Aviva and Symfos set to Improve Exposure Management

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Aviva’s exposure management capability has improved after partnering with Symfos and their software, Orchestra, for risk and data processing automation

Aviva’s exposure management capability has improved after partnering with Symfos and its exposure management software, Orchestra, to mitigate risks and automate data processing. 

Aviva, leveraging Orchestra, has become the first insurer to automate data uploads using straight-through processing. This allows Aviva to visually streamline the recording, reporting, control, and monitoring of exposures and potential risk accumulations. By replacing spreadsheets, Aviva has prevented logistical inefficiencies and gained continuous, detailed insights into their data. The software ensures fair pricing of products and aids in the launch of new offerings.

Since Aviva started using Orchestra in 2021, the portfolio roll-up process has been streamlined, with the time taken reportedly reduced by 60-70%.

The change allows the exposure management team to focus more on analyzing the portfolio and understanding the existing risk exposures. Underwriters can engage in more meaningful discussions with brokers and customers, offering a comprehensive view of the entire portfolio or specific risk details. 

Orchestra

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.

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.

Karen Dayal, Chief Underwriting Officer Commercial Lines at Aviva, says: “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, says: “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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