As an insurance executive, you know that outages can happen at any time, causing frustration and financial loss for your customers. The recent Telstra outage, which left customers unable to make calls due to a software update, is a prime example of this. In this guide, we’ll provide you with five steps to handle outages effectively and minimize the impact on your customers.

Step 1: Communicate with Your Customers The first step in handling an outage is to communicate with your customers. Let them know what’s happening, what you’re doing to fix the issue, and when they can expect service to be restored. In the case of the Telstra outage, customers took to social media to report the issue, and Telstra responded by acknowledging the problem and providing updates on their website.

Step 2: Have a Contingency Plan in Place Having a contingency plan in place can help you minimize the impact of an outage on your customers. This plan should include steps to restore service as quickly as possible, as well as alternative methods of communication that customers can use in the meantime. In the case of the Telstra outage, Telstra advised customers to use alternative methods of calling, such as FaceTime, WhatsApp, or Messenger.

Step 3: Provide Compensation to Affected Customers When an outage occurs, it’s important to provide compensation to affected customers. This can include refunds, discounts, or other incentives to make up for the inconvenience and financial loss they may have experienced.

Step 4: Learn from the Outage After an outage has been resolved, take the time to analyze what went wrong and how you can prevent similar issues from happening in the future. This may involve updating your software, improving your communication processes, or investing in new technology to improve your network’s reliability.

Step 5: Consider Parametric Insurance Finally, consider parametric insurance as a way to protect your customers from the financial impact of outages. Parametric insurance uses real-time data to trigger payouts automatically when specific events occur, such as a network outage. This can provide your customers with peace of mind and financial protection when they need it most.

At Riskwolf, we specialize in helping insurers build and operate parametric insurance at scale. With our unique real-time data and dynamic risk modeling, we can help you provide your customers with the protection they need. Contact us today to learn more.

In conclusion, outages can be frustrating and costly for your customers, but by following these five steps, you can minimize the impact and provide them with the support they need. Remember to communicate with your customers, have a contingency plan in place, provide compensation, learn from the outage, and consider parametric insurance as a way to protect your customers in the future. To read more about the recent Telstra outage, visit Yahoo Finance.