INSURANCE

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INSURERS
EMBRACE
PROMPT
CLAIM
SETTLEMENT
WILL INSURANCE EVER BE
INTERESTING?
...continued from page 8
The future of the insurance business
Perhaps the killer question is why
I would recommend anyone to join insurance. So, what’s in store for the
Industry over the next two decades?
Firstly, and it goes without saying, that relationships/understanding of the
customer and their business, are prerequisites to success. But as we’ve
touched on above, insurance is not immune to technology and increasingly
higher customer expectations.
Secondly, globalisation will require insurance executives to design and deliver
more complex solutions to respond to multinational and interconnected
risks, and there are new areas such as drones, driverless cars, and space
travel which bring interesting and new challenges.
Risk-based/risk-conscious decision-making, supported by sophisticated
data analytics, will be the ‘norm’ for buyers in 15-20 years. And as
regulations/moral standards drive the subject of Risk up the corporate
ladder, insurance & risk professionals have the opportunity to raise their
profile at Client Board level.
The World’s Population is forecast to grow to 9bln by 2030, retirees
will be wealthier and the population will be ageing. That means more life
insurance, travel policies, more cars on the road, and a greater number of
houses being built. There will be +50% requirement for food, and 50%
more demand for energy, culminating in higher productivity and bigger need
for insurance. Culled from LinkedIn, May 19, 2016
“
By Philip Bower | LinkedIn
If you can’t fly, then run, if you can’t run, then walk, if you can’t walk,
then crawl, but whatever you do, you have to keep moving forward.
Martin Luther King Jr.
“
In line with the Insurers’
Committee’s efforts to
improve service delivery and
overall public perception of
the insurance industry, it
has identified prompt claims
settlement as a critical
objective.
Therefore, members of the
Committee have agreed to
reduce the maximum duration
for settling claims from
90days to 30days following
the execution of a discharge
voucher. Failure to settle
claims within the 30days will
require the concerned insurer
to pay the claims along with
interests based on prevailing
CBN interest rates.
It is expected that this
policy, if duly implemented,
will compel underwriters to
revamp the processes adopted
to processing claims. This
should also gradually improve
the image of the industry in
the medium to long term.
Culled from: http://naicom.
gov.ng/content?id=191
FBNI&YOU • www.fbninsurance.com • 13