Introduction: As an insurance executive, you know that natural disasters can cause widespread damage and disruption. The recent Hurricane Milton has left millions of cellphone users in Florida without communication. But did you know that even in areas not directly affected by the hurricane, there are still communication outages affecting millions of people? According to the FCC’s latest report, about 16.9% of cell sites are still out of commission, leaving 2-4 million phone users without service. As insurance builders, it’s important to understand the impact of communication outages and how to prepare for them.

Main Body: Here are some common statements about communication outages and what insurance executives should do instead:

1. “We don’t need to worry about communication outages because they only happen during natural disasters.” Instead: Communication outages can happen at any time, not just during natural disasters. It’s important to have a plan in place to deal with them, including backup communication methods and contingency plans for employees who rely on cellphones for work.

2. “Our insurance policies cover all types of damage, including communication outages.” Instead: While some insurance policies may cover communication outages, it’s important to review your policies and make sure they specifically address this type of damage. Consider offering parametric insurance, which pays out based on specific triggers such as communication outages, to provide more comprehensive coverage.

3. “We don’t need to worry about communication outages because our customers can use other forms of communication.” Instead: While it’s true that customers can use other forms of communication, such as landlines or email, communication outages can still have a significant impact on business operations. It’s important to have a plan in place to deal with communication outages and minimize their impact on your business.

4. “We can’t do anything to prevent communication outages.” Instead: While you can’t prevent communication outages entirely, there are steps you can take to minimize their impact. This includes investing in backup communication methods, such as satellite phones or two-way radios, and having a contingency plan in place for employees who rely on cellphones for work.

Conclusion: Communication outages can have a significant impact on businesses and individuals alike. As insurance executives, it’s important to understand the impact of communication outages and how to prepare for them. Consider offering parametric insurance to provide more comprehensive coverage and invest in backup communication methods to minimize the impact of communication outages. With Riskwolf, you can turn real-time data into insurance and build and operate parametric insurance at scale. Don’t wait until it’s too late – get in touch with Riskwolf today to learn more. And for more information on the recent communication outages, check out the original article by Brian Wang at Nextbigfuture.com.