Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs, has released a guide aimed to help property and casualty (P&C) insurers reduce time spent on event response with intuitive and proactive data analysis.
Global insured losses reached $132 billion in 2022, the fifth costliest year on record for insurers. Hurricane Ian in 2022 was the second costliest hurricane on record, behind Hurricane Katrina, with an estimated $50-65 billion in insured losses.
Events like these have prompted the need for more proactive, automated event response, Insurity highlighted, which has led to the creation of the 2023 Event Response Guide.
“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 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.
It also 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, Insurity explained. The company noted that in 2022, its 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 organisations, especially those who do not outsource their data processing,” said Marr.
Adding: “Investing in event analysis operations sets an organisation’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.”