- Aviva’s exposure management capability has been streamlined, following implementation of new software. Portfolio roll-up process is now 60-70% quicker than before
- New technology means Aviva is more agile, resulting in a better service for brokers and customers
- Aviva is able to alert customers to incoming weather and supply advice using the software’s real-time awareness capability
Aviva’s exposure management capability has been boosted after the insurer started partnering with Symfos and using its exposure management software, Orchestra, to visualise risks and automate data processing.
Using Orchestra, Aviva is the first insurer to automate data uploads via straight through processing and are now able to record, report, control and monitor exposures and potential risk accumulations in a visual, streamlined way. Aviva has removed inefficiencies through replacing spreadsheets, as well as gaining 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%.
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 analyse 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 it 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, the Smokehouse Creek Fire in the southern US in March and April and Hurricane Beryl earlier this month, against Aviva’s exposure.
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.
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.
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.”
-Ends-
Enquiries:
Aviva:
Claire Jermany
+44 (0)7385 148 681
claire.jermany@aviva.com
Symfos:
Boa Cam
bao.cam@symfos.com
Notes to editors:
- We are the UK's leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
- We help our 19.6 million (as at 31 August 2024) customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
- We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2023, we paid £25.6 billion in claims and benefits to our customers.
- In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. We are aiming to have Net Zero carbon emissions from Aviva’s operations and supply chain by 2030. While we are working towards our sustainability ambitions, we recognise that while we have control over Aviva’s operations and influence on our supply chain, when it comes to decarbonising the economy in which we operate and invest, Aviva is one part of a far larger global ecosystem. There are also limits to our ability to influence other organisations and governments. Nevertheless, we remain focused on the task and are committed to playing our part in the collective effort to enable the global transition. Find out more about our climate goals at at www.aviva.com/sustainability/climate and our sustainability ambition and action at www.aviva.com/sustainability.
- Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
- As at 30 June 2024, total Group assets under management at Aviva Group were £398 billion and our estimated Solvency II shareholder capital surplus as at 30 September 2024 was £7.6 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
- For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us
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