Given the nature of its business, Flood Re is all too aware of the threats businesses face daily. As well as the risk of fire, IT failure, denial of access and numerous other potential disruptions (not to mention flooding), with headquarters in the City of London, it is exposed to the additional risks of terror attacks and power failure caused by construction mishaps.
Unsurprisingly, Flood Re recognises the importance of business continuity planning and has put watertight arrangements in place to ensure it continues to provide an uninterrupted service to clients. It turned to Sungard Availability Services to ensure the recovery of its systems and data and provide a well-equipped alternative workspace for its employees in the event disaster strikes.
Our test and invocation experience has always been very good. I feel assured that we’re in safe hands and that’s what draws people to Sungard AS.
Flood Re is a re-insurance scheme that makes flood cover more widely available and affordable for households at the highest risk of flooding. It also provides information on steps to reduce flood risk. Every insurer that offers home insurance in the UK must pay into the Flood Re Scheme. This levy raises £180m every year that Flood Re uses to cover the flood risks in home insurance policies.
Launching in 2016, Flood Re will run until 2039, by which time insurers should be offering policies based on the actual risk to property.
Implement a solution that ensures Flood Re can fulfill its obligations, whatever the disruption
Flood Re calculated that it would still be able to fulfil its obligations in the event of a short-term outage lasting 24-48 hours but realised a protracted outage would cause it serious difficulties. Downtime would result in regulatory fines, financial losses for breach of insurers’ SLAs and, in all likelihood, class actions for loss of data. The resulting publicity and reputational damage would be severe enough to threaten the Flood Re Scheme.
Consequently, Flood Re developed a comprehensive disaster recovery plan. It includes contracting seats at a recovery site that will enable key employees to work productively in the event its own offices are unavailable for any reason.
Sungard AS was already a trusted partner of one of our key providers and the logical choice for us.
Managed recovery services that protect people, systems and data
After evaluating providers in the market, Flood Re was reassured by Sungard Availability Services’ 40-year track record of protecting and recovering customers’ systems and data. Ben Smith explains, “Sungard AS was already a trusted partner of one of our key providers and the logical choice for us.” An added factor was that with several sites in both central and outer London, Sungard AS can offer customers a ‘rollback’ capability in the event of a large-scale incident.
Rather than incur the cost and management burden of running a complex recovery programme in-house, Flood Re contracts Sungard AS’ Managed Recovery Service. This means it can rely on Sungard AS to handle change management – ensuring recovery systems keep pace with changes to production systems - and perform comprehensive, compliant and effective testing and recovery of its data.
Recognizing that data integrity is the foundation for effective disaster recovery, whether the disaster in question is a single missing file or the disruption of an entire production site, Flood Re also contracts Sungard AS’ Vaulting Service to protect its all-important data.
- Ensures Flood Re complies with its regulatory obligations
- Reassurance of operational continuity for Flood Re and its clients
- Mitigates the risk of sanctions, financial penalties and claims for breach of Service Level Agreements
- Peace of mind that customer data is safe and secure
- Safeguards against reputational damage
Losses mitigated, stakeholders reassured and reputation protected
Flood Re benefits from having predictable outcomes and the assurance that its data and applications can be recovered within its specified timeframe. With Sungard AS taking responsibility for the recovery of its systems and data, Flood Re’s disaster recovery workload is kept to a minimum.
Most important of all, Flood Re can demonstrate to industry regulators and clients that customer data is secure and recoverable in the event of a disaster, safeguarding its reputation.