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Daily Insurance Industry News
Wednesday 22nd of May 2019
October 1, 2007

Marsh and BSI Announce Online Business Continuity Application

by Stewart Douglas

Story link: Marsh and BSI Announce Online Business Continuity Application

Marsh and BSI Announce Online Business Continuity Application

BSI British Standards and Marsh have today announced the launch of a new assessment tool online, designed to allow businesses to more effectively examine existing insurance cover and develop and enhance continuity strategy in the event of some management crisis, to avoid disruption and inefficiency.

The web based application is designed to be used by organisations to help develop more comprehensive business continuity strategies to help override the effect of any lasting management crisis, as well as to highlight any inadequacies in current levels of insurance cover.

Speaking today about the new application, Director of BSI British Standards Mike Low said that the new tool will allow businesses to understand the essentials of coming up with a continuity plan based around its standard framework to help prevent significant disruption in the event of unforseen circumstances.

Research conducted last month within the insurance industry found that many businesses have yet to implement business continuity development strategies of any substance, with an even greater proportion yet to fully test the boundaries of their existing plan, signifying a potential area for disruption and economic loss on a national scale.

With a focus on the core aspects of business continuity planning, the application not only permits businesses to create their own continuity plans where they haven’t already, but also to look at the extent of damage that could arise from business continuity situations, particularly where cover is already in place.

Ultimately the package is designed with a view to highlighting current weaknesses and developing more comprehensive, watertight continuity strategies for urgent management situations.

The application, sponsored by broker Marsh and developed by BSI British Standards will be launched officially as of today for small to medium business owners, as well as larger companies looking for cost effective strategy development.

 

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