Data analytics firm Verisk has launched a benchmarking and risk-scoring platform called EPIX (Energy & Power Intelligence Exchange) to better equip underwriters with the proper tools, information, and actionable insights that will enable them to make more profitable decisions in the complex energy sector.
EPIX currently comes in two modules: EPIX Asset and EPIX Portfolio.
EPIX Asset is available immediately. This is the core EPIX application. It contains the most recent data from hundreds of companies. Data about refineries, the state of the oil fields, and the operation of power plants are all available for comparison and trend-spotting. Visualization of complex market data in also included.
EPIX Portfolio is still in beta. It has more sophisticated pattern-sensing capabilities that let insurers see the interconnectivity of assets world-wide. Users can compare the risks of natural catastrophes and its effects on global supply chains. It can also be used to compare global energy risks to other systemic risks in your portfolio. This can aid users in maintaining a balanced risk profile while maximizing profitability.
The EPIX platform is seen bringing more precision to underwriting models allowing for better planning and reduced expenses.
Verisk is also planning to add two more modules to the benchmarking and risk assessment platform. EPIX Experience will be a searchable database of industry loss events while EPIX Operations will combine information from the Internet of Things (IoTs) and other sensors with data from the operations of energy companies with an eye toward developing strategies for a more profitable future.