DISASTER MITIGATION TRENDS IN INSURANCE
WHAT ARE THE STEPS BEING TAKEN TO COMBAT CATASTROPHE LOSSES?
We all now about the increase in catastrophe losses and the impacts that natural disasters are having on the severity of claims costs. But what is being done to mitgate these trends? Let ' s look at insights on tech, coverage, and other efforts that are having an impact.
INSURTECH SOLUTIONS
InsurTech solutions are often thought of as ways to innovate workflow. But some in the industry are innovating risk mitigation, and for natural disasters it is no different.
Faura is a climate disaster analytics company that uses years of prevention data and climate analytics to help insureds protect their most valuable assets – their property.
Here ' s what Faura CEO and co-founder Valkyrie Holmes had to say about what they ' re building:
How can risk mitigation technology impact the insurance industry?
" It ' s no secret that times are changing in the insurance industry when it comes to risk and the goal of a lot of new tech is to find the best risks. But I think we forget a lot of the time that just focusing on the best risks really shrinks the market for carriers and agents, forcing us to operate with stricter rules and rely very heavily on our branding to get us through the hard times. The focus SHOULD be on how we make the higher risks more profitable as well as identifying new opportunities in the market. Risk mitigation technology has the potential to open up business and create a more enticing experience for policyholders, which we are all inherently fighting for."
How does Faura plan to help make that happen?
" Faura focuses on property survivability, so instead of where a disaster is likely to happen, we analyze a
18 KANSAS INSURANCE AGENT & BROKER