Munich Re has launched its new hurricane response tools to help insurers assess property damage following a hurricane and improve their customers’ claims experience.
The new tool, known as the Hurricane Response Suite, is developed by Munich Re’s Remote Industries team.
Go deeper with GlobalData
It allows underwriters to get location-specific detection of property damage within days after a hurricane strikes.
Munich Re said that its Remote Industries provides insurers the information using which they can prioritise and steer claims adjuster resources, proactively contact to affected policyholders and ultimately help mitigate losses.
Leveraging aerial imagery and machine learning, the Remote Industries enables insurers to provide detailed damage predictions starting four days before an expected hurricane.
Until one day after the event, recalibrations and updates are provided daily. Two to three days after a hurricane, Remote Industries tasks the Geospatial Intelligence Center (GIC) to start gathering aerial imagery of hurricane damage.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataRemote Industries uses its machine learning algorithms on those aerial images to perceive damaged individual property.
This insight and the Remote Industries web tool empower insurance firms to deploy their resources to the more complex claims and to start settling claims with only light roof damage without onsite adjustment.
Munich Re head of The Lab Roman Buegler said: “The hurricane events from 2016 to 2018 resulted in a high volume of claims, a shortage of adjusters and higher loss adjustment expenses for insurance companies, with claims resolution delayed for many of those who were impacted.
“Our new suite of tools utilises cutting-edge technology to help insurance companies improve the customer experience and free up adjusters to manage serious or complex losses, while allowing rapid settlement of more simple losses.”
Currently, Remote Industries is available across the US, including the US Virgin Islands and Puerto Rico, along with in the Bahamas and the Cayman Islands.
