On Wednesday, Vodafone, one of the UK’s largest network providers, experienced a widespread outage that left hundreds of customers without internet access on their mobile phones and 4G routers. The issues began around 11:30 am, with service outage monitor Downdetector recording a significant spike in reported outages. Customers in various parts of the UK, including southwest London, North Wales, and Northern Ireland, were affected. Baseline Magazine

Many users complained of being unable to use mobile data services despite having a good or 4G signal. Some customers reliant on the network’s business services also reported disruptions to their working day. CloudFlare Radar UK, another service status monitor, noted that internet traffic had dropped over 40% below expected levels from 11 am onward. However, Vodafone’s website did not indicate any known national issues with the network.

This outage is a stark reminder of how vulnerable we are to network disruptions. As insurance executives, you know that network outages can have a significant impact on businesses and individuals alike. The consequences can be severe, ranging from lost productivity to reputational damage and financial losses.

Imagine a scenario where a business relies heavily on Vodafone’s network to conduct its operations. The outage could result in lost revenue, missed deadlines, and unhappy customers. In such a situation, having insurance coverage that protects against network outages could be a lifesaver.

This is where parametric insurance comes in. Unlike traditional insurance policies that require lengthy claims processes and investigations, parametric insurance pays out automatically when specific triggers are met. For example, a policy could be designed to pay out when a network outage lasts for more than a certain number of hours or affects a certain number of customers.

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.

The Vodafone outage is just one example of how network disruptions can impact businesses and individuals. As insurance executives, it’s essential to stay ahead of the curve and offer innovative solutions that protect against these risks. Don’t wait until it’s too late. Get in touch with Riskwolf today to learn more about how we can help you develop parametric insurance for your clients.