Remote Industries claims management solutions Leading-edge technology tools to streamline your property claims process and help your policyholders recover faster from natural catastrophes. Catastrophic natural events have increased in frequency and severity, including back-to-back hurricanes Florence and Michael, which caused catastrophic flooding in the Carolinas. These events also led to a shortage of claims adjusters, high loss adjustment expenses, a lengthy and stressful claims process for impacted policyholders, and a more challenging Cat response for you.
Remote Industries – the future in hurricane claims management
Munich Re’s Remote Industries takes managing hurricane claims to a new level. Using high- resolution, aerial imagery, remote sensing AI, and machine learning, we can help you improve risk and damage assessment, accelerate response time, and deliver the best possible customer experience. Damage predications can be made four days in advance of landfall, and damage detection four days after the event. This includes location and characteristics of each building in the portfolio – making this truly a next generation hurricane claims management solution.
87% $1K-2.6k of customers say the claims average loss adjuster expense experience influences their per claim in recent hurricanes3 decision to stay with a carrier1
1m+ 670k claims filed for Hurricane Irma, combined personal & commercial 838k claims for residential property claims to private insurers property2 for Hurricane Harvey4
1 https://www.ey.com/Publication/vwLUAssets/EY-claims-in-a-digital-era/$File/EY-claims-in-a-digital-era.pdf 2 https://www.floir.com/Office/HurricaneSeason/HurricaneIrmaClaimsData.aspx 3 2018 Munich Re Claims Data. 4 https://www.insurancejournal.com/news/southcentral/2018/02/13/480405.htm 4 DAYS AFTER LANDFALL* First post-cat imagery and damage detection available
4 DAYS BEFORE LANDFALL* 10 DAYS AFTER LANDFALL* Per-property damage prediction Images and damage detection available for all property exposed to hurricane wind
*Please note that four-day and ten-day time periods may vary due to weather conditions.
Our Remote Industries hurricane tool suite provides more than images, it delivers data intelligence that allows for better and earlier detection of damage.
Product features Product support and
Early damage prediction Insurer benefits implementation - property-specific likelihood of loss - more peace of mind for impacted - dedicated support provided by IT and beginning four days prior to hurricane policyholders through an improved geospatial system specialists making landfall claims experience - training available - daily calibrations and updates provided - reduces Loss Adjustment Expense in as early as one day after event many cases - provides damage data before first notice Pricing Enhanced damage detection of loss (FNOL), allowing: - Remote Industries offers a suite of - property-specific damage reports - proactive contact of policyholders to hurricane solutions; pricing is based on available four days after landfall mitigate on potential claim the specific needs of the client - daily updates until 10 days after - a way to better estimate total claims hurricane makes landfall expected/reserves required - ability to detect damage caused - more efficient management of internal Product availability by wind and external claims resources - availability in the U.S., U.S. Virgin - data can be delivered via API or Islands, Puerto Rico, Bahamas and Advanced damage classification web portal Cayman Islands - aerial imagery and roof damage - available for all residential and assessment for each individual property Policyholder benefits commercial properties with gabled - ranking from ‘No exterior damage’ to - expedited claims payment and faster roofs only ‘Major structural building damage’ recovery after a catastrophic event - potential use with mobile home parks - more personalized, accurate data with accurate geocodes provided about losses - less uncertainty before an event with early communication of possible damage - property losses communicated to policyholder just days after event Contact Roman Bügler, Co-lead Remote Industries, for more information and a demo at [email protected]
The material presented here reflects projections based on assumptions and forecasts, and is intended for information purposes only. It is not intended to be legal, underwriting, financial or any other type of professional advice and the recipient should consult with its own counsel or other advisors to verify the accuracy and completeness of any information used and to determine its applicability to the recipient’s particular circumstances. The Remote Industries product and service is offered by Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft (“Munich Re”). Remote Industries is provided by MR Service GmbH which is a wholly owned subsidiary of Munich Re. Neither Munich Re nor Munich Reinsurance America, Inc. (collectively, the “Companies”), or any of the Companies’ respective affiliates, makes any warranty, representation or guarantee, expressed or implied, in this material regarding the product or service and the suitability of the product and service for the recipients’ particular purpose. The Companies disclaim any and all liability whatsoever resulting from use of or reliance upon this material.
Munich Re is a reinsurance company organized under the laws of Germany. In some countries, including in the United States, Munich Re holds the status of an unauthorized reinsurer. Policies are underwritten by Munich Re or its affiliated insurance and reinsurance subsidiaries. Certain coverages are not available in all jurisdictions.
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For more information contact: Munich Reinsurance America, Inc. 555 College Road East P.O. Box 5241 Princeton, NJ 08543-5241 Tel.: (609) 243-4200 Fax: (609) 243-4257 www.munichreamerica.com