Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs, has released a guide aimed at helping property and casualty (P&C) insurers reduce the time spent on incident response using 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 will be the second costliest hurricane on record, after Hurricane Katrina, with an estimated $50-65 billion in insured losses.
Events like this have driven the need for more proactive, automated event response, Insurity emphasized, leading to the creation of the 2023 Event Response Guide.
“As weather events grow more severe and frequent, the ability to anticipate events and provide proactive outreach is essential to meet growing customer satisfaction needs as well as drive efficiencies that result in savings costs and revenue increases – especially in the current economic landscape,” said Kirstin Marr, Insurity’s Chief Analytics Officer.
The guidance details how individual risk data can be updated from approximately four hours to 10 minutes with data integration and automation, enabling insurers to improve response times, efficiency in operations, risk mitigation, and stakeholder satisfaction.
It also highlights challenges and solutions for event workflow data and analytics, including capturing and processing up-to-date data snapshots and disseminating actionable information to teams.
Solutions like Insurity Geospatial, powered by SpatialKey and Maprisk, help solve these challenges and create efficiencies in incident response workflows, Insurity explained. The company noted that in 2022, the event response team processed approximately 80,000 risk datasets from 17 data providers, providing real-time event alerts to more than 130 client.
“Operations data can be a major barrier to success for many insurance organizations, especially those that do not outsource their data processing,” Marr said.
Adding: “Investing in event analytics operations sets up an organization’s event response and claims teams for success while giving the business a competitive advantage. The ideal service is a However, in an on-demand world, service cannot be exemplary if it is not fast and accurate.