Business Continuity Management System

Along with the work on the overall QMS system, the Iceland Catastrophe Insurance (ICI) has been working on implementing the ISO22301 Business Continuity Management System (BCMS) to understand and prioritize the threats to the business. Part of that process has been to design and implement a new IT system, partly based on experience from previous events. To ensure the use of best information at each time, an effective tool for reports on all stages of the event has been implemented. The claim process is directly connected to the systems; all claims can be sent to the assessors through access controlled system where each claim review and report is written in the same system. All calculations of the total payment, deductibles and interests are made within the system, based on applicable law at each time. An estimated timeframe is also built in and manageable on behalf of the ICI in all stages of the process. Each outsourced claim assessment is only accessible to interested parties. This new IT system is expected to be very effective and will change the whole process of handling claims following a Cat event.