The Exact answer for renewable energy exposures
Several insurance carriers requested AdvantageGo’s Exact exposure and portfolio management application be updated to respond to the needs of a fast-growing emerging underwriting risk: “Exact for Renewables” is the solution AdGo has come up with.
Exact is an exposure management tool offered through AdvantageGo’s platform, offering re/insurance carriers enterprise-level exposure management. What’s changed is that it now also offers an Exact match for a major growth class for underwriters: Renewable Energy business.
Renewables are one of the greatest emerging risk growth classes for the London market and globally. Huge swaths of sea around the UK, for example, have already been given over to hosting wind farms. Offshore energy, plus the variety of onshore wind farms, solar panels and battery storage, all collectively represent an exposure picture, changing and growing exponentially.
That velocity of change is one reason why exposure managers want to focus on this emerging risk class of business. Exact is known for delivering a flexible and scalable solution to the demand for exposure scenarios and analytics, pre- and post-bind, for an individual risk or policy, all the way up to portfolio-level aggregate exposures.
Its flexibility and scope for further development has led several specialty market carriers to request something a bit more bespoke, supported by underlying data analysis for renewable energy risks in particular. AdGo’s developers were, of course, happy to oblige, and the result, developed in recent months, is “Exact for Renewables”.
The resulting application offers a dedicated ‘out of the box’ renewables data model, designed to enable the recording of onshore and offshore wind farms, solar farms, wave and tidal plants, substations or any other structure or property related to a renewables policy.
Clients can quickly and accurately populate their schedule data of insured items, through manual or automated lookups against industry databases. The first major application of these is already up and running, using data from Clarkson’s, a trade data and intelligence provider for marine and offshore energy, with which AdvantageGo has partnered.
Those data allow clients to check exposures based on renewables-specific characteristics recorded, such as warranty expiry dates or business interruption exposure by different equipment manufacturers.
Offshore wind has specific considerations, such as the wind farm’s developer, the distance from shore, and the motors and technology used within the turbines. Onshore wind and solar farms require similar granularity and Exact for Renewables is built to meet this challenge.