After a natural catastrophe event, speed is key. Speed in proactively reaching out to customers with affected properties, speed in deploying the right resources at the right location for effective mitigation and speed in prioritizing the handling of the most severely impacted properties in order to prevent damage from getting worse and costlier with time.
Munich Re’s Remote Industries provides this speed advantage by applying artificial intelligence to aerial photographs. The result is an immediate “before and after” comparison of damage to buildings and surrounding areas. This approach delivers timely and accurate information at individual property level to simplify and speed up your processes. You can start the claims settlement process immediately after a storm has struck: Artificial intelligence for the benefit of your insureds.
Challenges to efficient claims settlement
Severe NatCat events like hurricanes regularly devastate countless buildings across large areas. This causes many challenges to you as an insurer in providing effective and cost-sensitive claims settlement:
Limited insights for deploying appropriate resources for loss adjusting
Missing information on the impact of a disaster to your property portfolio or individual buildings
High dependency on external loss adjusters and an increase in the cost burden of 10–15% in the case of manual, onsite inspections
No proactive interaction with policyholders possible due to non-scalable means of communication (FNOL, inspection and settlement)
Our solution: AI assessments combined with our natural catastrophe
Remote Industries provides timely and accurate property and triage information and tools before and after natural disasters such as hurricanes. This allows for individual solutions which are based on your challenges and which subsequently benefit your clients. Munich Re leverages annually updated high-resolution aerial images of buildings that are assessed by artificial intelligence algorithms and compared with new shots of the impacted area that are taken right after the event.
Using AI combined with Munich Re’s natural catastrophe expertise, Remote Industries can support you with solutions for:
Hurricane damage assessment both for regions (portfolio) and for individual buildings (available 5 days after the event)
Post-repair assessment of areas hit by a hurricane (available within 6 months after the storm season )
Remote Industries assesses property damages in bulk and provides timely data and tools that help you to:
After the recent hurricanes Irma and Harvey in 2017 and Florence and Michael in 2018, we supported insurers in their efforts to effectively manage the impact on their businesses and their customers. We offered:
Damage heat maps
Damage classifications based on an AI assessment at individual property level
Identification of roof repair status for the year following the event
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The corporate group consists of the reinsurance and ERGO business segments, together with the capital investment company, MEAG. The Group operates in all lines of insurance. Ever since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its particularly sound financial position. It also offers its clients financial protection when faced with extraordinarily high levels of damage – from the 1906 earthquake in San Francisco right through to the series of Atlantic hurricanes that occurred in 2017. Munich Re possesses outstanding innovative strength, which enables it to also provide cover for extraordinary risks such as rocket launches, renewable energies, cyber attacks or pandemics. The company is playing a key role in driving forward the digital transformation within its industry and in doing so is increasing its ability to assess risks and expanding upon the range of services that it offers. Its tailor-made solutions and close proximity to its clients make Munich Re one of the world’s most sought-after risk partners for the economy, institutions and private individuals.
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