disaster response also affect the operational efficiency and effectiveness after the
event occurs. Corporate philosophies and
structure will also affect how the situations
are handled. Here is a look at the steps insurers, independent adjusting firms and
policyholders can take to reduce the terrible impact of natural disasters, and the
coaching they can provide to their policyholders to prepare for such events.
The insurer’s philosophy
and its impact
Some of an insurer’s decisions which affect outcomes following natural disasters
depend on the lines of insurance that it
favors, the concentration of its business,
and the philosophy of claims handling.
These will affect its:
Catastrophes come in all types and sizes, and each one brings specific challenges to the insurance industry. The widespread property damage caused by natural disasters
requires foresight and planning by insurers and their policyholders.
The planning should take place long before the event occurs, or the
insurer will fail in its management of the claims arising out of the
catastrophe and its duties to its clients. The failure will lead to:
Planning for Catastrophes
• Additional emotional and financial
stress to the policyholders who are already trying to endure extremely trying times.
insurer’s vendors that results in poor
outcomes at unnecessarily high costs
and further delays resolution.
•;Loss;of;future;business;when;policy-holders move their business to competitors because of poor claims service
and they complain to their neighbors
and friends, which discourages them
from considering your company in the