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

Geovisualize in-force, historical and forecasted portfolio on the fly

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.

Monitor exposure accumulations

Identify accumulations of limits exposed for modeled and non-modeled perils across your portfolio on a regular basis. Always ensure you’re in line with your strategy, even as business scales.

Uncover data quality issues

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.

Run hazard overlays & what-if scenarios for non-modeled peril regions

Access hazard maps, historical and realistic disaster scenarios from multiple sources, with full control over analysis assumptions. Create and re-use report templates to save time.

Event Response

Monitor global events automatically

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.

Access event footprint data from 20+ providers

Access our extensive library of event forecasts and post-event footprints sourced from public and private providers for the most comprehensive coverage across perils and regions.

Faster and more accurate loss sizing

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.

Smarter claims response

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

Geovisualize new submissions and assess Year-over-Year exposure changes quickly

Use pre-configured report templates to generate powerful exposure profiles that uncover data quality and completeness issues. Drill-down from any report page into a fully interactive analysis for a closer loo at drivers of change from prior year data.

Manage exposure accumulations at the point of underwriting

Analyze new accounts in context of your in-force or target portfolio, and zero in on accumulation hot-spots proactively. Leverage our Portfolio Impact API to automatically flag these submissions as part of your underwriting workflow.

Analyze 'non-modeled' peril regions

For emerging perils and under-served regions, access our library of hazard maps and scenario models sourced for multiple providers. Configure your own view of risk using our our fully transparent analysis framework including damage and hazard adjustments.

Set smarter underwriting moratorium

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.

Streamline your data augmentation process

Access all necessary data providers for policy quoting in a single, unified platform. Eliminate concerns about data governance, maintenance, and updates. EigenRisk is your one-stop solution for comprehensive underwriting data management.

Customer Engagement

Set smarter underwriting moratorium

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.

Deliver targeted alerts to policyholders before, during, and after events

Configure alerts to be sent directly to your customers, to help fast-track mitigation efforts and drive retention via multiple touchpoints outside the renewal cycle.

Enhance the value of your customer-facing applications

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.

Download Ebook For Insurers

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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    Clients Speak

    • "Prior to EigenRisk we had a competitor's product which was very much like a cookie cutter project...working with EigenRisk made it easier to get a product that really spoke of what we do and was able to meet our needs, basically EigenRisk did a wonderful job for Velocity."

      Rod Harden Chief Claims Officer, Velocity Risk Underwriters
    • What it does is, to digest information, and apply it in a different way, which we probably haven’t done before.

      Siddharth Virkud Catastrophe Analytics Team Lead, Velocity Risk Underwriters
    • Having the ability to get an estimate real quick about our exposure, having the ability to quickly send out adjusters to the areas we need to send our adjusters to, helps us do our job better.

      Siddharth Virkud Catastrophe Analytics Team Lead, Velocity Risk Underwriters
    • Having a platform like EigenPrism that has the information ready to go at a moment's notice really enables us to stand behind our name.

      Siddharth Virkud Catastrophe Analytics Team Lead, Velocity Risk Underwriters
    • EigenPrism can transfer our data and our exposure into a format that the system can consume so that we can get our data and information out of the platform.

      Siddharth Virkud Catastrophe Analytics Team Lead, Velocity Risk Underwriters
    • It has brought huge impact and benefited our customers in a great way to get their lives back on track after a major CAT event.

      Rod Harden Chief Claims Officer, Velocity Risk Underwriters
    • The thing that EigenPrism really does for us is that it gives us a glimpse into the crystal ball of future and have an idea of what's coming our way so that we can get the right plans in place and give our customers what they need at the time of their need.

      Rod Harden Chief Claims Officer, Velocity Risk Underwriters
    • It's great to have a vendor who you see as an extension of your business.

      Rod Harden Chief Claims Officer, Velocity Risk Underwriters
    • You get a very realistic view of what your portfolio is exposed to. A lot of other products out there give you your total insured value that is exposed and it gives a very distorted view of what is impacting your portfolio.

      Rod Harden Chief Claims Officer, Velocity Risk Underwriters
    • The ability to see your portfolio being impacted around all of your risk, across the country, is extremely important to us. It helps us have an insight on how to deploy resources from a claim's perspective.

      Rod Harden Chief Claims Officer, Velocity Risk Underwriters
    • I used to use the phrase 'mind the store while we were away'- so I wanted something that would tell us when risks were exposed to certain type of perils, which would not only help us with the major cat events but also small.

      Rod Harden Chief Claims Officer, Velocity Risk Underwriters
    • One of the huge things with EigenRisk was to get down on the large commercials down to applying their correct coverages for the events that were happening and applying the deductibles.

      Rod Harden Chief Claims Officer, Velocity Risk Underwriters
    • The difference between pre-Eigen and post Eigen has been our ability to put some thought around how to visualize the client’s aggregate catastrophe or weather-based perils and show the client visually on the screen how their accumulation of risk is affected by that particular peril.

      Mike Andler Property Practice Leader, Lockton 
    • EigenAlert has enabled us to timely inform our clients when their particular asset is in line of a weather event. This gives them the opportunity to reach out to their facility, post a major event, to assess the damage to property or lives.

    • "We used EigenAlerts during some major hurricanes which resulted in us winning a few clients."

      Mike Andler Property Practice Leader, Lockton 
    • Data visualization capability at the time was the most innovative in the industry

      Mike Andler Property Practice Leader, Lockton
    • The fact that we can augment data, improve our client's data, and identify data weaknesses is a positive.

