Jersey City, N.J., Sept. 08, 2022 (GLOBE NEWSWIRE) -- Aurenity, a new managing general agent (MGA) in the excess and surplus (E&S) insurance market, is continuing its expertise-led and technology-enabled build-out by licensing multiple underwriting and rating solutions from Verisk (Nasdaq: VRSK), a leading global data analytics provider.
Founded by insurance entrepreneurs with pedigrees from some of the market’s top-tier carriers, Aurenity plans to launch its initial excess casualty product in the third quarter. The MGA is enabling its market-leading underwriting talent with cutting-edge technology from Verisk to create differentiated risk insight and pricing as part of its ‘Augment’ models.
“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,” said Patrick Safino, Aurenity’s COO. “Verisk’s unrivaled 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.”
Aurenity has used a variety of Verisk products and services to help develop its platform, including:
Insurance consulting: Actuarial experts in Verisk’s Insurance Consulting unit have helped Aurenity develop customized rating plans.
Predictive analytics for rating: Aurenity has implemented ISO Risk Analyzer® Businessowners, a powerful predictive modeling tool that analyzes hundreds of indicators to estimate expected losses by specific peril, at a high geographic resolution.
Underwriting insights powered by artificial intelligence (AI): Aurenity is also leveraging Verisk’s LightSpeed® Small Commercial, which applies AI and machine learning to large volumes of unstructured data, providing timely and actionable insights on businesses across the United States.
“In an era of rising social and economic inflation, understanding the drivers of potential claims volatility is vital for risk selection and underwriting profitability,” said Ron Beiderman, senior vice president, core line products at Verisk. “Aurenity is poised to capitalize on the speed, accuracy and consistency of underwriting data, predictive modeling and hands-on actuarial expertise only Verisk can provide.”
About Verisk
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud, and make informed decisions about global issues including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.
About Aurenity
Aurenity is blending market leading underwriting talent with cutting edge analytics to create a new MGA for the E&S market. Founded by underwriting experts with a common interest in technology, our team shares over a century of experience at top tier carriers. Harnessing our sophisticated ‘Augment™’ risk models, our underwriters have access to better data and smarter analytics to deliver cross cycle profit for our partners. Aurenity, where expertise meets innovation. Learn more at www.aurenity.com
