As an insurance executive, you know that outages can have a significant impact on your customers. The recent AT&T outage that affected more than 70,000 users is a prime example of this. As reported by Investing.com, AT&T has decided to credit customers a full day of service for the carrier’s more than 10-hour outage on Thursday. This is a great example of how to handle outages, and as an insurance executive, you can learn from it.

In this guide, we will provide you with a step-by-step process on how to handle outages and ensure that your customers are taken care of.

Step 1: Acknowledge the Outage

The first step in handling an outage is to acknowledge it. Let your customers know that you are aware of the issue and that you are working to resolve it. This will help to alleviate any concerns that your customers may have and show them that you are taking the situation seriously.

Step 2: Determine the Cause of the Outage

Once you have acknowledged the outage, the next step is to determine the cause of the outage. This will help you to understand the scope of the problem and how to best address it. In the case of the AT&T outage, the company determined that the outage was caused by the application and execution of an incorrect process used while working to expand the network.

Step 3: Communicate with Your Customers

Communication is key when it comes to handling outages. Keep your customers informed of the situation and provide them with regular updates on the progress of the resolution. This will help to build trust with your customers and show them that you are committed to resolving the issue as quickly as possible.

Step 4: Provide Compensation

If the outage has had a significant impact on your customers, consider providing compensation. This could be in the form of a credit or refund for the affected services. In the case of the AT&T outage, the company decided to credit customers a full day of service for the carrier’s more than 10-hour outage on Thursday.

Step 5: Learn from the Outage

Finally, it’s important to learn from the outage. Take the time to review what happened and determine what steps can be taken to prevent similar outages from occurring in the future. This will help to ensure that your customers are not impacted by similar issues in the future.

In conclusion, handling outages is an important part of being an insurance executive. By following these steps, you can ensure that your customers are taken care of and that you are able to resolve the issue as quickly as possible. If you are interested in learning more about how to handle outages and how parametric insurance can help, get in touch with Riskwolf. 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.