How the Best Laid Plans Can Cut Cat Losses [Infographic]
May 26, 2014| Von Mike Griffin | Property | English
The hurricane season is here, and it's time to make sure you have an effective catastrophe plan in place. A good Cat plan translates into satisfied customers, fewer complaints and better retention levels. Going deeper, it also means reduced bad faith exposure, plus better control over indemnity and expense levels.
The best plans ensure that the necessary resources are readily available to handle a high volume of claims and are quick to put into action. Insurers' planned responses vary depending on different factors, such as size and claims staffing model.
Our infographic below lists 37 critical areas for planning and assessment - before, during and after an event - that can transform Cat claims handling right across the board.
To learn more about the steps you can take, from forecasting claim volumes to closed file reviews, read our June edition of Property Matters. Remember, actions you take before, during and after a Cat event will ultimately influence loss ratios.