Katie Scott reporting in The Insurance Times 21st September
"According to Mishcon de Reya, the High Court ruling declared last week that ‘resilience’ policy wordings - which have been drafted by broker Marsh/Jelf – should pay out on BI claims triggered by Covid-19 or government action that responds to the pandemic.
The 12 insurers Mishcon de Reya believes uses these policy wordings include:
- MS Amlin
360Globalnet has already deployed digital "Business Interruption Claims Management " platforms in two insurers .
The speedy deployments were possible as a result of the No-Code architecture of 360SiteView which mans it was possible to rapidly build, complete UAT and deploy in weeks. Not only that, the flexibility and speed of change means the insurers could anticipate any judgement from the FCA and potential appeals.
360SiteViewingests documents from claimants, analyses unstructured data, validates claims against external data sources e.g. Companies House in the UK, and processes each claim through rules engines to score claim to optimise the mix of automation and human intuition.
360SiteView empowers insurers to deal with each customer rapidly and effectively, as demanded by the FCA, without incurring CAPEX or burdensome licensing costs.
One insurers also find another significant benefit. 360SiteView being No-Code means any claims category from any geography can be managed through the platform with personalised and custom claims journeys for each peril.
For the first time insurers can transform all claims without eye-watering licensing costs and implementation costs every time they add a new claims type. The PAYGO licensing means you only pay per claim processed.
You can solve business problems more quickly. The business enablers in 360SSiteView are ideal for markets requiring slicker online services faster without lumbering them with extra cost.
A digital claims platform that finally delivers the digital transformation promise whatever Mishcon de Reya does.
(Full article via link below)
aw firm Mishcon de Reya is considering expanding its group action by launching legal proceedings against 12 insurers following the verdict last week on the FCA’s test case – the law firm believes that ‘resilience’ policy wordings used within some non-damage business interruption (BI) clauses should be paying out on policyholder claims linked to the Covid-19 pandemic