Improving Catastrophe Response Time For FBAlliance

FBAlliance Insurance Company Case Study

In recent years, technology has enhanced our capability to overcome the hurdles in building a ‘real-time’ catastrophe analytics platform for insurers, brokers, and risk managers. At EigenRisk, we provide solutions that integrate critical event data into the decision-making process, thus helping our customers respond to catastrophic events quickly and accurately. In this article, you will see how EigenPrism solved a real-time problem for FBAlliance Insurance Company (FBA).

FBA needed an automated event response and analytics system that could estimate the financial impact of catastrophes in minutes. This would save them 2-3 days of manual work post-event. The following quote from FBA’s Chief Digital & Analytics Officer, Guru Rao, illustrates the challenge they faced:

Identifying the best fit solution for FBAlliance

Diving deep into their requirements, we identified three key modules that FBA needed – up-to-date insurance exposure data, catastrophe event data, and a powerful analytics engine. These components work together to deliver the real-time catastrophe analytics platform Guru was looking for.

In the solution, a data pipeline pulls insurance exposure data from a policy management system into FBA’s data warehouse (on MS Azure). From there, the insurance exposure data is sent to the EigenPrism data warehouse (on AWS), where the real-time event response module powers analytics and sends alerts for any event that will impact FBA’s portfolio. Despite the data making multiple hops through various “clouds,” it is refreshed at the close of business daily. 

FBA subscribed to EigenPrism for spatial analytics and catastrophe event data, giving them access to a multitude of historical and 24/7 real-time worldwide events covering 12 major perils, sourced from government and private organizations. Our powerful APIs update the FBA’s insurance exposure data daily and during an event. EigenPrism overlays event footprints on FBA’s portfolio, estimates the impact, and sends out alerts via emails and phone notifications. The financial impact is delivered to decision-makers within minutes of an event, saving days of manual effort.

EigenPrism has become an integral part of our real-time intelligent catastrophe monitoring and management process.

Guru Rao, Chief Digital and Analytics Officer, FBAlliance Insurance Company

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