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Pragmaticum’s experience in handling financial losses resulting from both insured and uninsured events has given us a unique perspective from which to provide expert pre-loss services.
These include the range of services that are set out in this video:
The main components of our Business Interruption Survey are:
From our experience in claim preparation we have seen how important it is to have a well structured and adequate policy for business interruption. Too often we see businesses struggling to survive an incident through all or part of the losses suffered not being covered.
We put this experience to use by reviewing the policy in place by taking the business through a detailed review process we have developed to map the policy cover to the needs of the business.
Following, or as part of the policy review, we are able to take “live” client data to determine what financial impact certain scenario assumptions are likely to have. This enables the business to better configure its contingency planning as well as “bringing to life” a potential claim situation. Our experience enables us to recommend scenarios that may not be obvious as well as modelling on realistic assumptions that make the analysis realistic. As part of this process we will model what is reasonably expected to be the maximum probable loss.
Part of our skills tool set is the ability to analyse and interpret large data sets. This may be to support and inform a claim for financial loss, or it may be in assisting a business to better understand and use data it collects but does not extract meaningful information from. Our skill is not just the technical analysis but the identification of key data and information that will illuminate the issue being considered.
CQM brings all of the above together to allow all the insurance professionals to rehearse how they will interact in the event of a major loss. When this is done in a structured manner it allows both the insured and the insurer to have confidence that there is agreement and transparency on policy interpretation.
This in turn drives the parties to form a consensus on the data needed and the methodology that will be used to demonstrate loss and give insurers confidence to pay.
Regular rehearsals of different loss scenarios give confidence that “it will be alright on the night”.