Davies Group has revealed how it has handled the influx of business interruption claims.
Many expected the market to be overwhelmed by a sudden rise in complicated business interruption claims, but Davies Group has adapted to ensure it has still delivered the claims experience policyholders expect.
Head of Major Complex Loss Operations Graeme Bell said, “Rather than request reams of information which would invariably arrive in different formats, we created a standardised form with customised questions for the customer to answer. This captured key financial data and was complemented by the customers’ profit and loss statements, enabling us to use standardised formulas to calculate the loss more efficiently. The calculation was then sent to the policyholder or their representative by way of settlement offer which meant the calculation was transparent and followed the settlement steps as per the policy.”
He revealed that Davies also recruited a specialist team of business interruption loss adjusters, and to date has settled over 90% of all claims volumes.
