Alesco gains competitive advantage with risk analytics from EigenPrism
Insurers, risk managers, and brokers are evolving and reinventing themselves by adopting insurance technology platforms. While moving from traditional risk analytics to Insurtech was first perceived as a disruption in the system, it is now accepted as an opportunity for growth and improved operating efficiency.
This case study illustrates how Alesco gained a competitive advantage through Insurtech.
ALESCO CASE STUDY
Alesco, a specialist insurance and risk management company, needed a risk analytics platform to allow their brokers to capture the increasingly complex risk management needs of their global energy and construction clients. This analytics platform was required to illustrate their clients’ risk profiles, demonstrate insurance program efficacy, and offer global event response capabilities. The goal was to empower Alesco to make better risk decisions, by providing more insights around energy and construction exposures, which were not well represented in traditional analytic frameworks.
Alesco adopted EigenPrism to provide their analysts, brokers, and expert consultants with analytics and reports in three key areas:
- Point of Sale – with exposure analytics embedded in the platform, data-driven insights can quickly and seamlessly be generated to be used for effective prospecting, program audits, and RFPs. The extensible data model captures the unique nature of energy and construction risks, allowing risk profiles to more closely illustrate the exposures.
- Placement – high-quality submissions, with superior analytics, enhance marketability and facilitate faster underwriting cycle times, and increase efficiency at peak renewal times. The dynamic underwriting and loss modeling tools surface key drivers of risk, while the Program Builder module optimizes program design and efficacy.
- Event Response – automated event alert notifications, customized for each client, are triggered from an industry-leading library of real-time event feeds, with global coverage of major perils (windstorm, earthquake, flood, tornado, hail, wildfire, and landslide). Real-time event response facilitates disaster preparedness and response, business continuity and supply chain resiliency, while allowing claims teams to be mobilized proactively.
By enhancing core analytical capabilities, the EigenPrism platform created new opportunities for Alesco and is now as a key differentiator in how Alesco helps its clients assess and manage specialty risks.
Manage global catastrophe risk
Insurers, brokers, and risk managers use our cloud-enabled platform to unlock the value of data assets and bring insights directly into decision-making. Powerful APIs, geo-visualization, real-time alerts, analytics, and reporting – EigenPrism is your complete solution.