Whichever way the FCA Business Interruption test case goes next week, there’ll be no outright winners. A victory for either side of this vexed issue could strain trust between British businesses and their BI insurers. We look at 3 elements of the best strategy from a difficult place…

No risk register in the land saw COVID-19 coming. Pandemic mentions were rated as severe but very unlikely. A near total shut down of small businesses was not on the agenda. It’s a difficult place for many insurers but psychologists teach us that happiness never comes from trying to change the past. The best advice is to start from now.
During the last month at 360Globalnet, we have been working hard with forward-thinking Global insurers on Business Interruption systems. All have a similarly enlightened approach:
  1. Recognise that current claim systems will need bolstering now if there is to be a surge... and, if there is a complex compromise, they will still need adaptable technology to respond quickly. In all cases, fast, proactive action can remove many expensive stresses from pressured claims teams.
  2. Speed and Net Promoter Scores are rarely linked when commentators discuss customer satisfaction... but the link is umbilical. With Business Interruption, the use of fast deployable no-code systems that a business can configure from the desktop, without waiting on endless IT false promises, can remove headaches and make companies ready before the storm.
  3. With Business Interruption claims, handling is complex. Really complex - which usually equals slow. Each claim can trigger multiple interactions with Customers, Brokers, Accountants etc. Companies who fail to plan now for a tangled BI future through their claims handling technology are effectively stealing from the future. The resource requirements will be large and seats hard to fill particularly post-COVID-19 when staff onboarding, and speed-to-value will very different.
At the root of all three is increased automation. Imagine what you might need and build it now using technology that doesn’t require huge Capex outlay or delays. With 360Globalnet’s technology, integration for the validation, interrogation and assessment of documentation is possible in short, cost-effective timescales.
Whatever the outcome of the test case, a stitch in time saves nine when it comes to the technological challenge of managing BI claims. And we guarantee that there is a lot of stitching up ahead for the industry.
Article by Paul Stanley, 360Globalnet CEO.
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