Changing the Way Insurers React to Damage from Natural Disasters
From major hurricanes to destructive hail, Respond® predictive analytics help you accurately mitigate risk and optimize resources correlated with extreme weather.
Respond provides insights from real-time weather data feeds to improve your operational performance and decision-making around weather risk assessment, severe weather event preparation, loss prevention, and disaster response and recovery.
Respond analysis overlaid on your policies in force (PIF) visualizes policyholder locations and coverage values with a high probability of exposure to damaging hail or other perils.
With Respond you can:
- forecast claims volume accurately for natural hazard events
- deploy the appropriate adjuster skills for properties within, outside of, and bordering the storm area
- improve claims date of loss accuracy
- reduce claims cycle time and improve policyholder satisfaction
- improve reinsurance treaty recovery
Respond in Action
In 2016, Hurricane Matthew became the most significant hurricane event in the U.S. in more than a decade. Respond was used to track the hurricane winds and storm surge, to see the hurricane’s impact.
Learn more about tracking Hurricane Matthew.
Optimizing Claims Handling
Respond not only helps you visualize destructive weather, but also helps you assess storm severity, anticipate the number of adjusters needed, and pre-determine the best locations for disaster recovery efforts.
Understanding a storm’s movement provides opportunities to reach out directly to policyholders prior to FNOL, greatly improving customer loyalty. Anticipated claim volume can also be assessed, giving you the insight needed to predict the impact of a storm in the context of your book of business.
With Respond, catastrophe and claims managers know in advance where to deploy their most experienced resources. Daily impact assessment reports and shape files allow you to accurately gauge which policies-in-force (PIF) are affected by extreme weather, helping you make the critical decisions needed for claims triage.
Using Weather Mapping Technology to Respond to Severe Weather and Catastrophes
When Respond is mapped to your policies in force through a GIS System, it provides a visualization of policyholder locations and analytics to identify coverage values with a high probability of exposure to damaging hail or other perils. For analyzing claims outside the storm swath, Respond can help you determine which properties were damaged in a previous storm and which claims require further investigation.
Companies can use information like maps (shapefiles) to estimate how many of their PIFs have been affected by a particular peril. This knowledge allows carriers to plan financially for the claims that will most likely be made as a result of inclement weather, and gives them the time and advantage of setting aside resources accordingly.
Additional Weather Analytic Solutions
While Respond focuses on the policyholders that could potentially be impacted in future claims, Benchmark provides a detailed, location-specific storm report to verifying existing claims. That is a powerful combination.
Learn more about Benchmark