How Swiss Re Corporate Solutions Successfully Integrated EigenPrism APIs
Swiss Reinsurance Company Ltd (Swiss Re) is the world’s second-largest reinsurer based in Zurich, Switzerland. In 2018, the commercial insurance arm of Swiss Re, Swiss Re Corporate Solutions, introduced PULSE.
PULSE is an all-in-one platform offering its clients and their brokers the latest risk data and the ability to manage complex insurance programs from a single dashboard. Swiss Re Corporate Solutions knew that collaboration with tech vendors could speed their time to launch new features into the PULSE platform. That’s when they engaged with EigenRisk.
The Challenge: Lead Time for Natural Catastrophe Response
Disaster preparation and resilient supply chains were key concerns for Swiss Re Corporate Solution’s (SRCS) commercial clients. Getting back to business as soon as possible after a natural disaster required preparation, which, in turn, required advance notice of the event. SRCS needed the technology that would enable lead time for certain natural catastrophes, such as windstorms. Risk managers also needed more insights into nat cat damage across global locations.
EigenRisk’s Solution: Real-time Alerts
After an extensive evaluation of alternative solutions, which included internal development as well as exploring vendors, the Swiss Re Corporate Solutions team selected EigenRisk and worked closely with us on a successful proof-of-concept project. After a successful pilot, the solution was implemented into the PULSE platform and enhanced capabilities were delivered to SRCS’s clients very quickly.
EigenPrism’s APIs allowed Swiss Re Corporate Solutions to rapidly create and deploy its unique PULSE solution. Catastrophe event data delivered via API to the PULSE platform enabled real-time notification to SRCS’s commercial clients. The alerts sent by the PULSE platform indicate when, where, and to what extent client sites may be impacted.
With this solution, risk managers would now gain critical time to prepare locations and valuable insights to mitigate damage.
Swiss Re Corporate Solution’s Results
During the past 12 months, almost 10,000 events were processed for 270,000 individual analysis runs, resulting in 3,800 alert notifications delivered automatically to PULSE customers.
These alerts informed PULSE customers of events including earthquake, wildfire, flood, hail, and tropical cyclones, and PULSE customers were therefore able to make timely decisions regarding risk mitigation. The automated notifications, enabled by EigenPrism APIs, ensured that the PULSE platform alerted customers with critical information when they needed it most.
Manage global catastrophe risk
Insurers, brokers, and risk managers use our cloud-enabled platform to unlock the value of data assets and bring insights directly into decision-making. Powerful APIs, geo-visualization, real-time alerts, analytics, and reporting – EigenPrism is your complete solution.