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New App Helps Clients Understand Property Risks, Map Damage

Coastline

EigenRisk, a startup based in Ann Arbor, Michigan, wants to help people manage risk.

The company has developed a software app called Eigen Prism, which helps building owners and others to prepare and prevent potential property damage in the event of a natural disaster such as Hurricane Harvey.

Lockton Inc., an insurance brokerage firm based in Kansas City, Missouri, is one of its first clients and was able to use the technology to work with clients affected by the hurricane, the Kansas City Business Journal reports.

The program provided Lockton with forecast reports outlining the potential damage path. Once the hurricane hit, the software automatically sent warnings to the client services team members to allow them to reach out to clients about the property risks they faced.

Once the storm hits and damage has been done, the system collects data on the damage and shifts from forecast reports to loss assessments.

The technology also has been used by a variety of real estate clients, especially those with properties on the coast that need to keep an eye on rising sea levels.