Aviva, a leading British multinational insurance company, has partnered with Symfos, a provider of innovative risk management software solutions.
This collaboration aims to boost Aviva’s exposure management capabilities using Symfos’ software, Orchestra.
The primary reason for the partnership is to enhance Aviva’s ability to visualise risks and automate data processing, thereby improving efficiency and insight into their risk management processes.
By leveraging Orchestra, Aviva is the first insurer to automate data uploads via straight-through processing, enabling more streamlined recording, reporting, and monitoring of exposures and potential risk accumulations.
Aviva, known for its comprehensive insurance products and services, has been utilising Orchestra since 2021.
The software has significantly streamlined the portfolio roll-up process, reducing the time required by 60-70%. This improvement allows Aviva’s exposure management team to focus on better analysing the portfolio and understanding risk exposures. Underwriters now engage in more meaningful discussions with brokers and customers, with the ability to drill down into detailed risk data at state or country levels.
Orchestra offers sophisticated capabilities, such as real-time awareness of customer impacts during forecasted weather events like storms, floods, or hurricanes. This functionality has been utilised in several instances in 2024, including the Japan earthquake in January, the Smokehouse Creek Fire in the southern US in March and April, and Hurricane Beryl earlier this month. The system maps out the footprint of these events against Aviva’s exposure, allowing for timely customer alerts and advice.
Symfos stands out as the first independent provider to integrate exposure and loss data from all major modelling vendors. Their holistic approach views an insurer’s risk from ground-up exposure through to their outwards reinsurance programmes, providing a comprehensive risk management solution.
Karen Dayal, chief underwriting officer commercial lines at Aviva, said, “The use of new technology has transformed our exposure management capabilities, meaning we’re more agile and efficient, and can provide a better service to brokers and clients. As a business we’re always keen to enhance risk decisions, harness efficiencies and embrace new technologies to stay innovative, and this is exactly what we’ve been able to achieve here.”
Bao Cam, Managing Director and founder of Symfos, said, “Our mission is to provide the (re)insurance industry with the best-in-class Pricing and Portfolio Management solution through our Orchestra platform. Through the collaborative work in extending Orchestra with Aviva, we are one step closer to achieving our goal.”
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