What Technology Solutions Are Effective When Handling Catastrophes? (CLM)

What Technology Solutions Are Effective When Handling Catastrophes?

  Thursday, November 9th, 2023 Source: CLM

CLM Members and Fellows emphasize the critical role of technology in enhancing the insurance industry’s ability to predict, assess, and respond to the increasing frequency of catastrophic events. Advanced case management systems with AI capabilities are instrumental for law firms dealing with the influx of claims post-catastrophe, streamlining resource management and response efforts. Similarly, the use of drones is transforming the assessment of damage zones, providing immediate insights into the scope of destruction.

The industry also benefits from improvements in weather forecasting technology. Enhanced predictive models offer a clearer understanding of storms’ potential paths and intensities, enabling insurers to estimate loss potential more accurately and prepare for catastrophic events more effectively. Moreover, comprehensive background checks on properties and involved parties offer valuable data that influences claim resolution strategies.

Jeff Marshall, an independent risk and claims manager, advocates for a proactive approach, suggesting the use of services that offer detailed exposure maps for better risk assessment, beyond what traditional flood maps provide. Regular property maintenance, including tree removal, roof inspections, and water mitigation strategies, is also recommended to minimize potential damage. With 18 separate billion-dollar weather and climate disasters in 2022, resulting in over $165 billion in damages, these technological solutions are more crucial than ever for the industry’s resilience and efficiency.

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