If you’re an insurance executive, you know that unexpected events can happen at any time. One such event occurred recently when millions of ANZ Bank customers were unable to access their accounts using their app and internet banking services. This outage caused frustration and inconvenience for many customers, and it’s a reminder that businesses need to be prepared for unexpected events. In this post, we’ll provide a guide for insurance executives on how to handle a banking app outage.

Step 1: Assess the Situation

The first step in handling a banking app outage is to assess the situation. Determine the extent of the outage and how many customers are affected. This will help you understand the potential impact on your business and your customers.

Step 2: Communicate with Customers

Once you have assessed the situation, it’s important to communicate with your customers. Let them know what is happening and what steps you are taking to resolve the issue. Use social media, email, and other communication channels to keep customers informed.

Step 3: Have a Contingency Plan

A banking app outage can have a significant impact on your business. That’s why it’s important to have a contingency plan in place. This plan should outline the steps you will take to minimize the impact of the outage on your business and your customers.

Step 4: Consider Parametric Insurance

Parametric insurance is a type of insurance that pays out when a specific event occurs. For example, if a banking app outage occurs, parametric insurance could provide coverage for lost revenue or other expenses. Consider whether parametric insurance could be a good fit for your business.

Step 5: Work with Riskwolf

If you’re interested in exploring parametric insurance for your business, consider working with Riskwolf. Riskwolf enables insurers to build and operate parametric insurance at scale using unique real-time data and dynamic risk modeling. With Riskwolf, you can turn real-time data into insurance.

In conclusion, a banking app outage can have a significant impact on your business and your customers. By following these steps and considering parametric insurance, you can minimize the impact of an outage and protect your business. To learn more about the recent ANZ Bank app outage, check out this article.