Insurance is designed to help
10% of people develop ongoing psychological distress post catastrophes
The emotional loss is almost always larger than any financial recovery.Aftermaths are disastrous, one insurance company NIRMA, the largest in australia, decided to do something about it.
- To use claims from money used to pay people after the disaster, and pay people before the disasters actually happen hence, preventing the disaster from happening in the first place.
- Here is how they did it:
Leveraging data, and human psychology
- NIRMA sits on 90 years worth of data, they were able to pinpoint actualhouses in danger, and disaster patterns.
- By simply changing an electric wire, a water pipe you could save an entire house and the lives living their from a complete disaster.
- Using geographical pi point systems they pointed out high risk areas
- Encouraged home owners to download a dedicated app that guided them remotely on how to do home fixing solutions by photo and video; hence ensuring houses are safe.
- Using power of machine learning and data analysis, they sent scheduled tasks with daily reminders to complete them.
- Every time a task is completed the insurance company deposited money in their bank account.
- When a task was challenging., professional help was sent to assist
"Sometimes maybe all you need is to reverse engineer problems and you'll end up with much better solutions."
As a result
1,700 tasks were completed in three months
Millions of dollars saved
Priceless lives saved