As insurance executives, you know that unexpected disruptions can happen at any time. From natural disasters to power outages, these events can have a significant impact on your business and your clients. The recent power outage at the Virginia Mason Athletic Center, home of the Seattle Seahawks, is a prime example of how even the most prepared organizations can be caught off guard. In this post, we’ll explore five ways insurance executives can prepare for unexpected disruptions.

1. Have a Business Continuity Plan in Place A business continuity plan is a comprehensive strategy that outlines how your organization will continue to operate in the event of a disruption. This plan should include procedures for communication, data backup and recovery, and alternative work arrangements. By having a plan in place, you can minimize the impact of a disruption and ensure that your business can continue to operate.

2. Invest in Parametric Insurance Parametric insurance is a type of insurance that pays out when a specific event occurs, such as a hurricane or earthquake. Unlike traditional insurance, which requires a lengthy claims process, parametric insurance pays out quickly and automatically. By investing in parametric insurance, you can provide your clients with peace of mind and ensure that they are protected in the event of a disruption.

3. Embrace Technology Technology can be a powerful tool in preparing for and responding to disruptions. Cloud-based systems, for example, can ensure that your data is backed up and accessible from anywhere. Mobile devices can allow your employees to work remotely in the event of an office closure. By embracing technology, you can ensure that your business can continue to operate even in the face of a disruption.

4. Communicate with Your Clients In the event of a disruption, your clients will likely have questions and concerns. It’s important to communicate with them regularly and provide updates on the situation. By being transparent and proactive, you can build trust with your clients and ensure that they are informed and prepared.

5. Practice, Practice, Practice Finally, the best way to prepare for a disruption is to practice. Conduct regular drills and simulations to test your business continuity plan and identify areas for improvement. By practicing, you can ensure that your organization is prepared for any eventuality.

At Riskwolf, we specialize in helping insurance executives prepare for unexpected disruptions. Our unique real-time data and dynamic risk modeling enable insurers to build and operate parametric insurance at scale. To learn more about how we can help you prepare for disruptions, visit our website or contact us today.

Source: Power Outage Forcing Seahawks to Adapt Preparations For Cardinals