In short

• Every company should prepare for a crisis by assessing risk, creating a usable plan and regularly rehearsing its response.
• Effective training programs are tailored to team members’ different roles and responsibilities.
• In a crisis, saying nothing is not an option. Companies must be prepared to tell their own story before social media takes over with its own version of events.

Natural disaster, data breach, reputational challenge — whatever the crisis, an insurance company’s future can be shaped by how well it responds.

“Effective crisis management is never a last-minute response,” says Matthew Collins, director of FastTrack Solutions, a business continuity management consultancy based in New Zealand. “The whole team must be well prepared, match fit and sure of their role.”

And preparation begins with a comprehensive crisis management plan.

“This should include clear definitions of everyone’s roles and responsibilities, a communication strategy and a process for assessing and mitigating risks,” says

Craig Furness, CEO of Gallagher Bassett New Zealand. “It should also identify potential crises and their impact on operations, policyholders and stakeholders.

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