+44 020 7767 3070 info@lorega.com
Join us to learn more about Fees for Intervention, the Health and Safety Executive and HSE Recovery in this FREE training webinar

Join us to learn more about Fees for Intervention, the Health and Safety Executive and HSE Recovery in this FREE training webinar

Sign up for our upcoming HSE Recovery webinar

With guest presenter Ian Clements from Quadriga, our Health and Safety partners.

Friday 27th April 2018, 1pm

We’ll be looking at some of the health and safety issues brokers need to be aware of, and how a HSE Recovery policy can help your clients in a crisis.

Some of the subjects we will be covering during the course of the half an hour webinar include;

  • Which businesses are subject to health and safety regulations?
  • What is a Fee For Intervention?
  • Who are the Health and Safety Executive?
  • Real life case studies from Quadriga
  • How can HSE Recovery help your clients?

There will be a Q&A section at the end of the webinar, for brokers to highlight any particular concerns you or your clients may have.

 

Lorega expands cyber offerings to support SMEs with low-cost crisis response solution

Lorega expands cyber offerings to support SMEs with low-cost crisis response solution

Press Release: Lorega Launches Cyber 10

Expanding our cyber offerings to support SMEs with low-cost crisis response solution

Lorega Limited (Lorega) have expanded their range of SME assistance products with a new low-cost cyber product, offering SMEs a stand-alone expert telephone helpline to support businesses following data breaches or cyber-attacks.

Cyber 10 offers 10 hours of crisis response, incident management, and investigation and restoration telephone advice from Lorega’s Cyber Emergency Response Team (CERT), upon discovery of a cyber attack or data breach. The CERT is operated by Agenci, a leading international cyber security consultancy, ensuring SMEs and VSMEs have the expert advice they need to get back on their feet as quickly as possible following an incident.

Cyber 10 builds on Lorega’s existing Cyber Recovery product, but is able to offer a lower cost solution to SME businesses, stripping out the additional cost of indemnity cover, by offering advice when it is needed most. It has been designed as a simple policy for businesses who understand the risk of cyber attacks and the likelihood of an incident occurring but cannot afford the high premiums quoted for many cyber insurance policies.

 

SMEs are increasingly at risk of a cyber-attack, but often find it difficult to understand the cover and pay the cost for an indemnity based insurance product. We wanted to offer an alternative, affordable solution which provides reassurance – expert help at the other end of the telephone in the event of a cyber incident.

Neill Johnstone

Managing Director, Lorega Ltd

Customer feedback

“From the start, Lorega offered me total reassurance"

"Thank you, you were a great help and made sure I claimed for everything I was entitled to. Could not have done it without you”

“Your support and input was excellent”

Recent Tweets

Lorega launches building surveying service to streamline property claims reinstatement process

Lorega launches building surveying service to streamline property claims reinstatement process

Press Release: Introducing Lorega Surveying Services

Lorega Limited (Lorega) continues to broaden its policyholder services with the launch of a dedicated building surveying service – designed to help policyholders to manage property reinstatement in the event of a claim.

Most home and business property insurance will include the cost of surveyors’ and engineers’ fees needed to restore or replace property in the event of fire or other damage. Usually the policyholder is left with the problem of identifying and appointing the professionals needed to oversee and administer the work.

Lorega’s new Surveying Services will be managed by Lorega Solutions Limited, Lorega’s Chartered Loss Adjusting company, to provide the policyholder with access to expert Chartered Surveyors, with the necessary experience and expertise to help the policyholder through the process. The Surveyor will work alongside the Chartered Loss Adjuster appointed by Lorega, on behalf of the policyholder, to prepare and present the claim by obtaining quotes for building work, and then managing the reinstatement process.

Offering access to professional surveying support at the outset of the claims process removes the burden from claimants to source quotes and find a suitably experienced surveyor to manage reinstatement. The launch of Lorega Building Surveying Services enhances our suite of Expert Services for policyholders and demonstrates our overall commitment to providing expert help to minimise the impact, costs and disruption of a property damage claim. Angus Tucker

Managing Director, Lorega Solutions

Customer feedback

“From the start, Lorega offered me total reassurance"

"Thank you, you were a great help and made sure I claimed for everything I was entitled to. Could not have done it without you”

“Your support and input was excellent”

Recent Tweets

We’ve teamed up with our BCP partners over at Inoni to offer brokers a FREE training webinar on Business Continuity Planning.

