Natural Disaster Risk Management
for Property/Casualty Insurance
Natural disaster catastrophe is the number one threat to financial performance for property insurers. In recent years wildfire catastrophe has been occurring with greater frequency and severity. As a result, wildfire mitigation, monitoring, reporting and response have collectively become areas of increasing priority.
RedZone provides software, technology and services, with a focus on wildfire, and five achievable results:
- Early, accurate and relevant event assessment
- Effective executive reporting
- Relevant and valued customer communication
- Reduce monitoring, reporting and response costs
- Financial performance support
Our suite of products achieves these results by providing our customers clear understanding of the potential risk to insured property along with early and accurate event information. This enables informed underwriting decisions, efficient communication of relevant information to internal and external stakeholders, and rapid response support when appropriate to protect client property.
Underwriter
The financial and competitive environment faced in today’s economy and insurance marketplace presents significant challenges to underwriters. Expansion into the western states often creates new challenges related to the threat of wildfire.
RedZone’s RZRisk product incorporates cutting edge fire science with a business value perspective. RZRisk technology provides easily integrated tools for confidently making, writing and pricing decisions without unnecessarily limiting growth. Underwriting suspensions are supported through RedZone’s web based geospatial platform, which displays real-time wildfire events throughout the US.
- Full systems and workflow integration
- Stop needlessly limiting growth with real world physical boundaries
- Improve efficiency through programmatic accumulation monitoring
- Accurately identify the correct wildfire exposure
Cat Risk Manager
RedZone brings a unique skillset including both a sophisticated wildfire intelligence platform and deep industry experience in wildfire behavior and response. We utilize a proprietary automated intelligence-gathering software platform to decrease the time and effort required to analyze, filter and track wildfires in relation to insured property.
- Faster and more relevant new event information and updates
- Improve event information accuracy
- Ready to deliver internal SIT reports
- Analyst phone support
- Response supported ICP liaison representation
Claims Manager
Claims management effectiveness has both internal and external challenges. Internally, the claims department is called on to accurately assess and anticipate exposure and loss, as well as provide damage and severity projections to waiting executives. Externally, updating policyholders and agents with the latest condition reports, as well as alerting inside adjusters and TPA’s of the potential need to respond.
RedZone’s combined suite of products and services are designed to address the challenges you face during natural disaster events.
- Receive relevant updates on asset exposure early and often
- Communicate internally with customized executive summaries including PIF count and TIV exposure
- Provide more accurate projections of damage and loss severity
- Quickly and accurately inform agents and policyholders through built in communication tools