FERMA Forum: When did you last test your claims response?

Europe’s risk management elite will meet in Monte Carlo this weekend to begin the FERMA Forum. Benedict Burke, chief client officer, international, is representing Crawford & Company® helping corporates to deploy our stress testing methodology so they’re 100% ready when disaster strikes.

Tip of the iceberg; Crawford's stress testing methodologies are helping corporates respond to the unexpected

The importance of scenario planning has been a major consultancy pillar within Crawford® over recent years and we have worked closely with insurers and clients to build sophisticated solutions that help them cope when the worst happens.

We’re doing this from a very sound base. Industry data reports how insured losses in excess of $1bn are becoming more common [1] and it is incumbent on us as claims experts to help businesses develop major loss preparation and scenario planning frameworks.

As a result, claims preparation and scenario planning is beginning to rise up the risk management agenda with Crawford a leading business in this area. The recent catastrophic hurricanes (Harvey, Irma and Maria) are increasing our clients’ drive to understand the nature and magnitude of the losses they can face and the complexity of the claims process that lies ahead.

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Burke: Introducing a framework for major loss preparation

In 2017, our guide “Major Loss Preparation, Key Steps to Success” introduced the framework for major loss preparation and scenario planning, including a three step solution to help obtain maximum benefit from a risk management programme and mitigate rising exposures.

The guide focuses on the three key components:

  • Stress Testing – Analysing how your policy will respond in the event of a loss
  • Major Loss Reaction Planning – Establishing an internal procedure to deal with a major loss
  • Claims Protocols – Establishing claims preparation procedures with insurers and brokers

The experience of claims professionals is of a highly practical, ‘can-do’ nature. Unfortunately, claims handling protocols can be overlooked so that businesses are left hanging at the moment of loss.

For Crawford at the FERMA Forum 2017, our message will be a simple one. Who are you gonna call?

[1] Source: Allianz Global Claims Review 2017

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