Aviva has strengthened its exposure management capabilities through a partnership with Symfos, utilising its exposure management software, Orchestra, to visualise risks and automate data processing.
By implementing Orchestra, Aviva explains that it is now the first insurer to automate data uploads via straight-through processing. This advancement allows the insurer to record, report, control, and monitor exposures and potential risk accumulations efficiently.
Replacing traditional spreadsheets, the company highlighted that it gains detailed insights into data on a continuous basis. The software ensures fair pricing of products and supports the launch of new offerings.
Since adopting Orchestra in 2021, Aviva has streamlined its portfolio roll-up process, reducing the time required by 60-70%. This efficiency enables the exposure management team to better analyse the portfolio and understand risk exposures.
Underwriters can also engage in better discussions with brokers and customers, providing a detailed view of their entire portfolio or specific risk details, with the ability to drill down to state or country levels.
Orchestra offers various features, including real-time awareness when customers are affected by events. During forecasted weather events, such as storms, floods, or hurricanes, exposure managers can quickly identify insured risks that might be impacted. Aviva says that this allows the company to alert customers to incoming weather and provide advice on precautionary measures.
In 2024, this process was applied to the Japan earthquake in January, the Smokehouse Creek Fire in the southern US in March and April, and Hurricane Beryl earlier this month.
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Symfos is the first independent provider in the market to integrate exposure and loss data from all major modelling vendors. Additionally, Orchestra offers a holistic approach by assessing an insurer’s risk from ground-up exposure to outwards reinsurance programmes.
Karen Dayal (pictured above), chief underwriting officer commercial lines at Aviva, stated that the adoption of new technology has transformed Aviva’s exposure management capabilities, enhancing agility and efficiency, and improving service to brokers and clients.
“As a business we’re always keen to enhance risk decisions, harness efficiencies and embrace new technologies to stay innovative, and this is exactly what we’ve been able to achieve here,” Dayal said.
Bao Cam, managing director and founder of Symfos, also commented on the company’s mission in the re/insurance industry.
“Our mission is to provide the (re)insurance industry with the best-in-class pricing and portfolio management solution through our Orchestra platform. Through the collaborative work in extending Orchestra with Aviva, we are one step closer to achieving our goal,” Cam said.
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