Energetic Insurance's Scalable Monitoring Protocols & Resources
“We have stringent risk monitoring protocols in place. The protocols require us to track site performance and evaluate risks, ensure compliance with customer communications and claims reporting, and report to reinsurers on our bordereau. We must have a robust, trackable system of record. That system has to be flexible enough to add these puzzle pieces. In addition to that, we allow our workforce to be remote and would never contemplate a system that requires people to be on-site to use it. We’ve been happy that our Novidea deployment is cloud-based from day one, and we couldn’t imagine it any other way.”
Energetic Insurance partner, Novidea, featured our work in a case study this month. An excerpt is below and you can download the full case study below to learn more.
"A trailblazer in trade credit risk for solar, Energetic brings to the industry decades of experience in the energy sector, in conjunction with robust data analytics, modeling, and software. Energetic offers a new form of trade credit insurance customized for the renewable energy industry. It’s a 10-year, non-cancellable policy. However, taking on this risk across an entire energy project adds layers of complexity to insurance policy administration.
“Unlike other MGUs with one-year policies and renewals, when we book a policy with a developer or a bank, it’s often a 10-year tenor. That makes it challenging to monitor and track insurance policies. On top of that, the nature of our risk product means we must deal with dynamic limit of liability schedules that change over time. To operate, Energetic had to find a flexible system of record that can change as a function of those schedules,” McAulay says.
Energetic sought to minimize time spent on policy administration as they scaled their business. Energetic required a future-forward agency management platform that could serve as a system of record for all insurance policy-related information. This system included quotes, rating actions, issuances, renewals, compliant customer communications, bordereau reports for reinsurers, and more. Most importantly, the technology had to be able to grow with the company. When McAulay and his team started investigating traditional insurance policy management systems, they quickly learned that an energy insurance industry- specific system of record didn’t exist. Energetic had two choices: they could build something from scratch or find a flexible vendor partner with the ability to customize a solution for their needs.
“We looked at many different systems,” McAulay recalls. “Most insurance agency management vendors only offered policy administration systems for existing insurance products. They didn’t have a solution that fit our policy terms and limit schedules. In terms of functionality, they offered many things that we didn’t need and not enough of what we required.” That’s when Energetic discovered Novidea.