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.”