We’ve teamed up with our BCP partners over at Inoni to offer brokers a FREE training webinar on Business Continuity Planning.

Sign up for our upcoming Business Continuity Planning webinar

Wednesday 21st March 2018, 12pm

The webinar will look at the essentials of business continuity planning, which you can use to build resilience within your business, or to advise your clients on how to make sure they’re prepared should the worst happen. We’ll be joined by John Robinson, MD of Inoni Limited, who has nearly 3 decades of experience helping businesses with continuity, and received the Business Continuity Institute’s ‘Lifetime Award’ in 2005.

Some of the subjects we will be covering during the course of the half an hour webinar include

  • How continuity risk works
  • How to assess the impact of a risk
  • How disruption can lead to impact
  • BCP’s relationship with insurance
  • How to ensure buy in from customers and management

There will be a Q&A section at the end of the webinar, for brokers to highlight any particular concerns you or your clients may have.

 

Sign up for this webinar

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Global Risks Report from World Economic Forum says cyber defences are being tested

Global Risks Report from World Economic Forum says cyber defences are being tested

Global Risks Report from World Economic Forum says cyber defences are being tested

World Economic Forum logoThe World Economic Forum (WEF) published their 2018 Global Risks Report last week, which showed that concern for cybersecurity risks has jumped this year, despite respondents in previous years showing optimism towards technological risks.

Both cyber attacks and data fraud appear in the top five global risks by perceived likelihood, most likely because of the increasing prevalence and disruptive potential for cyber attacks. The report stated that cyber breaches reported by businesses have almost doubled in five years, from 68 per business in 2012 to 130 per business in 2017, and incidents that would once have been considered extraordinary are becoming more and more commonplace.

There are multiple factors at play which are contributing towards the increasing cyber risks, including, but certainly not limited to;  the resurgence of ‘dark net’ markets, increasing use and reliance on cloud services, and the persistence of cyber criminals to create and execute large scale cyber attacks. For example, the report states that in 2016 alone there were 357 million new malware variants released, and that in 2017 the average DDoS (Distributed Denial of Service) target was” likely to be hit 32 times over a three-month period”.

Not only are companies at risk of major disruption due to cybersecurity risks, but can be exposed to rising financial . WEF estimate that cybercrime will cost businesses US$8 trillion over the next five years, and the annual cost of responding to cyberattacks is said to be £11.7 million per company according to the Accenture 2017 ‘Cost of Cyber Crime’ study. According to the Global Risk Report, ransomware was one of the most costly forms of cyber crime in 2017, which locks targets out of their data and demands a ransom in return for restoring access.

Increase in Ransomware attacks.

“Ransomware attacks accounted for 64% of all malicious emails sent between July and September last year, affecting double the number of businesses compared with 2016” stated the report. Perhaps the most high-profile of ransomware experienced in the UK last year was the “WannaCry attack”, which hit the headlines after affected 300,000 computers across 150 countries. One of the more notable WannaCry victims of the attack was the NHS, with 81 out of the 236 trusts across England affected, alongside a further 603 primary care and other NHS organisations, according to the National Auditing office.

What is alarming, apart from the financial cost of the WannaCry attack, that it “illustrated a growing trend of using cyberattacks to target critical infrastructure and strategic industrial sectors, raising fears that, in a worst case scenario, attackers could trigger a breakdown in the systems that keep societies functioning.” The report goes on to state that many such attacks are thought to be state sponsored.

In Summary – heightened vulnerability to attacks

The Global Risks Report believes that risks are increasing – not necessarily because of increasing successful attacks on critical and strategic systems – but due to the” combination of isolated successes with a growing list of attempted attack”; an increasing worldwide interconnectedness and pace means our vulnerability to attacks is heightened.

To find out more, a copy of the full report can be found here.

