Global insured losses reached $132 billion in 2022, the fifth costliest year on record for insurers, prompting the need for more proactive, automated event response
Insurity, the leading provider of cloud-based software for insurance carriers, brokers, and MGAs, recently released its 2023 Event Response Guide. Employing proprietary and industry research, the report identifies the evolving challenges property and casualty (P&C) insurers may face during severe weather events and catastrophes and best practices for implementing a more proactive approach through automation for minimal cost and operational disruption.
The guide details how insurers are increasingly challenged with operationalizing data and making the event response workflow run smoothly. With the frequency and severity of global catastrophes on the rise, event response teams must replace their existing manual processes with automation to effectively keep up. The Insurity Event Response Guide details how individual hazard data updates can go from approximately four hours to 10 minutes with data integration and automation, enabling insurers to improve response times, operational efficiencies, risk mitigation, and stakeholder satisfaction.
Hurricane Ian in 2022 was the second costliest hurricane on record, behind Hurricane Katrina, with an estimated $50-65 billion in insured losses. “As weather events grow increasingly more severe and frequent, the ability to anticipate events and provide proactive outreach is imperative to meeting growing customer satisfaction demands as well as driving efficiencies that result in cost-savings and increased profitability – especially in the current economic landscape,” said Kirstin Marr, Chief Analytics Officer at Insurity.
The guide highlights the challenges and solutions for event workflow data and analytics, including retrieving and processing the most recent data snapshots and dispersing actionable information across teams. Solutions like Insurity Geospatial, powered by SpatialKey and Maprisk, can help solve these challenges and create efficiencies in event response workflows. In fact, in 2022, Insurity’s event response team processed approximately 80,000 hazard datasets from 17 data providers, providing real-time event alerts to over 130 clients.
“Operationalizing data can be a substantial barrier to success for many insurance organizations, especially those who do not outsource their data processing,” said Marr. “Investing in event analysis operations sets an organization’s event response and claims teams up for success while providing the business with a competitive advantage. Exemplary service is a differentiator. However, in an on-demand world, service can no longer just be exemplary if it’s not fast and exact.”
To learn more about how Insurity Geospatial can create efficiencies in your event response workflow, get in touch with Elizabeth Hutchinson at Elizabeth.Hutchinson@insurity.com.
About Insurity
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
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Contacts
Elizabeth Hutchinson
Elizabeth.Hutchinson@insurity.com
