Stale Exposure Data? You need Dynamic Exposure Management

 In Case Studies, Insurers & MGAs

A fast growing startup insurance company was using EigenAlerts to stay ahead of potential catastrophic events including wind, earthquake, flood, tornado, hail and other perils. However, the Portfolio Manager noticed that some of his event alerts seemed “stale” and became concerned that he did not have the most current view of risk to his portfolio. Not only did this impact the accuracy of his alerts, he became concerned that his portfolio data was essentially getting stale too quickly, reducing the value of all downstream analytics and modeling.

Dynamic Exposure Management Solution

A process review found that maintaining exposure data inside their catastrophe modeling database was consuming considerable human resources to update and maintain, and was only being refreshed on an ad-hoc basis. Further, as the modeling database was essentially being used as a system of record – which it was not designed for – errors were frequently introduced when adding new accounts, as well as during the renewal and endorsement processes. The system was also prone to frequent crashes as database sizes were becoming large.

Clearly, the company required an exposure management system that would be;

  1. Automated – to reduce the manual workload and eliminate many of the errors,
  2. Dynamic – to provide management information needed to make accurate, timely business decisions, and
  3. Scalable – to handle their fast rate of growth.

EigenRisk worked with the insurer’s IT and modeling teams to automate a weekly exposure data feed directly into EigenPrism. The Portfolio Manager now has access to all in-force, expired and future-bound policies in a single environment, and can run portfolio analyses on any snapshot in time, or generate reports comparing any two exposure snapshots on the fly. The EigenAlerts are automatically run against in-force policies, with the correct endorsements captured. The portfolio can also be exported as needed for modeling; and reports for exchanging data with counter-parties can be generated in an instant.

With EigenPrism, this fast-growing company now has a true system of record for exposure data, providing a dynamic view of the in-force portfolio. The company’s overall efficiency, accuracy and scalability have dramatically improved.


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