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Holborn Corp.s 'Eye in the Sky' Provides Cat Models in Real Time
(BestWire Services Via Thomson Dialog NewsEdge)
Holborn Corp.s Eye in the Sky, a Web-based management information application, gives clients immediate access to graphic, multilayered maps that show possible exposures and instant analysis of related data.
Eye in the Sky is one of five finalists for A.M. Best Co.s 2007 E-Fusion Award.
Holborn, an independent reinsurance brokerage firm formed in 1920, offers advanced analytic tools, global market access and responsive account services to clients across the United States. It is owned exclusively by its employees. The company started developing Eye in the Sky as it researched what would happen if information from the search engine Google Earth was tied in with clients data. A team of 20 Holborn technology professionals began work on the product in March 2006, and the company launched the current version between January and February, putting most of its clients on the program.
Its still developing, said Frank D. Pierson, senior vice president and chief technical officer, during an Oct. 10 webinar presentation on the product.
Map information appears in a series of layers that let the client input information on what it deems important. A zoom feature lets them review an agents territory down to the ZIP code, and identify natural hazards or secure locations. Colored dots on the maps represent different lines of business, and screen tools help the client pull up statistics of policy records contained in a given geographic area and the dollar value of the risk involved. The data can then be bookmarked for future reference.
A picture is worth a thousand words, Pierson said. By looking at this a client can say, theres my risk, I can analyze it.' Holborn controls the data, provides support, and compares Eye in the Skys data with real data collected by clients.
Holborn upgraded Eye in the Sky with navigational tools that allow the client to assess new risks, look at a subset of data and pull up satellite images as it receives client suggestions. Long-time clients include Auto Club Group, Nationwide Insurance, the Norfolk & Dedham Group, and Oregon Mutual Insurance Co.
You can track a storm like Rita or Katrina and say what would have happened if it had landed 50 miles to the left? Pierson said. Clients can check their reinsurance contract and renewal status, names of reinsurers, premium information, and a summary of reinsurance programs. The information can be instantly downloaded onto an Excel spreadsheet and printed out.
Input for Eye in the Sky was taken from the National Oceanic and Atmospheric Administration, the Center for Severe Weather Research, the U.S. Geological Survey, and the Federal Emergency Management Agency.
Holborn has seen improved client retention, new clients and cost reduction since launching Eye in the Sky. While cost reduction hasnt yet been measured in dollars, the company is not getting as many client requests for exposure information, Pierson said. The companys goal was to create something simple and realistic, not to recreate commercial cat models, he said.
Holborn views the product as critical technology: Without it we would have a hard time retaining clients and attracting new ones, and this would give us a competitive edge. Its a must have rather than a nice to have, Pierson said.
The system takes on average less than 30 seconds to run a given scenario, though most data sets will take somewhere between five to 10 seconds. Clients can subscribe to e-mail notification and know immediately if its policies have been affected by an event. This is one of the tools that allows clients to sleep at night, Pierson said.
Judges for the E-Fusion Award include:
-- William Jenkins, chief information officer of Penn National Insurance;
-- Steve Landberg, managing director at Claymore Partners LLC;
-- John Pogas, vice president, e-Commerce at Aon Corp.;
-- Pat Saporito, director of insurance solutions at Business Objects; and
-- Michael T. Wise, vice president of insurance technologies at IdeaStar Inc.
Additional information on the webinar series and the E-Fusion Award is available at www.efusionaward.com.
Founded in 1899, A.M. Best Co. is a global full-service credit rating organization dedicated to serving the financial and health-care service industries, including insurance companies, banks, hospitals and health-care system providers. For more information, visit www.ambest.com.
The 2007 E-Fusion Awards webinar is the second in a series of five with the finalists. The awards, which are independently judged and sponsored by A.M. Best Co., seek to recognize innovative, business-focused uses of technology by those in the insurance industry. The webinars take place every Wednesday at 11 a.m. EST throughout the month of October, and the recipient will be announced in November.
The finalists include projects in customer and client management through real-time and interactive applications of software, claims management and corporate communications.
This is the first time the E-Fusion Awards, now in their sixth year, are being conducted through webinars. The webinars can be found at www.ambest.com. For more information on the awards, including a look at the judging panel, go to www.ambest.com/efusion.
(By Bonnie Brewer Cavanaugh, senior associate editor, Best's Review: Bonnie.Cavanaugh@ambest.com)
Copyright 2007 A.M. Best Company, Inc.
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