Customer feedback

“From the start, Lorega offered me total reassurance"

"Thank you, you were a great help and made sure I claimed for everything I was entitled to. Could not have done it without you”

“Your support and input was excellent”

Recent Tweets

Winter insurance claims – 20 tips to mitigate losses after flood or storm damage

Winter insurance claims – 20 tips to mitigate losses after flood or storm damage

When your business has experienced a flood or storm, it’s often difficult to know what you need to do, and equally what you shouldn’t do, in order to mitigate the loss and reduce the risk to your business.

Angus Tucker, Chartered Loss Adjuster and Managing Director of Lorega Solutions has written up this helpful list, with easy tips and advice to follow in the event of a flood or storm.

1. Are services, such as electricity, gas and water, still operating?

If not, check the reason for this with the utility company, and obtain an estimate of reinstatement of supply.

2. If services are still on, is there a threat from these?

For example, if a property is flooded, should the power be turned off at the mains to prevent short circuits and a possible fire?

3. Act as if you're uninsured

Make urgent decisions on basis of what is best for the business and what is critical for business survival, not on the basis of what insurers may perhaps want.

4. Take photographs of the damage – the more the better.

This will assist in identifying the extent of damage for an insurance claim down the line, as memories can fade and become blurred.

5. If possible, move undamaged stock and equipment higher up out of reach of potential rising flood water

If in two storey premises, move whatever possible from the ground floor to the first floor.

6. In any event, move undamaged goods/stock away from damaged goods/stock

This will help to prevent contamination.

7. If perishable stock, especially foodstuff and similar, has been saturated, try to dispose of before it becomes health hazard.

Ensure it is correctly recorded and photographed as it is disposed of.

8. If you're uncertain regarding your position on the possible health risks of damaged stock/goods, and whether it is salvageable or not, seek immediate advice from the local Environmental Health officer.

They will inspect and issue certificates for condemned goods. Find your local Environmental Health Officer here.

9. Take what necessary immediate measures are possible for mopping up.

Do not wait for someone to give permission!

10. Ensure there is plenty of ventilation to the premises

This can help to prevent possible mould growth.

11. If necessary, contact specialist damage management drying and cleaning companies to attend asap and assist with pumping out of water and drying premises.

Details can be obtained from the British Damage Management Association (BDMA) – 07000 843 236.

12. Do not dispose of anything that may be salvageable.

Try to store this separately, and do obtain assistance from a specialist damage management company.

13. If the premises are now uninhabitable and will be left unattended, secure them.

This will prevent further loss or damage.

14. If you are a tenant, contact your landlord, via the managing agents if appropriate, as soon as possible to advise of the position and request they take necessary immediate action.

You cannot start to recover your business until the building you trade from has been dried and repaired.

15. If the premises are uninhabitable, try to locate suitable local alternative premises, if possible.

You will be able to continue temporary trading from these.

16. Try to reallocate internal resources from unaffected areas of the business.

This may help you to maintain future sales.

17. Contact customers to advise them of the position, especially where immediate supply of promised orders is affected and now no longer possible.

You should seek to reassure them of a longer term position.

17. Prioritise those customers key to business, as initial recovery of business proceeds.

19. Create a separate cost code in the accounts specific to the flood/storm damage and allocate all related expenditure to this code.

This will make it easier to track costs later when insurance claim if being agreed. This is especially important for any additional expenditure incurred to maintain the business.

20. Contact your insurance broker (or insurer if there is no broker) as soon as possible.

They will be able to either provide advice or point you in the right direction for specialist advice.

If you have a loss recovery insurance policy, you’ll have a chartered loss adjuster on hand the manage the insurance claim and advise on how to mitigate losses from the start. To find out more about this, click here.

 

Watch the webinar

Angus talked brokers through some winter weather advice on this webinar. Watch now.

Brokers vote Lorega number one for commercial lines service

We’re delighted to announce that, for the second year running, we have been voted number one for broker satisfaction in commercial lines, in the annual Insurance Times Broker Service Survey – ahead of the industry’s larger insurance brands.

This is a tremendous honour and we are very grateful for all of you who took the time to respond to the survey.  To maintain the position for a second year makes us even more determined to enhance the level of service we provide.

