Earthquake Preparedness for Insurtechs

Emerging Technologies for Insurtechs

Many InsurTech innovations have the potential to fundamentally change how insurance practice looks like in the near future: 3-Connects (connected car, home, and self) will not only greatly improve systematic risk assessment of personal insurances, but will also provide knowledge and incentives for clients to actively reduce risks in their life; blockchain, Artificial Intelligence, and Big Data will fundamentally change how insurance data is stored, shared and analyzed.

What an Insurtech Need To Do?

Insurtechs business model is selling more. As an Insurtechs receive an Earthquake Preparedness Alert, they launch marketing campaigns and propose clients/ residents to keep their assets safe facing a probable earthquake through purchasing a new policy or extending the existent coverage. As an example, one of the campaigns that proposed the best time to purchase earthquake insurance during the high-risk time window received more than 20% of user engagement in Nov 2019. This report represents how customers expected value change as a time-window marked as high-risk.
There are trillion dollar risks in the high-risk regions. To detect and test the subsystems to set a platform we continuously publish Earling SecondNotice data on GitHub. Insurtechs can test their ecosystem by this data: Earling SecondNotice Repository on GitHub.

Once Earling Earthquake Preparedness Alert issued, insurtechs launch campaigns to acknowledged residents through social media, email marketing, notification on smartphones/ websites, sms or other types of marketing campaigns. As mentioned earlier such campaigns receive more than 20% engagement in the high-risk regions, which is up to 10 times more than the current earthquake insurance penetration rates in most of the regions around the world.

Affordable Risk Transfer

Once a loss occurs, it is too late to revise an insurance policy. Consequently, the policyholder must be extremely diligent during policy purchase and renewal. Understanding specific insurance requirements, carefully calculating the property and business interruption values, outlining contingency plans, and anticipating the potential losses at each location are all key steps in maximizing future insurance recoveries. In sum, paying close attention to the potential impact of a loss at the insurance procurement stage will help to minimize issues and maximize recovery when a loss does occur.

Proposing the best time-window(s) for maximizing insurance coverage before a catastrophe is the Earling solution to transfer earthquake risks. Instead of 365 days insurance, maximize the current coverage only for a few days in each year.

Now that revising insurance policies once a loss occurs is too late, Earling helps to know the best time to transfer risk through new policies or extending the current coverage for a limited period of time for example only for 10 days and not for 365 days of year.
Maximizing insurance coverage after a catastrophic loss is difficult for any company but Earling Earthquake Preparedness Alerts assists to do it before a catastrophe occur.

Well Known Risk Takers

Tackle your risks with our solutions to the big players. We propose enterprise companies as well as SMEs and individualizes the best time to purchase a new earthquake policy or extending the current coverage to make it inexpensive.
risk takers
Currently, Japan, New Zealand, Greece, Turkey, Caribbean, Chile, Ecuador, Taiwan, Romania, Indonesia, California are the regions, which Munich Re accepts their risks. In addition, South Africa, Oklahoma and Utah are subject to further work. Also, between the regions that Earling issues Earthquake Preparedness Alerts, Japan, New Zealand, Caribbean, Chile, Ecuador, Taiwan, Indonesia and US (California, Utah) are undercover by Swiss Re to take the risks.

How we can help?

In general, Earling has a global seismic monitoring network and specialists that are subject matter experts. Regarding the challenges mentioned above, Earling is been able to deliver support.

  • In the pressure on profitability, performance management and key performance indicator settings.
  • In the entrance of parametric insurance markets and issuing alternative products, Earling can deliver independent advice by our global resources.
  • To keep control on the impact of catastrophic events, Earling can assist in optimizing, validating on Cat and reinsurance programs modelling.

Next Step?