As a result, when a natural disaster strikes, agents can spend less time on research and gathering of documentation and more time in the field helping clients recover and file their claims. Plus, with cloud storage of key client data, agents can speed application processes from anywhere they have a secure internet connection. These advances and other digital data collection tools have also enabled private flood insurance policies to be written in a more targeted way, based on individual risks and needs. Progresses in land mapping can, in some cases, eliminate the need for property owners to submit traditional documentation as well. 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.ĭigitized flood mapping of FEMA flood zones helps to locate a property on the flood map for each prospective policyholder. But across the industry the impact of digital advancements has been immense. We’ve seen first-hand how the Wright Flood proprietary claims software can speed claims settlement and information gathering for our policyholders. Look to the Cloud to Create Calm before the StormĪdvances in technology are expediting the insurance application process for homeowners and business owners alike, reducing the time required to get flood policies written. 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. 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. "Clients will appreciate being able to check the status of a claim via text – particularly during prolonged power outages"Īpps, 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. But twin storms striking some of the country’s most vulnerable flood states has highlighted technology’s power to revolutionize the flood insurance industry. Nobody wanted to see the series of natural disasters that hit the United States this year.
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