Risk management technology can help businesses speed up claims process in wake of natural disasters like Hurricane Harvey/Tropical Storm Harvey
Hurricane Harvey, now a tropical storm, continues to dump record amounts of rainfall across a growing geographic area — after leaving the Houston area swimming in an estimated 51.88 inches of rain earlier this week, according to preliminary data from the National Weather Service.
As businesses in the storm’s path start to assess the storm’s damage, they will likely find themselves swimming in insurance claims, too. And since it’s no secret that the insurance claims process can be long and arduous, businesses are looking for ways to settle their disaster-related claims as quickly and painlessly as possible.
The right risk management technology can help. Not only can it assist you in preparing for disasters like Harvey, it can help you to more efficiently settle insurance claims after a disaster — streamlining the claims process from end to end.
Read “Be Prepared: Active Hurricane Season Ahead.”
First and foremost, the right risk management technology will provide a single record for any item related to a specific claim — even e-mail communications tied to the claim. It’s all housed within the same system alongside all your other risk, claims and policy data. Such technology will also allow you to easily monitor a claim’s status and payment processing.
Further, because accurate and current records of an organization’s assets are critical for insurance purposes in the wake of a natural disaster, the right risk management technology will have the ability to track and manage all properties, property values, COPE information and property recommendations in one place, as well as other key data. This helps to ensure an auditable and accurate record is on hand when you go to file your claim.
Even more, risk management technology with insurance policy management capabilities allows you to quickly refer to your policy information — like policy date, coverage, carrier, broker, pro-rata share, aggregate & occurrence limits, and deductibles. This is helpful as you try to make go-forward projections about the impact on your bottom line and the out-of-pocket cash needed to cover damages from the disaster.
Natural disasters like Hurricane Harvey/Tropical Storm Harvey can be a real threat to your business and its resilience. Learn more about how risk management technology can help you weather the storm.