Sponsored content: Gordon Vater, managing director of Gallagher Bassett Technical, provides five tips to help insurers prepare for the impacts of severe weather
The past few weeks have seen adverse weather hit the UK and floods pose unique challenges, demanding that insurers tailor response plans specifically for these scenarios.
As the UK continues to face adverse and extreme weather conditions, there emerges a crucial opportunity for insurers to glean valuable lessons and refine their response plans.
With that in mind, here are five expert tips for insurers to help prepare responses to the challenges that may lie ahead.
From the recruitment of seasoned claims professionals capable of handling the complexities of catastrophe events, to a focus on efficient processes, each step is crucial for thriving in the aftermath of flood events.
Team expertise
It is crucial to have experienced individuals capable of handling complex exposures such as wind, water, fire, and general catastrophe losses.
Building a team with the right expertise is paramount for surviving surge events.
Processes and transparent communication
Conduct a comprehensive review of your plans and processes to ensure efficiency and effectiveness.
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Regular testing, evaluation and adaptation of these plans are crucial for identifying any weaknesses or areas for improvement.
Additionally, assess your claims management technology to ensure it can handle the increased workload. Consider upgrading your technology or partnering with a claims partner that provides access to advanced data analytics programs and technology.
Employ robust data analytics to fine-tune and optimise the claims management process, especially one at scale.
However, while technology is a valuable tool, human contact – especially in the aftermath of a disaster such as the floods, when empathetic, transparent and supportive communication is key – remains crucial for customer satisfaction.
Learn from experience
Develop a tried and tested surge plan with a list of vetted experts and vendors. Continuously refine the plan based on years of experience and adjust it to meet evolving demands and claimant expectations.
Ensure that your surge plan is supported by predictive data analytics, enabling you to proactively respond to changing demands during surge seasons.
Dedicated management
Make sure you have retained a dedicated catastrophe or crisis management team, who has proven capability across technical expertise, scalability and the rapid deployment of operational teams.
Pre-event training needs to be supported by a highly experienced team of catastrophe claim experts, with the ability to outsource and scale your business at short notice.
This focus should mitigate additional pressure on your business by providing the following –
- Pre-trained event resources
- Deployment of designated event call centre response
- Establishment of dedicated claims response teams
- Management of portfolio specific tranches
Expert guidance
Leverage advanced technology and data analytics programs to handle increased claims efficiently. Investing in the right tools and partnering with a third party administrator can ensure that your resources are well-equipped to meet the demands of surge seasons.
