Avoid the storm with trusted data
The states Florida, Georgia, South Carolina and North Carolina recently went through some of the worst flooding since Hurricane Katrina. Many cities including large parts of Savannah, Charleston, Raleigh and others were flooded for many days and some are still flooded as of this blog’s writing. Needless to say, Property and Casualty (P&C) Insurers stand to pay millions if not billions of dollars in claims; both for property loss and vehicle loss due to the flooding and torrential rains caused by Hurricane Matthew.
Pinpoint the impact of weather events
Over the past two years IBM has been moving in the direction of being a data-driven cognitive and cloud company. As part of this transformation, IBM has acquired The Weather Company that provides some of the most accurate weather data to pinpoint the impact of impending weather event to a specific address. Many large P&C insurers are adopting advanced weather technology from IBM to save lives, reduce exposure to claims and improve customer loyalty. The biggest benefit is to protecting moving insured assets before weather has a chance to inflict damage. So, insurance companies can ask residents to move vehicles out of harm’s way or board houses before a hurricane.
However, this precise technology comes with its own set of challenges, when it comes to contacting the individuals before or during the time of impending weather event. Insurance companies need to verify that a house exists at a certain address before insuring it, or that a car is registered to an owner before insuring it. However, having the most accurate contact information for the insured is hit or miss. In many cases, the contact data is inaccurate or doesn’t have multiple contact methods. Mobile phone numbers, email IDs, Twitter handles and Facebook accounts can be collected, but then needs to be mastered, governed and shared across the ecosystem.
Ensure smooth sailing with the right technology
Enter Master Data Management (MDM). MDM solutions help Property and Casualty insurers master, govern and share the most current and accurate contact information. MDM systems typically operate with a hub and spoke architecture where new contact information is passed to the MDM hub. This information is matched and mapped to an individual or business, followed by application of data quality and governance rules before becoming part of the master record. This master record is then shared with all subscribing applications via a publish mechanism.
So, the next time a weather event occurs, MDM provides the most accurate and trusted contact info for insurers, as well as accurate matching, identification and linking, householding, hierarchy management, privacy preferences, campaign management, risk scores, relationships and many others. You can avoid the storm with trusted data from IBM MDM solutions and ensure smooth sailing for insurance providers and clients. Hear more about MDM from our client Dell at the MDM and Governance Summit in New York, NY, November 8-10 and visit us at Booth #110.