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Analytics provider Verisk Insurance Solutions on Tuesday said it has released an updated set of underwriting tools for commercial property.
The improvements will enable insurers to gain new insights from its ProMetrix database of 3.5 million commercial properties, the unit of Jersey City, New Jersey-based Verisk Analytics Inc., said in a statement. They include an application programming interface that helps insurers automate underwriting guidelines and the ability to benchmark risks against peer properties instantly.
The update also improved the functionality of Verisk Insurance Solutions’ ProMetrix website, which provides data and analytics on construction, building and occupancy loss costs, as well as property and exposure details, the company said, noting that some customers are already transitioning to the new tools for ProMetrix.
“Our new dynamic real-time risk-engineering tool is already generating high returns for our customers who’ve transitioned to the next generation of ProMetrix,” Peter de Freitas, assistant vice president-ProMetrix at Verisk Insurance Solutions-Commercial Property, said in a statement. “For the first time, underwriters will have the ability to actually drive the loss cost for an insured property through risk improvement actions and gain a competitive advantage through the rating insights derived.”
Wildfire is a growing risk for property owners in many states as development pushes into rural areas and as climate change worsens the hot, dry conditions that lead to major conflagrations.