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…
- 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.
- 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.
- 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.
For more information on our award winning no-code digital claims platform, 360SiteView, click here.