How should insurers manage the BI claims that the Supreme Court has validated?
The Supreme Court’s ruling on Business Interruption will be welcome news for many businesses who had hoped the Court would allow that wordings in their BI policies would extend to cover COVID-19. For insurers, by contrast, it is now a huge unforeseen liability where hand wringing is of no value whatsoever. Their best opportunity now comes in walking towards the disaster to reduce the operational costs of handling 370,000 claims within a line of business where a handful a week was more usual.
360Globalnet has been working with a number of global insurers from the outset using no-code technologies to build systems for rapid deployment, slick claim handling and reduced risk of reputational damage.
These systems include seamless look-ups and hook-ups with Companies House and HMRC for data validation, allowing automation of tasks that would otherwise absorb time and money.
We have solutions available for deployment ‘out of the box’ that can supplement or wrap around legacy systems or systems of record. We can work with insurers to create rich rule sets that dramatically reduce both the cost and delay from handling BI claims.
It is not a time to hide invoices in the draw and hope they go away. It is time to tackle the challenge with the best solution. And, as with so many of the world’s most pressing challenges, no-code configuration based on Cloud technology can remove many layers of cost, build time, testing and iteration.
The position for insurers may look dark but it is what happens next that will define their future strength in this market and across their businesses.
360Globalnet is ready to help – quickly (as in weeks), cost-effectively and based on significant work already undertaken. Reach out today. It is not too late to make a difference.
Nothing to lose and everything to gain
The business maxim: ‘when disaster strikes, walk towards it’ reflects the fact that - even in the darkest situations - companies need solutions and in that need there lies opportunity.