Analysis

The complexity of business interruption insurance – and why innovation is lagging behind

By 2024-11-25T08:00:00

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Technology has already improved ‘low-hanging fruit’ problem areas, but now it is time to aim a little higher with AI tools, to better support claims handlers and end customers with detailed BI claims

The Covid-19 pandemic brought the insurance industry under intense scrutiny, particularly when it came to business interruption (BI) claims.

During the pandemic, companies across the globe faced unprecedented operational disruptions. Many turned to their insurance providers for support during this time, but instead often encountered a complex, lengthy claims process that simply took too long to resolve – even without the added complication of the FCA instigating a test case to better determine claim outcomes.

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