Risk Analytics Create Competitive Advantage
Alesco, a specialist insurance and risk management company, needed a risk analytics platform to allow their brokers to better capture the increasingly complex risk management needs of their global energy and construction clients.
To be successful, the analytics platform would provide an eco-system of independent data and models able to illustrate their clients’ risk profiles, demonstrate insurance program efficacy and offer global event response capabilities. The goal was to empower clients to make better risk decisions, by providing more insight around energy and construction exposures, which are not well represented in traditional analytic frameworks.
Working together with EigenRisk, Alesco decided that adopting the EigenPrism platform would 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 for use in effective prospecting, program audits and RFP’s. 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 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 will create new opportunities and act as a key differentiator in how Alesco helps their clients assess and manage specialty risks.