The start of the Atlantic hurricane season is just under two months away. As has been the case for the last few years, the 2021 season is predicted to be very active, with AccuWeather predicting 20 named storms. Of course, it’s not just the number of storms that should cause insurance companies to take note, but it’s also the severity of those storms. And, just like last year, the prediction is for 3 to 5 Category 3+ storms to hit the United States and its territories.
In this hurricane season roundup we look at some of the latest technologies that can help insurers weather the storms, literally and figuratively, by delivering an exemplary customer experience and supporting the bottom line.
Setting the Stage: Predictions for the Atlantic Hurricane Season 2021
The Houston Chronicle’s Jay R. Jordan shared this week that this year’s Atlantic hurricane season is shaping up to be a very active one. With more named storms and more Category 3+ storms likely this season, the National Hurricane Center will start issuing forecasts 2 weeks ahead of the official start date of June 1, 2021. You can read the predictions for the season here.
Weathering the Storm Part 1: How Insurers can Reimagine the Claims Process
With more hurricanes hitting the United States and its territories come more claims for insurers to process. While most claims can be resolved in a timely manner, there are always a few outliers that can take weeks, if not months to be resolved costing insurers valuable time and money. We talked with Praveen Reddy, Chief Information Officer & Head of Operations at Velocity Risk Underwriters, about how the lengthy and obtuse claims process is about to become an artifact thanks to artificial intelligence (AI). Read the story here.
Weathering the Storm Part 2: Drones to the Rescue
One of the hardest parts of claims assessment following a major natural disaster like a hurricane strike is being able to assess damage to structures quickly and accurately, which can cost insurers. With policy holders anxious to get their homes repaired and insurers looking to ensure that claims are accurate and costs are contained, it’s often difficult to get assessors on the ground, or receive communications from them if they can get to the hardest hit areas.
But drones are coming to the rescue!
In this story, contributor, Ryan Schradin, talked with Mike Winn, founder, and CEO of Drone Deploy about how commercial drones can support claims processes by “captur[ing] aerial imagery to help insurance adjusters scope out the scene when roads are dangerous or impassable” and producing “accurate maps and 3D models of large areas in real-time.” You can find out more here.
