How to Handle Electronic System Outages at Ferry Terminals: A Guide for Insurance Executives
If you’re an insurance executive, you know that unexpected events can happen at any time. One such event occurred recently at Washington ferry terminals, where a “network outage” caused delays and disruptions for passengers. As an insurance executive, it’s important to be prepared for these types of situations and have a plan in place to mitigate the risks. In this post, we’ll provide you with a list of statements and explain what to do instead, so you can be better prepared for the next unexpected event.
What Happened at Washington Ferry Terminals?
According to KOMO News Staff, there was an “unplanned outage to our entire electronic fare system” early Thursday morning. This caused delays at toll booths and disruptions for passengers. During the outage, terminal staff had to rely on backup manual transactions. The cause of the outage is currently unknown.
What to Do Instead of Relying on Electronic Systems
-
Have a backup plan in place. As an insurance executive, it’s important to have a backup plan in place for unexpected events. This could include having manual processes in place, such as backup toll booths or manual ticketing systems, to ensure that operations can continue even if electronic systems fail.
-
Communicate with passengers. In the event of an unexpected event, it’s important to communicate with passengers and keep them informed of any delays or disruptions. This could include providing regular updates via social media, email, or text message, so passengers know what to expect and can plan accordingly.
-
Consider parametric insurance. Parametric insurance is a type of insurance that pays out when a specific event occurs, such as a power outage or network outage. This type of insurance can be particularly useful for businesses that rely on electronic systems, as it provides a way to mitigate the financial risks associated with unexpected events.
-
Invest in real-time data and risk modeling. Real-time data and risk modeling can help insurance executives better understand the risks associated with unexpected events and develop more effective strategies for mitigating those risks. By investing in these tools, insurance executives can be better prepared for unexpected events and minimize the impact on their business.
Conclusion
As an insurance executive, it’s important to be prepared for unexpected events like the recent network outage at Washington ferry terminals. By having a backup plan in place, communicating with passengers, considering parametric insurance, and investing in real-time data and risk modeling, you can be better prepared for unexpected events and minimize the impact on your business. If you’re interested in learning more about how Riskwolf can help you develop parametric insurance for unexpected events, get in touch with us today. With Riskwolf, you can turn real-time data into insurance and be better prepared for whatever the future holds.