The new services rolled out by Munich Re are expected to make claims settlement considerably easier for insurance firms, thereby speeding up indemnification of the end customer
German reinsurance giant Munich Re has launched two new digital solutions – Wildfire Risk Score and Remote Industries for risk analysis and claims settlement for wildfire and hurricanes.
The new digital solutions are said to significantly make claims settlement easier for insurance firms. As a result, indemnification of the end customer is accelerated, said the reinsurer.
Munich Re on how Wildfire Risk Score works
Wildfire Risk Score is said to support clients in assessing wildfire risks in North America and estimating damage after a wildfire.
Munich Re said that it combines loss data from previous wildfires with information collected from publicly accessible scientific sources. Using the analysis, the company creates high-resolution risk maps that are integrated into its existing risk assessment platform.
Wildfire Risk Score is expected to help insurance firms analyse risks more accurately and at an early stage, itself identify potential accumulations in their portfolio.
The company said that when a wildfire occurs, clients in real-time can visualise their exposure and take any initial measures that are needed. With the links to external warning systems, estimation of losses can be done and claims settlement can be initiated very quickly during and after a wildfire.
Munich Re said that the Wildfire Risk Score approach is transferable to any other part in the world. Currently, risk maps exist for California, Arizona, and Colorado in the US, and for Alberta and British Columbia in Canada.
Munich Re explains Remote Industries
Remote Industries, the other new service, is said to enable automated recording of damage after a hurricane, thereby making handling of claims more efficient.
Possible damage to buildings can be estimated roughly as early as two days before an expected hurricane, while any preventive measures can be taken. Aerial photographs of the impacted regions are immediately available after the hurricane, which allow for considerably better and quicker estimates of damage, said the German reinsurance giant.
Munich Re management board member Torsten Jeworrek said: “We are where our clients and their customers are. Digital technologies enable us not only to continuously improve our products, but also to develop completely new solutions that meet clients’ needs ever more precisely. In this way, we help ensure that insurance will continue to be a stabilising factor for people and businesses in the future.”