This article was created in partnership with FM.
The majority of property losses are preventable. This belief has guided commercial property insurer FM for nearly 200 years. But it also has a flip side: Some losses are inevitable.
When they happen, nothing is more important than paying an insurance claim quickly and transparently, so businesses can get back up and running as soon as possible.
FM’s unique approach leverages in-house claims adjusters that arrive on-site quickly, with the authority to issue advance payments. Also important is the pre-loss planning workshops FM claims conducts with its clients to ensure they have a clear understanding of what will happen if a loss does happen.
FM doesn’t stop there: It recently launched a newly streamlined digital system for smaller claims that is already improving the client experience.
FM's approach to handling claims can be highlighted through the example of BMC Moerdijk. The company processes chicken manure to generate electricity and fertilizer ash. It achieved significant risk quality improvements after signing on as an FM client. But in 2023, the company noticed high vibration levels coming from the rotor of the turbine generator.
FM’s in-house claims team responded quickly, working in partnership with BMC Moerdijk to find the optimal solution. BMC Moerdijk operates with just one production line, so time was of the essence. The company faced a choice: repair or replace the rotor. Variables included the upfront costs, but also the longer-term costs of potential downtime. After analyzing the financial and business impact, BMC Moerdijk and FM agreed that replacing the faulty rotor would significantly mitigate the loss, because it meant less downtime.
“We've been true partners since 2019 and have focused on loss prevention," said BMC Moerdijk Chief Executive Officer Gerd-Jan de Leeuw. "But now that we have encountered a loss, we have also experienced the FM claims process. And we can show our shareholders how well the partnership works for all parties.”
Many claims are simpler and smaller than the one BMC Moerdijk experienced. Two years ago, FM set out to reimagine how it handled these types of claims. The result is a new platform that offers clients more automation and digital tools.
With this new fast-track system, clients can now use the digital FM portal to securely submit new losses and supporting documents for their claims. The technology automates many low-value steps, such as sending reminders about missing documentation.
Clients with smaller claims are now getting paid more quickly. But all clients benefit: With low-value tasks now handled by an automated system, FM’s claims adjusters can now spend even more time on things like pre-loss meetings and complex loss handling.
FM also introduced a new service that allows clients to track their own pending claims. And the new platform allows clients and brokers to run and download loss histories immediately.
The progress has been remarkable: FM reduced the file cycle time from around 150 days to about 60 days for eligible claims, ensuring clients are paid faster than ever.
Some losses may be inevitable. But a cumbersome claims process is not. FM’s new fast-track process is revolutionizing this crucial component of the insurance business—ensuring small claims are paid quickly and large claims are handled with the focused attention of a trusted partner.
To find out more about FM’s claims services, click here.
