UNCOVER BLIND SPOTS IN YOUR CATASTROPHE RISK MANAGEMENT
Traditional modeling and one-off tools are no longer adequate for catastrophe risk management, due to the impact of climate change, data quality challenges and manually intensive processes. EigenPrism helps you integrate actionable catastrophe risk analytics into operational decision making for:
Exposure Management
Identify risk drivers and exposure changes across your portfolio in an interactive visual environment. Our embedded financial modeling engine calculates impact of complex policy, fac and treaty terms, so you can go beyond vanilla “sums insured” metrics. Leverage our exposure management APIs to facilitate automated data refreshes eliminating the need to rely on stale data.
Exposure data confined to spreadsheets and modeling databases can be fraught with errors and omissions. These issues are much easier to surface when you can interact with your data in an interactive geo-visual setting, especially when combined with the ability to generate pre-configured reports with a few clicks.
Event Response
Be better informed- before, during, and after catastrophe events. Our near real-time alerts give you detailed and actionable information for each impacted account and asset. Customize alerts so you are notified only when certain impact thresholds are breached. Tune out the noise of the relentless news-cycle and switch to timely, actionable analytics focused specifically on your portfolio.
Within minutes of an event, get high quality estimates of the financial impact on your portfolio for reserving or reporting purposes. Drill down into location level detail to audit calculations and adjust damage assumptions based on your prior loss experience to continuously improve estimates over time.
Utilize our location level analytics to proactively engage policyholders and reduce loss adjustment expenses with better triaging and resource allocation. Geo-visualize your claims as they develop, in context of available event observations, to identify trends and anomalies to help inform future response and mitigation efforts.
Underwriting
If you’re still issuing moratoriums the old way, by shutting down entire states based on “event in the box” rules, you are likely turning away good business. Set more granular moratoriums using the best-in-class analytics to demarcate specific areas at risk down to zip-code or census tract level. Keep moratoriums updated using our alerts API to ensure you are always using the latest available information on any event.
Customer Engagement
If you’re still issuing moratoriums the old way, by shutting down entire states based on “event in the box” rules, you are likely turning away good business. Set more granular moratoriums using the best-in-class analytics to demarcate specific areas at risk down to zip-code or census tract level. Keep moratoriums updated using our alerts API to ensure you are always using the latest available information on any event.
We have taken care of the technical complexity of catastrophe risk analytics, so you can focus on providing your customers the best possible user experience. Our APIs allow you to integrate our platform’s features, including catastrophe alerts and visualizations, in your own “white-labelled” solution that lets your brand shine, while reducing your total cost of ownership.
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THE SPECIALIZED TECHNOLOGY DEBATE
Based on our experience, we’ve found that it’s not so black and white as build vs buy. A hybrid approach is becoming the way to go. It marries both solutions: building in-house technology and buying where it makes sense to address the specific and customized needs of insurers.
In this guide we’ll cover:
- Why a hybrid approach is the answer.
- APIs: a critical piece of the hybrid puzzle.
- How Swiss Re Corporate Solutions used EigenPrism APIs to supercharge their client portal
- How FBAlliance implemented real-time analytics with automated event response
Reading Time- 20 minutes
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