FCA fails to reach agreement with insurers over implementing High Court ruling
Looks like the outcome of the FCA Test Case of Business Interruption Claims in the High Court will be subject to appeal to The Supreme Court.
This means that insurers will need to ensure claims management systems are flexible and quickly deployable to meet any outcome decided in the Supreme Court.
Many insurers have sold policies with similar policy wordings to those ruled on in the High Court judgement. The FCA said before the case that 50 different insurers, including QIC, could be affected by the High Court judgment.
Two of the original eight insurers in the FCS test case have chosen and deployed a claims management from 360Globalnet.
Being a no-code platform was key to speedy planning, implementation and deployment.
No-code removes 95% of the development cost and lag in typical Claims IT implementations. All complexity and code remains hidden under-the-hood allowing business practitioners – not coders or developers – to create and deploy the systems they need to better serve customers.
The no-code market grew out of rapid application development (RAD) tools designed to deliver faster time to market.
No-Code is the key to enabling both IT and LOB to collaborate with visibility and oversight so that cost optimisation and other innovation projects can be configured in plain English, Spanish, French- you name it by two key personas in the no-code/low-code world.
- Technical Citizen Developer (TCD)
- Business Citizen Developer (BCD)
- Combinations of both
The TCD is typically an IT aware business analyst whilst the BCD is a business aware analyst and combinations of these can anticipate and respond to rapidly changing customer behaviour and demands. The demands putting strains on work-from-home and office hybrid models. The demand for Amazonesque transparency and speed without burdening insurers and brokers with extra cost
The demand by insurers to be able to react quickly to volatility and rapidly changing circumstances like the surge in Business Interruption Claims.
And of one thing we can all be sure; volatility and rapid change are the new norm around the globe.
A ninth insurer could yet try to intervene in the case. According to court documents, QIC Europe, which is part of Qatar Re, wants to appeal against the High Court’s decision on one of the policies sold by RSA if RSA itself decides not to do so. Many insurers have sold policies with similar wordings, and the FCA said before the case that 50 different insurers, including QIC, could be affected by the High Court judgment.
https://www.ft.com/content/f93aee73-0387-4212-a46c-bd562866399c
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