As an insurance executive, you know that unexpected events can happen at any time. One such event that can impact your customers is a roaming outage. Recently, several Canadian carriers, including Bell and Freedom, experienced roaming outages caused by third-party network service providers. This resulted in wireless customers experiencing service problems outside of Canada. In this blog post, we will provide you with a step-by-step guide on how to handle roaming outages as an insurance executive.

Step 1: Stay Informed

The first step in handling a roaming outage is to stay informed. Keep up-to-date with the latest news and updates from the carriers and third-party network service providers. In the case of the recent Canadian roaming outage, Bell confirmed the issue via its support account on Twitter. MobileSyrup also reported that Freedom was impacted. By staying informed, you can quickly assess the situation and determine the impact on your customers.

Step 2: Communicate with Your Customers

The next step is to communicate with your customers. Let them know that you are aware of the situation and are working to resolve it. Provide them with regular updates on the status of the outage and when they can expect service to be restored. In the case of the recent Canadian roaming outage, Bell outlined that some customers using services outside of Canada “may experience service problems due to an issue impacting several wireless providers across the world.” Bell assured its customers that it was working with partners to restore service.

Step 3: Review Your Insurance Policies

The third step is to review your insurance policies. Determine if any of your policies cover roaming outages and if so, what the coverage entails. If your policies do not cover roaming outages, consider adding this coverage to your policies. By doing so, you can provide your customers with peace of mind knowing that they are protected in the event of a roaming outage.

Step 4: Consider Parametric Insurance

Finally, consider parametric insurance. Parametric insurance is a type of insurance that pays out when a specific event occurs, such as a roaming outage. With parametric insurance, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modelling, insurers can build and operate parametric insurance at scale. This type of insurance is simple, reliable, and fast.

In the case of the recent Canadian roaming outage, parametric insurance would have helped insurers quickly assess the situation and determine the impact on their customers. By having this coverage in place, insurers could have provided their customers with immediate financial assistance to cover any losses incurred during the outage.

In conclusion, handling a roaming outage as an insurance executive requires staying informed, communicating with your customers, reviewing your insurance policies, and considering parametric insurance. By following these steps, you can ensure that your customers are protected in the event of a roaming outage. If you are interested in learning more about parametric insurance, get in touch with Riskwolf to develop parametric insurance for your specific case. With Riskwolf, you can turn real-time data into insurance.

Source: MobileSyrup