This makes Aviva the first insurer to implement straight-through processing for data uploads. This development allows Aviva to record, control, and monitor exposures and potential risk accumulation more efficiently.
The partnership enables Aviva to move away from traditional spreadsheets, gaining access to detailed, persistent data insights. Orchestra facilitates fair product pricing and supports the launch of new offerings. Since adopting the software in 2021, Aviva has improved its portfolio roll-up process, achieving time efficiencies of 60-70%. These improvements allow the exposure management team to enhance portfolio management and understand risk exposures better.
Underwriters benefit from better engagement with brokers and customers, with the ability to examine data at a granular level. Orchestra’s features include real-time event awareness, enabling exposure managers to quickly identify insured risks during forecasted weather events such as storms, floods, or hurricanes. This system was operational during Hurricane Beryl in June, allowing Aviva to alert customers in advance so they could take necessary precautions.
Symfos is the first provider to integrate exposure and loss data from major modelling vendors, offering a holistic approach to assessing an insurer’s risk from top-to-bottom.
Karen Dayal, (pictured) Chief Underwriting Officer of Commercial Lines at Aviva, praised the new technology, stating: “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, commented on Aviva’s mission in the (re)insurance industry: “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.”
This partnership between Aviva and Symfos reflects a significant step towards modernising exposure management and improving operational efficiencies in the insurance sector.
