Automated Event Monitoring with EigenAlerts

 In Case Studies, Insurers & MGAs

Carol, the Chief Claims Officer for a fast growing MGA (Managing General Agency) was finding it harder and harder to keep up with the relentless news cycle of weather events. There weren’t that many claims, but her anxiety levels rose every time she saw a news alert about a tornado outbreak or a new hurricane forming off the Atlantic coast. Carol found herself checking different websites two to three times a day, including weekends.

Carol knew an automated monitoring system was essential for proactively managing claims as the company grew. The EigenAlerts solution delivered the following:

  1. Multi-peril coverage – Alerts were set on the entire portfolio for earthquake, hurricane, flood, wind, tornado and hail events
  2. Smart thresholds – any insured location impacted by the footprint of an event can trigger an email Alert; sensitive threshold settings allowed for fine-tuning until the optimum level of targeted Alerts was determined
  3. Continuous monitoring – the EigenAlert monitors global perils on a 24/7 basis, with automated Alerts delivered by email or SMS message, ensuring proactive assignment of claims resources to the areas where they are needed

As the thresholds were fine-tuned, the EigenAlert notifications became better predictors of reported claims. This also meant that when an alert was not sent, there would typically were no claim reports. Carol was now able to stop worrying about events in the news: she could trust the Alerts to tell her when to take action. Best of all, she found that she freed up more quality time with her family on weekends.

“As a senior claims leader, EigenAlerts allow me to watch the store 24/7, providing great peace of mind.”

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