Hurricane Harvey, which hit the Texas coast on Friday night, devastated the city of Houston and may cause some $40 billion in property damage across the state.
But recent innovations in the use of data analytics and related technologies have put insurance companies in a better position to assess and manage the consequences associated with catastrophic storms. “Five or six years ago, analytics was more of a modeling exercise,” notes Karen Furtado, a partner at the insurance consulting and advisory firm Strategy Meets Action. “Now it’s used in real time to evaluate risk.”
Author: Elliot M. Kass