Log in

BUPA Insurance Services improves payment practices

Wednesday 23rd September, 2020

Bupa Insurance Services Ltd has improved payment practices to its small business supply chain following a report from the Commissioner’s Office published last December. During a review meeting last month with the Commissioner, Bupa Insurance Services advised that it has increased its late payment compensation rate and now also offers shorter payment terms on request from suppliers.

The company has also set up a prompt payment forum chaired by the CFO of Bupa Global & UK to review its payment practices on a monthly basis, alongside assessing actions that can be taken to remove barriers to paying on time.

“Bupa Insurance Services Ltd is continually reviewing its procurement processes by investigating causes of non-compliance and has recruited extra staff in the accounts payable team to help deal with overdue invoices whilst providing ongoing training for staff on procurement processes.”

Small Business Commissioner, Philip King said: “It is encouraging to see the commitment from Bupa Insurance Services Ltd to treat small suppliers fairly by paying them on time. The company has taken positive steps forward to engage with its suppliers and ensure its internal payment processes are effective so late payments can be prevented.

“I would encourage Bupa Insurance Services Ltd to actively promote that small suppliers have the option to request shorter payment terms in advance of their invoice, especially in light of the current pandemic.”

Related news

Please fill in the form below to access our exclusive Focus Week videos

Please fill in the form below to access our exclusive Focus Week videos

Please fill in the form below to access our exclusive Focus Week videos

Please fill in the form below to access our exclusive Focus Week videos

Please fill in the form below to access our exclusive Focus Week videos