Winter Storm Grayson demonstrates EigenAlerts in action
Winter storm Grayson approached the north eastern United States on January 4, 2018, as a rapidly intensifying storm. The management team at a regional insurance company needed to respond rapidly to their policyholders, as well as make critical underwriting decisions.
EigenAlerts in Action
As winter storm Grayson developed the characteristics of a winter hurricane, the company knew it would impact the US east coast from north Florida to Maine. Of particular concern was the Virginia Beach area which received nearly 10 inches of snow, with an additional 5 inches 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
Through EigenPrism, the portfolio management team enabled winter storm alerts for both observed and forecast snow accumulations. Using this data, they were able to quickly identify which policyholders were most at risk and send appropriate information. The team was also able to determine that moratoriums weren’t required, based on an analysis of policies with exposure to snow accumulations, ranked by intensity. This analysis was quickly shared amongst the management group, supporting the business decision making process.
And as the storm unfolded, EigenAlerts kept the team up to date as their portfolio impact developed.
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