A comparative analysis of business continuity maturity : a study of insurance companies versus insurance brokers

Abstract

This dissertation presents a comprehensive research study aimed at evaluating the business continuity planning maturity level within the insurance sector in Malta. The study adopts a qualitative research approach to assess the BCP practices of five insurance brokers and five insurance companies operating within the Maltese sector. By delving into the qualitative data obtained through interviews, document analysis, and observation, this research sheds light on the BCP landscape and priorities within the industry. The findings of this study reveal a shared recognition among both insurance brokers and insurance companies in Malta regarding the importance of business continuity planning. Their commitment to BCP is evident in their efforts to develop strategies that address potential disruptions. While IT infrastructure remains a primary focus, the business aspects of BCP are often accorded lower priority. The research concludes that insurance companies exhibit a higher level of maturity in their BCP practices compared to insurance brokers. Despite this variance, both segments of the industry can benefit from enhancing their business continuity strategies. The study emphasises that a more balanced approach, integrating the IT and business dimensions of BCP, is necessary to effectively mitigate a broad spectrum of risks. While insurance companies demonstrate a more mature BCP framework, a proactive stance towards BCP is encouraged for further growth and resilience. In essence, this research contributes to a deeper understanding of BCP practices within the Maltese insurance sector, highlighting the need for a comprehensive and integrated approach that addresses both IT and business continuity aspects. The study's insights provide a foundation for industry stakeholders to refine their BCP strategies, fostering greater preparedness and resilience in the face of potential disruptions.