The word from SAMP Risk as they launch a new product;
SAMP Risk, one of only 10 Lloyd’s Lab insurtechs to have backing from an investment from Lloyd’s, has launched what it believes to be the world’s first data-enabled deductible buy-down product for renewable energy sites, with Lloyd’s MGA Africa Speciality Risks (ASR).
SAMP Risk is the first connected insurance platform for the renewable energy sector and a digital subsidiary of the Asset Performance Partners (APP), a power generation consultancy with 19 years of operational experience advising energy sites globally.
The deductible buy-down product was developed to help release working capital for smaller renewable energy sites which are typically required by lenders to hold up to 90 days of revenue in reserve against the risk of a business interruption loss. For a single site, that can run into the millions.
SAMP Risk’s telematics technology and data platform gives underwriters real-time visibility of site performance. By demonstrating active, measurable risk management through the SAMP Risk platform, that reserve period can be cut to as little as 30 days, the difference being released as working capital, while also allowing the operator to earn a discount on their premium.
How it works
SAMP Risk installs a proprietary plug-and-play telematics device at the power generation site, collecting machine data continuously. Combined with operational inputs such as inspection records, oil analysis, site actions and operator behaviour, the platform applies machine learning models and failure-data driven risk algorithms to generate a live risk score. That score determines whether policyholders earn a monthly premium discount, directly reflecting how well risk is being managed on the ground.
Millions in trapped capital, released
Six months into the first live policy covering a solar energy site placed with ASR, the site has earned back thousands of pounds in premium, by consistently improving its risk score over the period. The following operational improvements have also been achieved:
- The detail with which the owner was able to document significant production loss events on site increased significantly from 6% to 67%
- Half of all risk recommendations were closed early, rather than deferred to renewal
- Technical mitigations including targeted inspections reduced the risk of major failure by 14% by month four
The launch marks a significant development for this specialty area of the London insurance market that has historically relied on static surveys and periodic assessments to underwrite assets that operate — and fail — in real time.
Alistair Moodie, Chief Product Officer, said: “The knowledge we have gained in energy consulting over the past 19 years underpins the risk models built into the platform. By combining engineering intelligence with insurance workflows, we give underwriters and brokers the visibility they need to write this business with confidence and to manage their exposure more effectively over the long term. The deductible buy-down product is evidence of the strength of our platform and the opportunities it offers brokers, MGAs and insurers serving the energy sector in the London market.”
“For brokers and MGAs, the platform creates a tangible competitive advantage. It enables them to present underwriters with detailed, independently verified, real-time asset data. This puts them in a better place to secure favourable terms and build deeper relationships with the underwriting community. For insurers, the ability to monitor asset condition, benchmark performance and track trends across a portfolio of power generation sites over time supports more disciplined underwriting and stronger loss ratios.”
Suzan Pardesi of Africa Speciality Risks said: “By partnering with SAMP Risk, we can align our insurance solutions with the performance of energy assets. The real-time data provided by SAMP Risk is improving our underwriting, pricing and risk management, offering energy operators a better chance of avoiding claims while improving asset efficiency.”
Supporting the growth of small renewable energy sites
The number of small renewable energy sites — typically in the 10–300MW range — is expected to double over the next five years. Unlike large traditional power stations, these sites frequently operate with limited on-site engineering staff, making continuous automated oversight essential.
SAMP Risk is already embedded as a named condition on five standard machinery breakdown and business interruption policy slips in the Lloyd’s market, with site operators using the platform directly to manage risk in real time.
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