Aviva has announced a partnership with technology company Symfos to enhance its exposure management capabilities through the use of Orchestra software.
This move is said to have allowed the UK insurance giant to automate data processing and improve risk visualisation.
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Aviva said the implementation of Orchestra has enabled it to replace inefficient spreadsheets and gain ongoing, detailed insights into data.
The software facilitates product pricing and supports the launch of new insurance products.
Since adopting Orchestra in 2021, Aviva claims to have seen a reduction in the time required for portfolio roll-ups, with a 60–70% decrease reported.
This efficiency has allowed the exposure management team to focus on in-depth analysis of the portfolio and better understand the risks involved.
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By GlobalDataThe software provides the ability to examine exposures and losses at both state and country levels.
Orchestra’s capabilities extend to real-time monitoring of events that may affect customers.
Aviva has utilised this feature to alert customers about potential impacts from forecasted weather events and offer preventative advice.
In 2024, Aviva applied Orchestra’s mapping capabilities to visualise the impact of natural disasters such as the Japan earthquake, the Smokehouse Creek Fire in the US and Hurricane Beryl.
Aviva chief underwriting officer of commercial lines Karen Dayal said: “The use of new technology has transformed our exposure management capabilities, meaning we are more agile and efficient, and can provide a better service to brokers and clients.
“As a business we are always keen to enhance risk decisions, harness efficiencies and embrace new technologies to stay innovative, and this is exactly what we have been able to achieve here.”
Symfos managing director and founder Bao Cam said: “Our mission is to provide the reinsurance 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.”
Last week, Aviva completed the acquisition of Probitas for £249m ($322.81m), marking its return to the Lloyd’s market.
