Aviva’s exposure management capability has been boosted after the insurer started partnering with Symfos and using their exposure management software, Orchestra, to visualize risks and automate data processing.
Symfos is the first independent provider in the market to consume exposure and loss data from all major modelling vendors. In addition, this software is the first to provide a holistic approach by viewing an insurer’s risk from ground-up exposure through to their outwards reinsurance programmes.
Using Orchestra, Aviva is the first insurer to automate data uploads via straight-through processing and is now able to record, report, control, and monitor exposures and potential risk accumulations in a visual, streamlined way. Aviva has removed inefficiencies by replacing clunky Excel spreadsheets and provides detailed insight into data on an ongoing basis. The software is used to ensure a product is fairly priced and can also be used to help Aviva launch new products.
Since Aviva started using Orchestra in 2021, the portfolio roll-up process has been streamlined, with the time taken reduced by 60-70%. This frees up the exposure management team to better analyze the portfolio and understand the risk exposures present. Underwriters are able to have more meaningful discussions with brokers and customers, providing a detailed view of their entire portfolio or specific risk details, with the ability to drill down and view exposures and losses at a state or country level.
Orchestra has additional sophisticated uses, including real-time awareness when customers have been impacted by an event. During forecasted weather events, such as storms, floods, or hurricanes, exposure managers can quickly identify insured risks that could be impacted. This means they can alert customers to the incoming weather and supply advice on what to do. This process has been used already in 2024, mapping out the footprint of the Japan earthquake in January, and the Smokehouse Creek Fire in the southern US in March and April against Aviva’s exposure.
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’ve enhanced risk decisions, harnessed efficiencies, and embraced new technologies to stay innovative, which we will continue to do.”
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.”
