Modern Insurance Magazine Issue 60

INSURTECH
Catastrophe
and Climate:
Facilitating Security
through Data and
Technology
Daniel Thafvelin,
Group CEO, Contemi Solutions
It’s no secret that global climate conditions are shifting.
We are seeing an increasing number of extreme weather
events and natural disasters across the globe - the results
of which have been, and will continue to be, catastrophic.
Insurance software vendors, standing at the intersection
of technology and risk management, play a crucial role
in facilitating insight and seamless processes, helping
to rebuild the lives and homes of those affected by
catastrophic weather events.
Whilst loss of life may have been lessened in recent years
thanks to further sophistication and the introduction of
multi-hazard early warning systems, economic losses
continue to surge. However, the very nature of insurance
aims to provide security, supporting the policyholder should
you fall victim to material losses due to climatic events.
Vendors need to understand the role they play in this
ecosystem, and focus on the contributions they can
make to this process instead. Software is a valuable tool
for streamlining and optimising processes across the
world, and this is no different when it comes to insurance.
Understanding how your software can be used and the
impact it can have will result in even better and more
efficient tools.
Analytics and Reporting
Insurance software often incorporates robust analytics
capabilities, leveraging data insights to drive informed
decision-making. By analysing historical claims data,
insurers can identify patterns, trends, and risk factors,
enabling them to make data-driven assessments and refine
underwriting processes. This improves applicability of
insurance products provided to customers.
Efficiently Manage Insurance Claims
Insurance software reduces time and overhead costs for
the insurer, as well as providing a lean ‘hassle free’ process
for customers requiring financial support following loss/
damage.
Error Reduction & Improved Accuracy
Data validation & verification mechanisms in insurance
software, alongside automated calculations and checks,
help to mitigate the risk of error.
Sophie Twilton,
Project Manager, Contemi Solutions
Streamline Communication
Software creates a centralised platform, with integrated
communication channels and alerts which enables realtime
collaboration and information sharing. This allows
stakeholders to access relevant resources & updates at the
click of a button.
Enhanced Customer Experience & Accessibility
User-friendly interfaces - accessible online or via a mobile
device - ensure quick and easy access for customers in
their time of need.
Cost Savings
Improved efficiency and reduced overheads leads to a
reduction in costs for the insurer. This can be passed onto
customers through the cost of their policy.
Whilst insurance may provide some security, it’s crucial
that we all play our part in reducing our own carbon
footprint and attempt to protect our fragile and fluctuating
environment. The insurance industry itself is adapting
to the ever-changing world around us and adjusting to
become more sustainable.
Seamless.Insure - a Cloud-Native, No-Code insurance
platform - was designed to connect, automate and simplify
insurance management and claims processing. Cloud is
revolutionising the IT industry in several ways, including the
reduction of energy consumption through its contradiction
to on-premises solutions.
Get more information on Seamless Claims at
https://seamless.insure/seamless-claims/
MODERN INSURANCE | 77