While the last few years have been relatively quiet for major hurricanes and other storms, large events like Hurricane Sandy and the recent storms that buried the Northeast in snow demonstrate the need for claims departments to be prepared at all times. One strategic way to prepare is to stage mock catastrophes. These trial runs help claims teams become comfortable with the types of decisions they will need to make when a large-scale event occurs.
Moreover, mock catastrophes are valuable learning opportunities, as they reinforce the need for best practices and the use of the newest technology for catastrophe-claims management. For example, geocoding technology — which uses geographic coordinates from policy data (e.g., street addresses, zip codes, etc.) — is rapidly enabling insurance companies to improve their catastrophe-claim response models.
How to Stage a Mock Catastrophe
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