The states Florida, Georgia, South Carolina and North Carolina recently went through some of the worst flooding since Hurricane Katrina. Many cities including large parts of Savannah, Charleston, Raleigh and others were flooded for many days and some are still flooded as of this blog’s writing. Needless to say, Property and Casualty (P&C) Insurers stand to pay millions if not billions of dollars in claims; both for property loss and vehicle loss due to the flooding and torrential rains caused by Hurricane Matthew.
Over the past two years IBM has been moving in the direction of being a data-driven cognitive and cloud company. As part of this transformation, IBM has acquired The Weather Company that provides some of the most accurate weather data to pinpoint the impact of impending weather event to a specific address. Many large P&C insurers are adopting advanced weather technology from IBM to save lives, reduce exposure to claims and improve customer loyalty. The biggest benefit is to protecting moving insured assets before weather has a chance to inflict damage. So, insurance companies can ask residents to move vehicles out of harm’s way or board houses before a hurricane.
However, this precise technology comes with its own set of challenges, when it comes to contacting the individuals before or during the time of impending weather event.