The recent FCA Thematic Review ‘Handling of Insurance Claims for SMEs’, highlighted the fact that claims should be handled promptly and fairly for all customers but that there was often a gap between the claims service an SME received and their expectation.
Where a company suffers a loss, the prompt and fair settlement of a claim may be of particular importance to an SME. The timing of response of the insurer and the management of the claim can have a huge impact on the likelihood of survival of the business concerned.
Planning ahead though, can mitigate the situation if a loss occurs. Business Continuity Planning (BCP) is all about making your business more resilient, anticipating and managing risks which could destabilise the business and its key trading relationships. Careful planning can demonstrate to your customers, employees and other stakeholders that you have things under control.
At Lorega, we believe in helping SME businesses with areas of expertise that they may not have access to internally. BCP is a good example. Our experts have over 30 years for experience in helping businesses identify and manage risk. They can help to create actions now, and in the future, to prevent an incident or to minimise the impact if one occurs.
Our initial consultation is free of charge and will help us to understand your business and the risks it faces. We will use this knowledge to suggest how we can work together and the likely costs involved. This could only take a day or two but will be based on the size and complexity of the business and the nature of the risks involved.
The FCA expects the insurance industry to put the customer at the heart of how it runs its business. Helping clients to understand and manage their risk through Business Continuity Planning is a key part of achieving this.