Insurance services can grow by making claims readiness part of risk management

Cover is useful when the customer understands it

A business can purchase insurance and still be poorly prepared for a loss. It may lack an asset inventory, misunderstand an exclusion or be unable to document the interruption it experienced. For insurance and risk-service firms in BRICS markets, the opportunity is to improve the customer's understanding and readiness throughout the policy period. This work can make the relationship more useful than a once-a-year discussion focused only on premium.

The IAIS's 2025 Global Insurance Market Report identifies themes including private credit, geoeconomic fragmentation and artificial intelligence, alongside climate and cyber exposures. IAIS report announcement. Those sector-wide themes do not determine an individual policy's terms. Customers still need qualified advice on their own activities, assets and contracts.

Start with the business interruption story

A manufacturer may depend on one machine, a retailer on refrigerated stock and a professional firm on access to client systems. A practical assessment asks what stops revenue, how long recovery could take and what records would demonstrate the loss. The service provider should distinguish risks that insurance may address from operational weaknesses the business must manage directly. A policy should not be presented as a substitute for maintenance or continuity planning.

The customer should know who is authorized to advise, place cover and assist with claims in the relevant jurisdiction. A software or documentation provider can offer useful support while remaining clear about its role. Product descriptions should not imply guaranteed claim payment. The policy wording, circumstances and insurer's assessment govern the actual outcome.

A service-business scenario

Imagine a specialist offering annual asset-record and continuity-documentation support to 80 eligible small firms. If 30 buy the service at an assumed annual fee of 600 currency units, revenue is 18,000 units before site visits, staff, tools and professional costs. These are illustrative commercial assumptions, not insurance premium estimates or a forecast of claims outcomes.

The model should account for differences in complexity. A single-site office and a multi-location cold-storage operator need different levels of work. Underpricing the more complex client can make the service unsustainable. A pilot should measure hours required to create and maintain usable records, including updates after equipment purchases or process changes. Renewal should reflect ongoing value, not merely possession of a document folder.

Evidence needs to exist before the incident

Useful records can include asset identifiers, purchase evidence, maintenance history and business dependencies. They should be current, retrievable and protected from the same incident that affects the premises. Photographs need context and dates. A backup should be tested so staff know what can be recovered. The business should also identify who can communicate with insurers and advisers if the usual manager is unavailable.

Claims workflows should preserve the original information and show subsequent corrections. Staff need guidance on documenting events accurately without speculating about causes they cannot establish. A clear timeline helps qualified reviewers understand what happened. Digital tools can simplify collection, but sensitive information should be shared only with appropriate recipients and retained according to applicable requirements.

AI should assist, not obscure the decision

Automated tools may help classify documents or identify missing information. Their output needs review, especially when an error could affect coverage discussions or claim handling. Customers should have a route to correct inaccurate records. A model's confidence score should not replace a reasoned explanation from the responsible professional. The provider should monitor where automation fails and whether certain customer groups face repeated difficulties.

• Measure completeness and freshness of the customer's critical asset records.
• Track time to retrieve evidence during a simulated incident.
• Record unresolved policy questions and the qualified person addressing them.
• Compare service effort with revenue by customer complexity.
• Review continuity exercises and the actions completed afterward.

BRICS business links need practical risk allocation

Cross-border supply relationships can introduce cargo, credit and contractual exposures. The parties should establish where responsibility transfers and obtain current professional advice about suitable arrangements. A broad trade partnership does not establish that an insurance policy covers every route, counterparty or event. Commercial teams should avoid assurances beyond the verified terms.

The durable opportunity is to help businesses understand their exposures, maintain credible evidence and prepare for disruption. That service supports better conversations with insurers and more orderly recovery when problems occur. Growth should follow demonstrated usefulness and competent professional boundaries. Risk management becomes commercially meaningful when it changes what a business can prevent, document and recover from, rather than simply increasing the number of policies it holds.