Winter Storm Grayson demonstrates EigenAlerts in action
On January 4, 2018, winter storm Grayson was approaching the US north- east coast as a rapidly intensifying storm. The management team at a regional insurance company needed to quickly alert their policyholders, and make critical underwriting decisions.
EigenAlerts in Action
The management team was particularly concerned with the Virginia Beach area, which had received nearly 10 inches of snow; an additional 5 inches was expected during the remainder of the storm. They quickly identified three priorities:
- Using snow accumulation data, reach out to potentially impacted policyholders with loss control information and mobilize claims response
- Determine if underwriting moratoriums were required
- Assess the impact on their portfolio
Using the EigenPrism platform, the team enabled winter storm alerts for both observed and forecast snow accumulations. The next step was to analyze policies with exposure to snow accumulations, ranked by intensity. Using this data, they were able to quickly identify policyholders most at risk, and proactively send appropriate information. The analysis was quickly shared amongst the management group, supporting the business decision making process for moratoriums. And as the storm unfolded, EigenAlerts kept the team up to date as their portfolio impact developed.
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