New methods currently being explored by global reinsurance giant Munich Re could see hurricane victims receive claim payments on their damaged properties in the time it takes them to return to their homes, according to reports from German newspaper Handelsblatt.
Artificial Intelligence (AI) will play a key role in enabling this rapid response time, Munich Re said.
Speaking at the company’s Annual General Meeting today, Chief Executive Officer Joachim Wenning explained that, in the immediate aftermath of a hurricane, aircraft fly over the affected areas, taking high-resolution images.
Then, data is analysed by AI-driven software in order to calculate the damage to insured houses.
Munich Re is aiming to first launch this service for direct insurers in US and Caribbean countries this year. The procedure was tested last year, the company said.
“Disasters, you might say, are the moment of truth for our industry,” added Wenning.