Natural Catastrophe Preparedness
American communities have already experienced devastating tornadoes and floods in 2020. Hurricane season started on June 1, and wildfires are a year-round threat. Quarantines and social distancing present significant new challenges for preparing for – and recovering from – natural catastrophes. Furthermore, insurance industry stability is our top priority as we address this increase in natural catastrophe frequency.
Insurers have implemented contingency plans due to COVID-19 and stand ready to assist policyholders by processing and paying claims as quickly as possible, even when working remotely. Insurers are deploying a variety of technology solutions to protect policyholders, employees, and repair workers during social distancing.
Long before COVID-19, insurers had begun using advanced technology to better serve their customers and increase the speed in which claims were processed. Now that COVID-19 is here, this forward-thinking approach is doing more than just expediting the claims process; it is keeping customers safer by reducing or eliminating the need for in person interactions.
- Insurers use innovative technology, like drones, that enables them to view damaged property remotely. The use of advanced remote-viewing technology helps insurers evaluate and pay claims faster; get customers the assistance they need expeditiously; and keep all parties safe by reducing in person interactions.
- For some insurers, the time from claim assignment to estimated completion for a virtually inspected claim can be more than twice as fast as a traditionally inspected claim, getting the check into the customer’s hands that much sooner.
- Besides speed, the process also gives the customer a greater sense of control while eliminating the hassle of scheduling an in-person inspection.
- One great example of company innovation is the use of a specialized 3D modeling app.
- The app guides the customer through taking exterior pictures of their home from different angles, and then combines the pictures using an algorithm to render an accurate 3D model of the home.
- Insurers also use technology that allows them to capture geo-coded, high-resolution aerial imagery hours after a catastrophic event to scope out damages to property so that the policyholder’s claim can be accurately adjusted.
- Many insurers provide links to customers via email or text for simple, one-touch claims, and they offer real-time video collaboration for more complex claims.
Unfortunately, unscrupulous contractors and third-parties have a long history of preying on storm victims. We are concerned that fraud and abuse could be even more rampant during the COVID-19 crisis. Insurers are working with law enforcement and other third parties to help protect vulnerable customers.
Safety & Security
Catastrophic events – particularly natural disasters – are increasing in both frequency and severity. Now more than ever, it is vital that consumers understand the potential risks they face and how they can protect themselves. Knowing how to actively manage your risks can help you select the right insurance coverage for you and can significantly reduce costs.
In the event of a crisis or accident, property and casualty insurance provides protection for you, your family and your community. Insurers are there to help manage your risk and protect you from loss due to life events.
More needs to be done to help bridge the insurance gap to help protect consumers and communities following catastrophes and other events.
Frequently Asked Questions