individuals to receive advance warning
of catastrophes and plan accordingly.
Already the system has been used effectively in the wake of the Boston Marathon
bombing, during Hurricane Sandy, and
in the 2013 New York City blizzard.
Closer to home, monitoring and sensor systems are now being introduced to
the consumer market. These home systems enable users to remotely track key
elements including smoke detectors and
water damage. As a result, individuals are
able to receive alerts if there is anything
amiss at home.
These technologies are reducing the
number and even severity of insurance
claims. Insureds are able to protect their
properties and themselves before a disaster
hits, diminishing any potential damages
and costs. In fact, many insurance organizations are providing discounts and other
cost-savings to insureds who utilize monitoring and censoring systems.
Improving CAT assessment
During a disaster situation, insurance organizations must be ready to respond immediately and effectively to adequately meet
the needs of their insureds. Assessing the
damage is a key part of determining the
response required and pinpointing the key
areas of need.
Drones have begun to play an important role within the insurance claims process. Organizations are currently using
drone technology to assist in the claims
process following disasters, as well as to
prevent fraud. Frequently when appraising claims, adjusters encounter hazardous
and dangerous situations — from climbing scaffoldings and ladders to examining
fire-damaged buildings and navigating
During catastrophes they encounter
damaged and blocked roads, broken power
lines, debris and other hazards on their way
to evaluate losses, affecting their ability to
quickly assess claims.
Now drones provide assistance in collecting data and photographs of affected areas, expediting the time needed to respond
to disaster claims. According to Cognizant,
drone usage is predicted to make adjusters’
workflow 40 to 50 percent more efficient.
They can quickly cover large areas of property and evaluate the situation through sensors and high-resolution images.
The prevalence of user-based information (UBI), telematics and on-board device
(OBD) systems are further impacting the
effectiveness of insurance organizations
in assessing and responding to disasters.
These systems provide insurers with real-time, factual data that can be used to determine the breadth and severity of a situation.
This data is often seen as more credible
since it is not based on recollection but
actual data and facts. Already, the use of
UBI has skyrocketed, with the number of
consumers with a UBI policy doubling in
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