Is the insurance industry ready for earthquakes? McLarens Operations Manager

Earthquakes in populated areas are known to be costly events, such as the Northridge earthquake where an estimated $25 billion [loss]. It’s critical for loss adjusting companies to consider training programs and facilitate ongoing conversations with customers for strategic growth, said Steve Whitmarsh (pictured), chief operating officer for North America, McLarens.

Read more: Earthquake insurance – all you need to know

With a focus on complex commercial claims, McLaren’s loss adjusting team has developed expertise, particularly in highly populated areas of the world.

“Evaluation of earthquake damage is very technical,” Whitmarsh said. “Traditionally, the process has involved triaging and getting many resources in place to assess the damage on every single property claim.”

Unlike storm damage, the impact of earthquakes can be masked, and tuners need to critically assess if damage was sustained from the event or was the result of prior structural conditions.

In recent years, there has been an influx of technology that is helping loss raters improve their approach to determining how an earthquake will affect property.

Whitmarsh emphasized that “the technology will be used extensively in the future”. “For example, the McLarens app enables virtual interviews between policyholders and adjustment officers. The ability to provide videos and photos to the loss adjuster in real time will be invaluable for initial damage assessment, which experts need early in the claims cycle.”

Whitmarsh noted that the technology would not replace in-person searches on the ground. Instead, it will provide fast data and information for carriers to make informed decisions about the resources required.

“The same goes for drones,” he added. “We already use it to assess large commercial properties such as university campuses or government entities that have sustained significant damage, but the loss control official will eventually have to assess the site with their own eyes.”

Read next: Insurance companies fly drones

Loss control training programs are being enhanced with the influx of disaster activity (CAT) and related technology, and Whitmarsh said that McLarens also partners with certified engineering firms to provide more in-house expertise.

“We have conducted a training in London to improve the response to any CAT event,” he continued. In addition, we have a global response and draw on resources and expertise from across our network.

“For example, when it’s hurricane season in the Caribbean, we are assembling teams from different regions in Europe, Asia and the Americas. Another part of our strategic growth is to have a loss adjusting factor in New Zealand with a number of affiliates to bring their own regional expertise.”

McLaren is also focusing on growth in neighboring services, such as forensic accounting, which have developed significantly in the United States and Australia.

“We are building these services to better serve customers and to achieve better results in our claims services,” he said. “There are different levels of seismic expertise that should be appropriate for each region.”

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