While the last few years have been relatively quiet for majorhurricanes and other storms, large events like Hurricane Sandy andthe recent storms that buried the Northeast in snow demonstrate theneed for claims departments to be prepared at all times. Onestrategic way to prepare is to stage mock catastrophes. These trialruns help claims teams become comfortable with the types ofdecisions they will need to make when a large-scale eventoccurs.
Moreover, mock catastrophes are valuable learning opportunities,as they reinforce the need for best practices and the use of thenewest technology for catastrophe-claims management. For example,geocoding technology — which uses geographic coordinates frompolicy data (e.g., street addresses, zip codes, etc.) — is rapidlyenabling insurance companies to improve their catastrophe-claimresponse models.
How to Stage a Mock Catastrophe
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