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Video Evidence: Floods and BCP By Nathan Conz Jun 17, 2008 at 04:09 PM ET Like my colleague Anthony O’Donnell mentioned in Editor’s Note for this week’s I&T newsletter, “a great wave of water is washing over” parts of the Midwestern United States. Here's the evidence: And while Anthony -- and no doubt some insurers -- can appreciate the metaphorical significance of the floods there, all insurers should be able to grasp the more tangible lessons that these floods and other recent natural disasters have provided – that things can go wrong, very wrong, and that when they do, it is imperative to have an up-to-date disaster recovery or business continuity plan in place. Business continuity planning (BCP) has always been something of a priority for insurers, but I’ve seen a renewed focus of the topic over the past few months. Just last week, I spoke to executives at Hastings Mutual based in Hastings, Mich., a town that lost power for over 17 hours on June 8, following a nasty storm. The regional insurer, however, managed to provide uninterrupted customer service thanks to disaster recovery plan that leveraged a 500 KW power generator. Last month, I spoke with The Hartford’s Keven Busque and Michael O’Connor on their recent BCP efforts, which has included placing a data center in Colorado—far away from the large carrier’s local data center in Simsbury, Conn. My conversation with Busque and O’Connor can be seen and heard here and on the ACORD LOMA conference web site. Topics: What We're Doing This is a public forum. CMP Media and its affiliates are not responsible for and do not control what is posted herein. CMP Media makes no warranties or guarantees concerning any advice dispensed by its staff members or readers. Community standards in the message center do not permit hate language, excessive profanity, or other patently offensive language. Please be aware that all information posted to this forum becomes the property of CMP Media LLC and may be edited and republished in print or electronic format as outlined in CMP Media's Terms of Service. Important Note: The Message Center is NOT intended for commercial messages or solicitations of business.
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WHITEPAPER Insurance 2020: Now what? In todayŐs competitive insurance industry, the challenges are many and there is much uncertainty.To survive and thrive, insurers must seek new models and strategic success that enable innovation and increase profitability. |
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