In the last year we have continued to build on the service we provide to you and your clients with:

  • further enhancements to our award winning online trading system, including a 24/7 FNOL claims service and improved visibility of branch performance
  • automated, real time online finance features
  • introduction of the REG TOBA system to improve the efficiency of binder management
  • free training and technical updates using webinars and other material
  • the launch of new assistance products, including Cyber Recovery and HSE Recovery

The results of our own customer satisfaction surveys following a claim show that over 92% of all respondents are delighted with the level of service Lorega provides and would recommend it to others.

If  you would like any more information about any of our products or how to work with us in the future, please feel free to contact us here.

To find out more about the award, read the interview with Neill Johnstone in the Insurance Times.

New FNOL claims facility now available on Lorega Online

FNOL is the newest exciting feature to be added to the Lorega Online Quote & Buy platform.

It allows brokers who have access to our online system to submit a claim efficiently and effectively online, 24/7, without needing to ring us on our claims number or fill in a claims notification form. FNOL enables the broker to easily provide extensive information in relation to the claim, and to upload policy documents such as underlying policy wordings. Claims can be referred immediately if the date of loss is outside of Lorega’s notification period of 14 days.

Once the broker has completed the claim submission online, the Lorega claims department will be notified immediately. The claims department will check over the details and appoint a loss adjuster.

How to access the FNOL facility

If you’d like access to our FNOL facility switched on for your brokerage, just get in touch with us and a member of team will arrange this for you straight away.

 

lorega claims notification FNOL button
lorega claims notification FNOL form

Other ways to submit a claim

Brokers can also email the claims department with a copy of one of our claims notification forms, which can be downloaded on our website. You can also ring us 24/7 on 020 7767 3070.

New survey shows insurer’s claims service still lags behind SME customer expectations.

New survey shows insurer’s claims service still lags behind SME customer expectations.

According to a our recent independent survey of SME insurance customers, there remains a clear gap between the experiences and expectations of SMEs in the UK* when it comes to making a commercial insurance claim.

Despite the growing appetite and interest in SME insurance products and distribution opportunities, our survey found the experiences of those making claims were still lacking.

A snapshot of the numbers:

  • Nearly 70% of SMEs say interim and final claims amounts not agreed promptly
  • 6 out 10 SMEs received no advice on loss mitigation as part of the claims process
  • Only 16% of businesses had a loss adjuster visit with 24 hours of reporting a claim
  • Close to 60% of SMEs had no regular communication from their insurer on claim progress
  • Over half of SMEs got no explanation of claims responsibilities

 

For SMEs who had made a claim of over £5,000 in the last two years, their experiences revealed insurers still have some way to go to address the concerns highlighted in the Financial Conduct Authority’s thematic review on SME claims published in 2015.

 

When asked about the support received, only half of the SMEs (56%) said they had received advice and support in preparing the claim. 57% of respondents said they did not have regular communication from their insurer on the progress of their claim.

 

53% said they were given no explanation of who was responsible for their claim and the same percentage said they were provided with no information on their cover and claim coverage. When it came to claim settlement, nearly 70% indicated their insurance company or its loss adjuster did not agree interim and final claims amounts promptly.

 

When asked to what extent their insurance company and its loss adjuster understood the impact of the loss on the business, over half of SMEs said they only understood somewhat or partially. Just under 6% said they did not understand at all.

 

The results of those who made a claim contrasted with what many SMEs expected their insurer to provide.

 

SMEs surveyed who had not made a claim, had clear views on the most important aspects they would expect to receive as part of the claims service. At the top of the list was for their insurer to provide regular communication on the claim’s progress. This was closely followed by advice and support in preparing a claim and prompt agreement of interim and final claims settlements.

 

Expectations around receiving information on cover and which sections might be relevant for the type of claim being made and guidance from their insurer on how to mitigate the impact of the loss on their business also featured highly amongst SMEs.

 

Commenting on the survey results, Neill Johnstone, managing director of Lorega, said:

 

While the development and distribution of insurance products for SMEs continues to evolve, our survey indicates there remain challenges in the servicing and support available when SMEs call on the policy in the event of a claim.

“The foundation of our business model was to provide policyholders with access to claims expertise; enhancing the service they received when it came to making and settling claims. The results of our survey reveal that this approach is more relevant and necessary than ever before.

“The survey reflects a number of findings from the FCA’s thematic review on the handling of insurance claims for SMEs which was published over two years go. It’s clear that the industry needs to take a more holistic approach to supporting SMEs who suffer claims of £5,000 and over, developing covers that include a responsive claims services with access to professional support and expertise, to ensure the trading and financial impact on SMEs is kept to a minimum.”

* Lorega’s research was conducted by Censuswide, with 250 SME business owners between 19.04.2017 – 24.04.2017. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles.

 

 

How can we help?

When you are running a business, in the event that you need to make insurance claims following a loss, you need to have the confidence it is going to be sorted quickly.

Loss Recovery Insurance – For Businesses is an insurance policy which provides the policyholder with unlimited advice from one of our expert loss adjusters, to help you prepare, negotiate and settle a material damage or business interruption claim.

Acting independently of your insurance company, to help you achieve the fairest and fastest settlement possible under your insurance cover. We have a nationwide network of expert loss adjusters who respond promptly on notification and will visit you within the first 24 hours.

We have more than 25 years of experience in helping policyholders with their insurance claims, giving you peace of mind when you need it most.

Swinton Group partners Lorega on new commercial loss recovery service

Lorega Limited (Lorega), the UK MGA and assistance specialist, has been appointed by Swinton Group to provide commercial loss recovery insurance and expert loss adjusting services for its SME customer base.

 

Lorega’s loss recovery insurance is now available to Swinton Business clients, for claims in excess of £5,000.  Customers who select this service will have access to expert advice from Lorega’s chartered loss adjusters, to help in the preparation, negotiation and settlement of material damage or business interruption claims.

 

Neill Johnstone, Lorega’s managing director, said: “Swinton recognises the important role expert claims support plays in helping SME customers get back on their feet quickly after a claim. Our commercial loss recovery product is designed not only to offer peace of mind, but to complement Swinton’s strong personal service culture.”

 

Tony Monnington, head of commercial at Swinton Business, said: We are delighted to be partnering with Lorega and their loss recovery insurance offering; the addition of this product is in keeping with our desire to continue to deliver “added value” propositions for our customers.

 

Kirsty Walker, director of insurer development and product at Swinton Group, said: “Lorega delivers proven expertise and support that directly helps to enhance our customers’ claims experience. Supporting SMEs to get a fast and fair settlement in the event of a loss is an important addition to our business insurance products and services.”

 

For further information please contact:

Alex Wise, Full Circle Corporate Communications

T          +44 (0)20 7265 7887

M         +44 (0)7710 665615

E          awise@fullcirclecomms.co.uk

 

About Lorega

Lorega is the UK’s leading supplier of assistance insurance products to the SME market, which help home and SME business customer when they need it most.

Its Loss Recovery Insurance product is an insurance policy which provides and pays for the cost of an independent expert loss adjuster, authorised by the FCA, to help a broker’s clients prepare, negotiate and settle their insurance claims.

HSE Recovery is for SMEs with an annual turnover up to £5m. Firms must be subject to health and safety regulations, enforced by the Health and Safety Executive and, where employing five or more employees, prior to any HSE intervention have a written statement of health and safety policy and a risk assessment relating to the business. Insureds must also have a current employers’ liability insurance policy which was in force prior to any Health and Safety Executive intervention.

Operating in a similar way, its Cyber Recovery insurance product was launched in May 2016 to help businesses survive a data breach following a cyber-attack by providing a Cyber Expert to help them recover and liaise with the Information Commissioner’s Office.

These expert services are also available on demand.

About Swinton Group:     

  • It has been meeting the needs of its 1.4m insurance customers for 60 years
  • The UK’s largest high street insurance broker
  • Works with a panel of insurers to find the right cover for customers
  • Offers a range of insurance products from car to home, bike to van, commercial to taxi insurance, plus additional services like breakdown cover
  • Ranked second in the Auto Express ‘best car insurance companies 2016’
  • A Gold Feefo Trusted Merchant 2017, a unique accreditation based on the experiences of genuine purchase verified customers and reflects consistently high scores in customer service
  • A UK subsidiary of leading French mutual insurance group Covéa, which is the leading property and liability insurer in France and serves over 11.4 million policyholders, with earned premiums of €17.2bn in 2015.

For more information please visit www.swinton.co.uk