Using forensic technology to expedite disaster response

When the key to insurance customer loyalty is a speedy response to peril-related claims, innovative weather forensics technology is a must.

Curtis McDonald and Daniel Betten, CoreLogic

As losses from natural disasters continue to increase, the customer experience will hang in the balance. Technology-forward insurance companies will emerge as reliable partners while insurers that depend on traditional models will fall behind. One of the most promising technological advancements in weather science is real-time weather verification and forensic data. It is imperative for insurers to deploy this technology to provide a speedy and accurate response to claims for policyholders.

Traditional tools do little in the way of allowing immediate damage assessment in less-than-ideal circumstances, such as a tornado occurring in the middle of the night. However, with forensic technology, the tornado path can be mapped within 15 minutes of the event at any time of day, with no need to physically send people to assess it. Because fast claims resolutions are vital to policyholder loyalty, CoreLogic has developed a way to embed forensic weather technology into the insurance workflow. CoreLogic offers unique modeling and forensic data technology that allows insurers to manage the risk to their property portfolio and an understanding of the implications of weather events such as a hailstorm, tornado or hurricane. CoreLogic’s Weather Verification Solution gives insurers the ability to understand how many of their customers have been impacted by an event just minutes after, which helps with deploying a speedy response. This includes deciding on how many adjusters to send to a particular area, proactive financial planning and preparing for claims volume.

Construction demand surge – when prices for materials and labour spike due to high demand after a disaster – means that there is a real cost to a slow response. With forensic technology, insurers can start paying claims and reserving hotel rooms before demand surge inflates costs. A faster response also means happier policyholders. This is paramount when considering policyholders often shop for a new insurance carrier after a negative experience with a claim. A slower response can seriously damage a carrier’s brand.

Weather data needs to be precise and accurate to drive informed decision-making. To that end, modern weather verification and forensic technologies mean efficient and precise claims processing. Having access to granular data such as the probability of damage and volume of properties impacted can help reduce costs and allows for better management of the effects of a weather event.

Combining speed with accuracy can make the claims process an optimal one for both insurers and policyholders. The faster an insurer can validate a claim, the sooner homeowners and entire communities can recover from a disaster.

For more on how to accelerate recovery, visit www.corelogic.com/protect/weather-verification-solutions/