Munich Re has released a new set of hurricane response tools to help insurance firms assess property damage after incidents.
The Hurricane Response Suite supplies insurers with quick and location-specific detection of property damage within days after a hurricane. It also gives detailed predictions of damage days prior to the hurricane arrives.
To automate the damage detection and improve the response and claims process, the service applies machine learning algorithms to aerial imagery to detect damaged individual property features, such as exterior and roof damage. This enables an insurer to adjust a claim without needing an on-site inspection.
Munich Re head of THE LAB Roman Buegler said, “The hurricane events from 2016 to 2018 resulted in a high volume of claims, a shortage of adjusters and higher loss adjustment expenses for insurance companies, with claims resolution delayed for many of those who were impacted.
“Our new suite of tools utilizes cutting-edge technology to help insurance companies improve the customer experience and free up adjusters to manage serious or complex losses, while allowing rapid settlement of more simple losses.”
Last year, Munich Re acquired industrial internet of things solution relayr in a deal worth $300m. The company helps industrial companies to optimise their data usage and improve equipment, machines and production lines.
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