8Dec - Jan - 2018Technology to the Rescue: Streamlining Flood Insurance Applications and Claims Processing Around Natural DisastersBy Tim Love, CIO, Wright FloodNobody wanted to see the series of natural disasters that hit the United States this year. But twin storms striking some of the country's most vulnerable flood states has highlighted technology's power to revolutionize the flood insurance industry. Apps, mobile communications, and even satellite imagery before and after hurricanes like Harvey and Irma are streamlining the insurance application process, speeding the handling of claims and improving the overall outlook for the industry. When technology simplifies the document management workflow for insurers and claimants alike, this greater efficiency improves the big picture for flood insurance, helping expand awareness of flood risk beyond the coastal and low-lying areas. In turn, this enhanced understanding of the protections provided by flood insurance could result in a greater number of property owners across the United States securing flood coverage.Look to the Cloud to Create Calm before the StormAdvances in technology are expediting the insurance application process for homeowners and business owners alike, reducing the time required to get flood policies written. We've seen first-hand how the Wright Flood proprietary claims software can speed claims settlement and information gathering for our policyholders. But across the industry the impact of digital advancements has been immense. According to Harvard Business Review, moving more insurance transactions to a digital space can reduce costs by 65 percent, cut turnaround time by 90 percent and increase conversion rates by more than 20 percent.Digitized flood mapping of FEMA flood zones helps to locate a property on the flood map for each prospective policyholder. Progresses in land mapping can, in some cases, eliminate the need for property owners to submit traditional documentation as well. These advances and other digital data collection toolshave also enabled private flood insurance policies to be written in a more targeted way, based on individual risks and needs. Plus, with cloud storage of key client data, agents can speed application processes from anywhere they have a secure internet connection. As a result, when a natural disaster strikes, agents can spend less time on research and gathering of documentation and more time in the Tim LoveIn My Opinion
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