How to Handle a Massive Outage: A Guide for Insurance Executives
If you’re an insurance executive, you know that unexpected events can happen at any time. That’s why it’s important to be prepared for anything, including massive outages like the one that hit Verizon recently. In this guide, we’ll show you how to handle a massive outage and protect your business from potential losses.
Understanding the Outage
On August 19th, Verizon, the largest wireless carrier in America, experienced a massive outage that affected users across the US. Users reported that they could not call, text, or use cellular data, and many added that their phones were in SOS mode. Phones enter SOS mode when not connected to their carrier network, either because they are in an area with poor coverage or because of a technical problem. Given that most of the reports were from major cities, this issue seems to be the latter.
Fortunately, a phone in SOS mode can still make emergency calls, and you may be able to make some calls and send texts if you have a Wi-Fi connection. However, if you need any sort of connectivity outside of an emergency call, you’ll need to find Wi-Fi.
Steps to Take
If you’re an insurance executive, you need to take steps to protect your business from potential losses during a massive outage. Here are some steps you can take:
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Check your insurance policy: Review your insurance policy to see if it covers losses due to a massive outage. If it does, make sure you understand the terms and conditions of the policy.
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Contact your insurance provider: If you have any questions about your policy or need to file a claim, contact your insurance provider as soon as possible. They can help you understand your coverage and guide you through the claims process.
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Communicate with your employees: If your business relies on cellular data or phone calls, make sure your employees are aware of the outage and have alternative means of communication. This could include using Wi-Fi or landlines.
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Monitor the situation: Keep an eye on the news and social media to stay up-to-date on the outage. This will help you understand the scope of the problem and how it may impact your business.
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Consider parametric insurance: If your business is at risk of losses due to a massive outage, consider parametric insurance. 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.
Conclusion
A massive outage like the one that hit Verizon can be a major disruption for businesses. As an insurance executive, it’s important to be prepared for anything and take steps to protect your business from potential losses. By following the steps outlined in this guide and considering parametric insurance, you can minimize the impact of a massive outage on your business. To learn more about how Riskwolf can help you build and operate parametric insurance, get in touch with us today.