May 21, 2021 — Weather is a growing problem for P&C insurers. In 2020 alone, there were 22 catastrophic weather events that cost $1 billion or more across the United States. From wildfires, to droughts, to tornadoes, hurricanes, and flooding, weather and climate disasters have impacted millions of people, cost them billions of dollars, and are increasing in frequency, duration, and severity with each year.
At Signal4D, we’ve developed robust monitoring, alerting, and advanced analytical capabilities for the insurance industry to better understand and mitigate environmental risks and impacts to their book of business. Signal4D insurance solutions are built upon our proprietary, highly performant, and scalable platform that allows companies to monitor and analyze points (e.g., home or vehicle location), paths (e.g., work commute or route to vacation home), and areas (e.g., neighborhood or flood zone) over time (historical, current, and future) important to the carriers and their customers.
Signal4D insurance solutions can help reduce the risks to your book of business while protecting your customers and creating a more efficient claims process.
Using our OmniWatch™ solution, insurance companies can increase customer satisfaction by providing real-time, actionable alerts to their policyholders for weather-related events, road incidents, and other hazards that could impact their homes, personal property, and loved ones. As an example, by sending an alert to a customer to move their car and/or other property into a covered space in advance of an impending hailstorm, an insurance company can protect their customers, minimize property damage/loss, and proactively expedite their claims process.
With our Weather Risk Analytics solution, Signal4D found that most winter-time accidents occur when temperatures are near freezing and it has snowed within the last hour. By predicting what weather conditions are most likely to generate claims, we enable insurance companies to help their customers prepare for and avoid road hazards created by weather thus reducing both accidents and potential claims.
Signal4D’s experience monitoring the National Power Grid enables it to help insurers assess their book of business for risk. We can help provide insights into environmental risks and determine what areas and policyholders are most exposed to weather-related risks such as hurricanes and wildfires. Carriers can use this information to predict how many policyholders’ homes could be impacted by a weather event and prepare accordingly. This knowledge can also be used to prepare call centers and have claims adjusters and mobile teams positioned in areas of greatest need when a weather-related disaster is imminent.
As these use cases suggest, Signal4D insurance solutions are robust and highly performant. Our solutions help insurance companies enhance customer engagement, and improve customer satisfaction and retention by providing deeper and longer term value to their customers. Signal4D insurance solutions also help minimize damage and losses while making the claims process more proactive and efficient. With Signal4D insurance solutions, insurance companies have increased visibility into their entire book of business, both in real-time and in the future — allowing you to know and do more for your organization and customers.