If you’re an insurance executive in the transportation industry, you know that technology outages can have a significant impact on your operations. The recent outage experienced by Norfolk Southern Corporation is a prime example of this. In this blog post, we’ll provide you with a step-by-step guide on how to mitigate the impact of a technology outage on your rail operations.

Step 1: Identify the Root Cause of the Outage

The first step in mitigating the impact of a technology outage is to identify the root cause of the outage. In the case of Norfolk Southern, the outage was caused by a vendor product defect. It’s essential to conduct a thorough investigation to determine the cause of the outage and take steps to prevent it from happening again in the future.

Step 2: Collaborate with Customers

The next step is to collaborate closely with your customers to keep them informed of the outage’s impact on your operations. Norfolk Southern’s Marketing team did an excellent job of collaborating with customers to keep them informed. It’s essential to communicate regularly with your customers to ensure that they understand the situation and can plan accordingly.

Step 3: Work to Mitigate Traffic Congestion

The impact of a technology outage on rail operations can cause traffic congestion. It’s essential to work to mitigate traffic congestion caused by the outage. Norfolk Southern expects the impact of their outage to last at least a couple of weeks as they work to mitigate traffic congestion caused by the outage.

Step 4: Review the Resiliency of Your Data Center and Network Technology

To prevent future outages, it’s essential to review the resiliency of your data center and network technology. Norfolk Southern has undertaken a total review of the resiliency of its data center and network technology to prevent future outages. It’s essential to take steps to ensure that your data center and network technology are resilient and can withstand potential outages.

Step 5: Consider Parametric Insurance

Finally, consider parametric insurance as a way to mitigate the impact of a technology outage on your rail operations. Parametric insurance uses real-time data to trigger payouts when specific events occur. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modeling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast.

In conclusion, technology outages can have a significant impact on rail operations. By following these five steps, you can mitigate the impact of a technology outage on your rail operations. Remember to identify the root cause of the outage, collaborate with customers, work to mitigate traffic congestion, review the resiliency of your data center and network technology, and consider parametric insurance. To learn more about the recent outage experienced by Norfolk Southern Corporation, visit PR Newswire. And if you’re interested in learning more about how Riskwolf can help you build and operate parametric insurance, get in touch.