Catastrophic weather events are an unfortunate and persistent part of life. In fact, if it feels like these catastrophic events are happening more frequently than ever before, the data confirms that to be the case. Findings from a new study in the journal Nature demonstrate that more "extreme rain" events can be expected in the near future, bringing higher risks of flash flooding resulting in millions of dollars in damage. (More extreme precipitation in the world's dry and wet regions," Nature, published online Mar. 7, 2016).
How can we expect what's unexpected?
If there's one thing that's predictable, it's the unpredictability of these devastating weather events.
While the health and safety of the people involved is the number one priority, from an economic standpoint, the impact upon the government in providing emergency aid as well as upon insurance carriers processing property claims can be staggering. As these events can produce a substantial volume of auto and property losses, insurance companies are best served by establishing a reliable network of support services.
For insurance carriers on the front lines, it is critical to be prepared for the unexpected influx of claims. A rapid response plan and reliable infrastructure need to be in place for the times when natural disasters strike. It is the insurance carriers' responsibility to assist their customers and their communities in helping to achieve normalcy as quickly as possible. This is best achieved by working with a reliable partner who can and will assist in the clean up and recovery efforts from start to finish. With the right partnerships and responses, the road to recovery for those affected can be as streamlined and accelerated as possible.
What does a proper response entail?
In three words: planning, resources and communication.
An effective catastrophe (CAT) response plan requires the ability to identify required resources and deliver those resources at the right time with the right information. Each catastrophic weather event is unique; it can be difficult to anticipate the effects of each storm. Therefore, it is critical that all aspects of the CAT response team and the CAT plan be flexible and able to adapt to particular situations.
"This is where companies such as IAA can provide critical assistance in CAT recovery and planning efforts."
IAA is a full spectrum catastrophe service supplier that operates on the scene using company's resources to recover the influx of total loss vehicles. The IAA CAT team has been in the field for almost 40 years, calibrating and optimizing its catastrophe strategy after each experience. IAA uses all available resources, including:
- Deployment of its dedicated nationwide network of towers and transports dedicated to reach damaged vehicles quickly;
- The immediate engagement of staff from its over 170 auction facilities to effectively expedite processing;
- Organizing call centers;
- Providing vehicle-enhancing services.
IAA also pays advance charges, secures and staffs additional overflow land for storing vehicles, expedites title transfer processes, creates innovative marketing campaigns designed to advertise the availability of salvage vehicles to its global buyer network and, ultimately, sells those vehicles to maximize returns for its insurance company clients.
What is the value here?
When confronted with devastating events, the goal is to expedite and streamline the process — not only for the benefit of the partners in recovery, but also for the impacted communities.
No one will ever be able to control catastrophic events, but through careful planning and effective communications and execution, it should be possible to reduce the toll they take on people in their paths and to assist impacted communities. By working with the right partner, helping these communities get back on their feet as quickly as possible can be a reality everyone in our industry can achieve.
Visit IAA-Auctions.com/CAT to learn more about the IAA Catastrophe Services Team and our latest recovery efforts in response to Hurricane Matthew.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.