      Martha Bane Property Practice Leader, Arthur J Gallagher 
    • Our clients are global, and EigenRisk has helped us to be more on top of issues that are presented to them on a daily basis.

      Martha Bane Property Practice Leader, Arthur J Gallagher 
    • "Before EigenRisk, we relied on excel spreadsheets. EigenRisk has automated that to the point that you can be anywhere in the world, anytime in the day, and continue to get notifications of events and so from a time management standpoint, it has been a real game changer."

      Martha Bane Property Practice Leader, Arthur J Gallagher
    • We were bombarded with 3 devastating storms, Harvey, Irma and Maria and there were also a couple of Earthquakes in between, but we were able to get our clients information pre-loss and post-loss, quicker than we have ever been able to do before.

      Martha Bane Property Practice Leader, Arthur J Gallagher
    • The ease of use of the platform- the fact that we could put this tool into the hands of the broker working directly with the client, that it didn’t sit with an analytics team, and the fact that it had a 24hr/ real-time alert feature was a real key selling point.

      Martha Bane Property Practice Leader at Arthur J Gallagher 
    • EigenRisk’s product enhancements are rapid and customer response is also quick.

      Chief Digital and Analytics Officer P&C Insurer
    • "Because we have set up APIs and bring data from our production systems into EigenPrism on a daily basis, we can see where we are growing and where our exposure concentrations are hitting up against the limits that we have established."

      Chief Digital and Analytics Officer P&C Insurer
    • We can sleep peacefully knowing that there is a way for us to monitor our exposure to catastrophes.

      Chief Digital and Analytics Officer P&C Insurer
    • Prior to licensing EigenRisk, we used to shut down an entire region or states for new business, before a landfalling hurricane or for that matter, Wildfires. Now, with surgical precision, we can identify smaller areas or regions to shut down business while the rest of the state can continue to be open.

      Chief Digital and Analytics Officer P&C Insurer
    • EigenPrism is not a black box. There is a process through capture of data to application of historical events and natural catastrophe zones and the interpretation of how those events create damage. EigenPrism has a powerful damage function that can be customized for particular assets. In our case we have used it heavily for energy operations, so offshore wind farms for example, or offshore platforms, we can build a customized damage function for that specific asset.

      Derek Thumble Managing Partner, Alesco Risk Management Services Limited 
    • One of the largest owners of single-family homes in the US, and they were just mesmerized by how efficient and how on-point the EigenPrism results were.

      Alex Glickman  Managing Director, Real Estate and Hospitality Practice, Arthur J Gallagher
    • ...I asked how long it would take for the office to create an Excel data profile comparing year-over-year changes in TIV, and they said “at least 2 hours”.  This came from someone who is very organized and good with Excel. They were ecstatic that Eigen Profiles only takes a single button click and about 2 minutes to automatically generate the comparative reports and maps.  This could be a significant time saver for the team while producing a better work product.

      Analytics Manager at top 10 Broker
    • ...I wanted to let you know the report related to hail at each of our stores has been invaluable! It was very well received in London by our insurance underwriters, and the report has formed the foundation for our capital plan for adding hail tents to 33 stores that, according to your analysis, fall into areas of high risk.

      Risk Manager for Top Auto Retailer
    • I'm sure you've heard about the Montana EQ. While it doesn't appear to be devastating, it's an excellent example of how quickly the Prism notifications are generated. The below notification was automatically sent at 2:04 AM this morning, about 15 minutes after the event. Quite impressive.

      Analytics Manager at top 10 Broker
    • Lockton leverages the power of EigenPrism to make our clients' businesses better in the face of disaster.

      Mark Moitoso National Analytics Practice Leader, Lockton Companies
    • We needed the latest in risk analytics to empower and inform timely decision making, both for ourselves and for our clients.

      Derek Thrumble
      Derek Thrumble Managing Partner, Alesco
    • The EigenRisk team share our passion for leveraging advances in risk analytics to really empower and inform timely decision-making, whether our own, our clients or that of our markets, and we’ve been impressed by their collaborative approach. EigenPrism addresses a gap in the market for large corporate and multinational accounts which require an efficient and timely analysis of their exposure to natural catastrophes and we look forward to working with the team.

      Derek Thumble Managing Partner, Alesco Risk Management Services Limited
    • Prism is the idea front end analytics platform, empowering real-time property analytics packaged in an intuitive format. Using Prism, we engage with clients in an interactive manner to optimize and tailor their insurance program, while also responding proactively to loss events anywhere in the world.

      Analytics Manager
    • EigenPrism feels real. You can interact with your data. It's not a static exercise of managing spreadsheets. You can have a relationship with the data and the models.

      Tony Abella, Jr. Area Senior Vice President, Arthur J. Gallagher & Co.
    • We are now able to help our clients visualize and model their exposure to CAT loss from an extensive library of historical footprints; not just what the ‘closed box’ models give us. Notably, we can develop ‘what if’ scenarios to loss, enabling us to alert our clients of potential losses to impending and real-time events. In turn, that will help facilitate faster and more focused responses.

      Dave Marcus Area Chairman, Arthur J. Gallagher & Co.
    • We have seen first-hand how the [EigenPrism] platform enables our brokers and consultants to analyze catastrophic property exposures by individual client locations faster and with greater precision. This facilitates more effective post-event planning, response and claims management, as well as enhancing our ability to better prepare our clients for their insurance renewals.

      Michael Andler EVP & Head of U.S. Property Practice, Lockton Companies

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