Innovation is essential to drive new ways in optimising risk-return and return-on-capital metrics for insurance companies. This new award category seeks to recognise the innovators who are providing insurance investors with the tools to enhance their long-term performance.
Through its Hadoop data lake, Aviva Investors helps its clients to significantly enhance their analytics capabilities. With a dedicated dashboard, clients have a detailed view of their own assets when it suits them, and the results are presented in a useful way.
The Hadoop data lake also takes into factor the current regulatory shift to incorporate environmental, social and governance (ESG) considerations. The solution enhances the ESG scores compiled by MSCI by combining it with applied domain knowledge created by Aviva Investors' own ESG team.
"The dashboard provides daily visibility of public fixed income portfolios, including a variety of Financial, Risk and Solvency II based metrics," Iain Forrester, head of insurance investment strategy, said. "The metrics are delivered via an interactive Qlik Sense dashboard which allows clients to understand their investments from portfolio level down to individual securities."
Judges described the Hadoop data lake as a "strong credible innovation" and a "strong illustration of data analytics and synthesis of information and reporting". They commended the integration of ESG factors and awarded Aviva Investors for their "clear use of data science and evidence of a sophisticated tool which is available to the company's clients".
"Aviva Investors' Insurance Analytics Portal is designed to bring much greater transparency to our clients, beyond the minimum regulatory requirement," Alex Wharton, head of insurance relationships, said. "The Portal mirrors the steps on the asset side of the balance sheet that many of our insurance partners have been taking themselves on the liability side. This alignment is one important step towards a better Client Experience – it means access to more data, as and when you want it.