As an insurance executive, you know that the outage management system (OMS) market is projected to be worth USD 6.3 Billion by 2032, registering a CAGR of 21.50% during the forecast period (2023 – 2032) according to a report by Market Research Future Insights. OMS solutions have become essential for utilities worldwide due to the increasing demand for uninterrupted power supply and the growing complexity of electrical grids. However, growing complexity in OMS may hamper the growth of the global outage management system market.

The COVID-19 pandemic has caused disruptions in the implementation of OMS solutions due to restrictions on movement, social distancing guidelines, and lockdown measures. Many projects were delayed or put on hold as companies focused on dealing with immediate challenges posed by the pandemic. However, the pandemic has also highlighted the criticality of business continuity and resilience for utilities. OMS solutions that offer advanced analytics, predictive capabilities, and real-time visibility into the grid have gained importance as utilities strive to enhance their response to outages and minimize downtime.

Riskwolf’s parametric insurance can help insurance builders to develop OMS solutions that offer advanced analytics, predictive capabilities, and real-time visibility into the grid. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modelling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast.

Here are five steps to improve outage management with Riskwolf’s parametric insurance:

1. Identify the risks: Identify the risks associated with power outages, such as loss of revenue, damage to equipment, and customer dissatisfaction.

2. Collect real-time data: Collect real-time data on weather conditions, power usage, and other factors that can affect power outages.

3. Analyze the data: Analyze the data to identify patterns and trends that can help predict power outages.

4. Develop parametric insurance: Develop parametric insurance policies that pay out when specific triggers are met, such as a certain number of customers experiencing a power outage for a certain period.

5. Monitor and adjust: Monitor the data and adjust the parametric insurance policies as needed to ensure they remain effective.

By following these steps, insurance builders can develop OMS solutions that offer advanced analytics, predictive capabilities, and real-time visibility into the grid. Riskwolf’s parametric insurance can help insurance builders to develop these solutions quickly and reliably.

In conclusion, the outage management system market is growing rapidly, and OMS solutions have become essential for utilities worldwide. However, growing complexity in OMS may hamper the growth of the global outage management system market. Riskwolf’s parametric insurance can help insurance builders to develop OMS solutions that offer advanced analytics, predictive capabilities, and real-time visibility into the grid. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modelling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast. Get in touch with Riskwolf to develop parametric insurance for your OMS solution today.

Source: Global Outage Management System Market Demand, Analysis, Future, Forecast By 2032