In post-disaster chaos, mobile technology is now helping insurance companies speed up both communication and payments. (Photo: Shutterstock)
A revolution is taking place in the insurance industry, where the integration of machine learning and artificial intelligence is helping fill gaps in coverage by providing better, more data-driven products. Quotes are getting faster, easier and more accurate — improving the ease of access to emergency funds when policyholders need it the most: in the immediate aftermath of destruction.
With federal relief programs, policyholders can end up waiting months for funds, if they receive any at all. In Houston, Texas, thousands of residents have yet to receive aid, almost a year later, and some of the hardest-hit residents are unable to rebuild because they've been denied assistance. Government-mandated policies are often confusing and convoluted. We're overdue for a tangible solution that combines technology with social capital to mitigate a disaster's effects.
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