New technology used by insurance companies for hurricane disasters
In the wake of Hurricane Harvey, insurance companies have begun assessing the damage in preparation to re-build the counties effected.
According to the NBR broadcast ‘Insurers assess hurricane Harvey damage with new tech’, large private insurance companies including, Travelers, Chubb, Farmer Insurance and AIG are using drones, social media feeds, and weather analytics for claim assessments.
Claims will be made for citizen’s properties, commercial and public properties, and vehicles.
In the NBR broadcast, Patrick Gee, Traveller’s SVP of Claims, states ‘many of the new tools have really expedited the claims process’.
This is made clear by Jeff Dailey, Farmer Insurance CEO, in his statement ‘our drones can map the damages for about three house an hour’, prior to this, an adjuster would assess three houses a day.
This will make it quicker for insurance companies to process claims, meaning citizens, businesses and the infrastructure will recover quicker.
Although the State is largely responsible for flooding insurance, private insurance companies cover private properties’ wind damage, commercial properties’ water damage, and vehicles.
New technologies will hopefully enable quicker payouts and a speedier rebuilding process than experienced in the aftermath of Hurricane Katrina in 2005.
With Hurricane Irma now causing destruction, we hope the same speed and technology will be used by insurance companies for residents and businesses across the Caribbean islands.