Commercial property underwriters can now develop an optimum filed loss cost for a building by instantly modeling the impact of risk reduction using a web-based application, through Verisk Insurance Solutions' Risk Engineering Utility. This is a a real-time feature included in the ProMetrix suite of data and analytics for commercial property carriers.
Insurers can use Risk Engineering Utility to identify three remediable deficiencies in a building that drive the loss cost and quotes. The underwriter can select scenarios that would eliminate one or more of the hazards, and after which the software recalculates the loss cost with the deficiency corrected, Verisk says. If insureds are aware of the financial implications of certain hazards, they may agree to mitigate those in exchange for more competitive pricing.
"This enables you to make an economic case for the improvement to an insured or agent, providing a valuable service and an improved price," said 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."
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