Faster claims processing when a catastrophic event occurs
Insureds need a fast response from the market when catastrophic events like hurricanes, floods, wildfires, and earthquakes hit. The faster the market can assess the damage and pay out claims, the faster the insureds recover.
Client situation
Traditional claims processes are long as they rely on getting surveyors on the scene. Long resolution times can lead to higher costs as demand for building services increases after a catastrophe. As the frequency and severity of natural disasters rise, insurers will face pressure to process claims more efficiently.
Solution
With modules from Concirrus, insurance organisations can reduce the time to assess damage from weeks to days.
Modules used: Enriched Data Assets, Geospacial Global Risk Mappings, Big Data Storage & Processing, Model Deployment & Management, Claims Automation, some Reinsurance Analytics, API driven integration into Policy Admin Systems
An insurer was able to identify the post-event impact zone of a catastrophe using Concirrus' satellite, aerial and advanced imagery, weather data, and artificial intelligence. The insurer now has early visibility of affected areas. From total losses to fallen trees, debris, and tarpaulins on roofs, property damage assessments have been calculated using machine learning.
Where an event occurs, the insurer will receive a damage rating and detailed post-event damage profiles for each property insured in hours. Automated damage assessments enable claims to be dealt with at scale. Complete desk adjustments will be made for total losses, claims payments will be automated, and surveyors will be directed to high priority locations.
Value
Insurance organisations can reduce the time to assess damage from weeks to days. Doing so improves customer experience, supporting them when they need it most. It also increases the capacity and efficiency of claims processing teams, lowering total claims costs.
Claims processors have detailed information on each property within the portfolio before the owner calls to notify the company of the loss.
Damage reports allow teams to prioritise needs and act swiftly to engage internal and third-party adjusters. This accelerates the claims handling process, closing claims faster to control costs. Operational efficiency, customer experience, and company reputation all benefit from new systems in place.
