Custom Energy Insurance Software

To automatically capture and process multi-format energy insurance data and metadata (insurance applications, customer business documents, energy production site maps, energy market data, etc.), we power the solution with AI, RPA, and image analysis technologies and integrate relevant business and third-party data sources.

Customer-specific risks are auto-calculated based on tailored criteria with pre-assigned weights. The criteria may include a customer’s industry, capacities, operational scope, and claim history, as well as the insured asset’s location, value, and as-is state. AI can be involved to suggest the criteria and weights for sharper risk scoring.

Energy insurers can create custom risk scenario models and run what-if analyses to measure the potential impact of various perils (e.g., natural disasters, equipment and stored fuel deterioration, non-renewable resource depletion, regulatory changes). The software automatically quantifies damage under the simulated events, red-flags the most severe scenarios, and calculates claim reserves.

Risk modeling insights get automatically converted to reports and can be instantly shared with energy insurance customers via an insurance portal. Policyholders get an opportunity to inform their risk management strategies and better prepare for severe events. The insurer benefits from increased client loyalty due to a higher service value.

Individual premiums for each customer can be calculated automatically based on custom formulas, considering the requested coverage terms, a customer’s risk score, and an insurer’s profitability requirements. Risk analysts can review and adjust initial calculations for large-scale or complex cases to ensure optimal premiums.

Energy insurance quotes are generated from customizable templates and get instantly submitted to prospects. Similarly, invoices for the accepted quotes are created and sent to customers in a fully automated manner. Insurers can track due and paid invoices via a centralized dashboard.

Policies are issued, updated, and renewed automatically based on user-defined rules. Policy administrators can create custom policy templates tailored by coverage (energy supply, equipment damage, pollution liability, business interruption, etc.), language, location, and more using a no-code template editor.

The solution enables real-time capture and analysis of risk-relevant data from asset tracking systems of energy insurance clients, third-party geospatial and environmental data platforms, and public sources. Machine learning models analyze real-time risk factors and identify growing exposures that may result in claims.

High-risk event predictions and AI-based suggestions on the proper risk mitigation steps are instantly communicated to energy insurance customers. In alternative service models like parametric energy insurance, risk forecasts are used to quantify the expected energy-associated losses and trigger proactive payouts once the risk reaches a certain level.

AI-based software captures and validates energy insurance claims and proofs of loss (e.g., loss incident reports, images and videos of the damaged energy assets and facilities, reports on business losses due to power outages). It instantly spots fraudulent claims and routes suspicious data pieces for manual check.

AIoT and computer vision technologies enable automated damage inspection in dangerous and hard-to-access areas like nuclear energy plants, offshore oil rigs and wind farms, oil tankers, remote power lines, and isolated manufacturing facilities.

The solution consolidates the data relevant for loss estimation (damage data from inspection reports, coverage terms from policies, etc.) and presents it to loss adjusters. Calculating due compensation amounts and claim triaging for settlement can be automated based on user-defined rules.

KPIs related to sales, underwriting, claim settlement, etc. are reported automatically in compliance with internal policies and regulatory standards like FIO, NAIC, and IFRS 17 standards. Reports can be routed to senior management and regulators following a user-defined schedule or generated ad hoc.

Software can be secured via role-based access control, multi-factor authentication, data encryption, intelligent user behavior analytics, and more. A blockchain-based system enables immutability and full traceability of energy insurance data. Custom solutions can also enable compliance with SOX, GDPR, NYDFS, CCPA, and other global and regional standards.