Aussie tech companies join forces to provide heads-up for insurers before a flood
When Australia was hit by unprecedented floods, Daniel Sandaver, Managing Director of Codafication (the company behind Crunchwork), partnered with FloodMapp technology to offer insurers a better way of understanding the claims in the worst affected areas.
FloodMapp, founded by CEO Juliette Murphy, specialises in rapid real-time flood forecasting and flood inundation mapping to provide greater warning time that can potentially save lives and reduce damage and associated financial losses. Overlaying FloodMapp’s technology with Crunchwork gives insurers a visual map view of where their claims were in relation to the floods.
This allows insurers to provide faster triaging and assessment capabilities and faster allocation to the right claims, which means prevention of health impacts from flood water damage and mould, plus time and money saved for insurers. This technology is already being discussed with other general insurers in terms of how it can be used and operationalised for other natural catastrophes.
On average, reduced call times are sitting at 27% due to initial triage identification The call success percentage is currently at 83%. The cost reduction is based on the now unrequired re-attendance or secondary triage required to validate major loss. This allows for a cost saving of up to $2700 from additional administration requirements to call-out fees.
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