Analytics tool helps calculate commercial property risks, remediationReprints
Analytics provider Verisk Insurance Solutions has launched the Risk Engineering Utility tool, which allows underwriters to calculate and model the reduction of loss cost for commercial property.
The tool, part of Verisk’s ProMetrix suite of data and analytics services, allows underwriters to identify up to three deficiencies of a building, and then recalculate the savings associated with remediating those risks, the unit of Jersey City, New Jersey-based Verisk Analytics Inc. said Monday in a statement.
According to Verisk’s website, the tool also recalculates an improved sprinkler grade if an improvement is made to an automatic sprinkler system, and models the value of adding a sprinkler system to a property in terms of loss avoided.
Additionally, all conditional terms and proposals can be documented with the tool, Verisk said on its website.
The tool “enables you to make an economic case for the improvement to an insured or agent, providing a valuable service and an improved price,” Peter de Freitas, assistant vice president of ProMetrix, said in the statement. “This functionality provides carriers a competitive edge and allows them to quote fast and accurately.”