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September 12, 2022

Aurenity selects Verisk’s solutions for better risk insight and pricing

Tech-enabled managing general agent (MGA) Aurenity is licensing Verisk’s ecosystem of pricing and underwriting tools to get better risk insight and pricing in excess and surplus (E&S) insurance market.

In the third quarter, the company plans to introduce its first excess casualty product.

Using Verisk’s technology, Aurenity will develop differentiated risk insight and pricing as part of its ‘Augment’ models.

The company utilised a range of Verisk products and services for the development its platform.

It implemented ISO Risk Analyzer Businessowners, a predictive modelling tool that helps in analysing several indicators for estimating the predictable losses by specific peril, at a high geographic resolution. 

The actuarial experts in Insurance Consulting unit of Verisk helped Aurenity in developing personalised rating plans.

Additionally, Aurenity is using the LightSpeed Small Commercial from Verisk that applies AI and machine learning for large unstructured data volumes.

Verisk’s tool offers timely and actionable insights on businesses in the US.

Aurenity COO Patrick Safino said: “We are a business built by and for underwriting expertise, focused on creating the kind of differentiated insight that is very uncommon amongst our peers.

“Verisk’s unrivalled actuarial expertise, predictive models, and rich underwriting data analytics will enable us to make more informed decisions with highly sophisticated risk selection and pricing segmentation, providing us with a powerful platform for profitable growth.”

In July this year, the company selected Origami Risk as its technology partner to develop its core underwriting platform.

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