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Data: Your best tool for managing catastrophic events

From enhancing communications to fighting fraud, unlock the power of data following extreme weather perils.

By Tara Kelly | June 21, 2022 at 01:58 AM
Mexico Beach, Florida, United States October 26, 2018. 16 days after Hurricane Michael, Canal Park. Credit: Terry Kelly/Shutterstock.com When you have access to data that allows you to zero in on damage at the policyholder level, you can anticipate customer needs and respond appropriately. For example, you can fast-track claims for people in zones that suffered catastrophic damage. (Credit: Terry Kelly/Shutterstock.com)

There’s no safe place when it comes to catastrophic weather events. Climate and weather disasters caused some $22 billion of damage in 2020, which set a new record, and 2021 ranked second with 20 events. As we approach summer 2022, it’s time to get ready for the possibility of yet another year with a higher-than-average number of catastrophic events. We all hope this doesn’t happen, but hope isn’t a strategy.

Maximizing accurate data is a strategy, and data can be your best tool for handling catastrophic events and related customer communication before, during and after a natural disaster. When a hurricane is bearing down, a wildfire is approaching, and hail, tornadoes or floods arise, policyholders need and expect answers from their insurer that must be based on accurate and timely data.

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