Catastrophe Event Response Platforms Help Insurance Avoid “News Cycle Anxiety” From Tornadoes and Severe Convective Storms
With Loss Events from Tornadoes and Severe Convective Storms Proceeding at Record Pace, New Solutions Alert Insurers of Potential Impacts to Their Portfolios
As record numbers of tornadoes and severe convective storms continue to wreak havoc across the U.S. Midwest, Southwest and other areas of the country, property insurers and their insured clients face unrelenting anxiety over whether and when related damages will affect their portfolios.
When tornadoes occur, insurance claims executives and risk managers historically have learned about them through news reports, online weather updates, and social media. As storm tracks and damages are reported, insurers often find themselves suffering from high anxiety over whether any of their clients sustained an insured loss along with the extent of the damage incurred – at least until actual claims are reported, which can take several days or even weeks.
Even though there may be minimal potential impacts to their overall loss experience from individual tornadoes, hail and other severe convective storms, insurers still face the challenge of determining whether and where they need to dispatch adjusters to areas affected by the storms, as well as the level of expertise required to deal with any claims.
In addition, there’s the issue of over-deploying claim resources to one area that has sustained significant storm-related damage amid looming uncertainty over what else might happen as severe weather systems strengthen and advance rapidly across neighboring cities and states.
Next-Generation Event Response Platforms Reduce Uncertainty
The good news is that the next generation of catastrophe event planning and response platforms give insurers the ability to know when and exactly where any properties in their risk portfolios have been affected by a tornado, hailstorm or other SCS event.
With their portfolios and values uploaded onto the platform, insurers can receive timely alerts only when their insureds are impacted. They no longer need to worry about doing and redoing all this work each time a storm occurs. They can be relieved of their anxiety knowing that this function is outsourced and that they’ll be notified only if there has been exposure – or, when they want to be alerted based on their own triggers and thresholds.
For example, an insurance claims executive recently was attending a major industry conference and learned about a significant tornado event in the news. He immediately checked his alerts via email and saw that the potential losses were low. Thus, he could proceed to participate fully in the conference instead of having to assess his carrier’s potential exposure to the tornadoes (only to later determine there was minimal exposure).
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Learn how your claims team can benefit from the power and versatility of new catastrophe event platforms, avoid storm-related anxieties, and eliminate unnecessary expenditures of time and resources:
