Winner: Swiss Re Corporate Solutions
Risk managers and corporate insurance professionals consistently identify business interruption (BI) as a major concern facing their business today.
In the wake of a number of recent large losses following major fires and explosions, floods, storms and earthquakes, where BI has been a major cause of loss, it is clear to see why BI concerns are paramount; the BI proportion of a property claim has hit $1bn in some cases.
Common challenges clients face when working out their BI cover include difficulties in selecting the maximum indemnity period, identifying vulnerabilities across the supply chain and calculating ‘gross profit’ – all of which can lower confidence in the usefulness of the property damage business interruption (PDBI) policy and how it would respond to a loss event.
WHY THEY WON
With this in mind, Swiss Re Corporate Solutions designed and delivered an interactive training programme to substantiate these challenges, explore them in more detail and provide practical guidance to help clients arrange effective cover – with claims certainty – for their business.
Developing an innovative and effective training solution: In developing the training programme, Swiss Re Corporate Solutions set up a multidisciplinary team comprising underwriters, claims, industry specialists and risk engineers, to provide the client with:
• A better understanding on the complex topic of BI Insurance, based on first-hand knowledge of leading numerous BI cases, including the Thai floods and New Zealand earthquakes.
• Meaningful and practical guidance that could be applied to all clients across multiple industries. • A consistent message and focus on keeping the coverage terms simple to ensure claims certainty.
Engaging training resources: To bolster the training session, Swiss Re Corporate Solutions produced a series of resources including:
• Loss scenarios and questions that teams could use to discuss the intricacies of BI.
• Thought leadership material from Swiss Re’s content library.
• A series of ‘lessons learnt’ case studies and supporting guidance.
WHAT THE JUDGES SAID
“Very clear objectives of ensuring clients have visibility of challenges faced.”