitive terms to insureds if they agree to remediate the risk, a Verisk statement explains.
“The Risk Engineering Utility offers strong benefits to insurers, agents, and insureds—a win-win-win for everyone involved,” adds de Freitas. “Insurers benefit through their ability to provide an important service to the insured, which will help retain business, expand their underwriting appetite, and improve the quality of their portfolios. Agents benefit through their ability to engage their clients in risk management planning that affects their insureds; premiums. The insured benefits through the reduction of exposure and a projected loss cost that reflects the risk improvement actions. Our national call center can even provide the follow-up calls to confirm the remediation was completed. We believe this new Risk Engineering Utility will become an essential part of every competitive carrier’s risk selection process going forward.”