General Ins. Intro To Claims

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Introduction to General Insurance Claims

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General Ins. Intro To Claims

  1. 1. IIF<br /> INDIA INSURANCE FORUM<br />INTRODUCTION <br />TO <br />CLAIMS <br />1<br />
  2. 2. 2<br />IIF<br /> INDIA INSURANCE FORUM<br /><ul><li>(INSERT PICTURE)
  3. 3. PLEASE FEEL FREE TO ASK QUESTIONS AT ANY POINT
  4. 4. THE MORE YOU ASK, THE MORE WE ALL LEARN</li></li></ul><li>3<br />IIF<br /> INDIA INSURANCE FORUM<br />Contents:<br /><ul><li>DEFNITION OF INSURANCE
  5. 5. DEFINITION OF AN INSURANCE CLAIM
  6. 6. WHAT ARE CLAIMS?
  7. 7. CLAIMS MANAGEMENT – THE PROCESS
  8. 8. IMPORTANCE OF EFFICIENT CLAIMS MANAGEMENT
  9. 9. Conclusion</li></li></ul><li>4<br />IIF<br /> INDIA INSURANCE FORUM<br /><ul><li>DEFNITION OF INSURANCE
  10. 10. (INSERT PICTURE)</li></li></ul><li>5<br />IIF<br /> INDIA INSURANCE FORUM<br />DEFINITION OF INSURANCE:<br />Insurance Is the poOLING of resources from many to pay for the losses (I.E. CLAIMS) OF THE FEW.<br />Insurance is a form of risk management in which the insured transfers the cost of potential loss (I.E. CLAIMS) to another entity in exchange for monetary compensation known as the premium.<br />
  11. 11. 6<br />IIF<br /> INDIA INSURANCE FORUM<br />DEFINITION OF AN INSURANCE CLAIM:<br /><ul><li>(INSERT PICTURE)</li></li></ul><li>7<br />IIF<br /> INDIA INSURANCE FORUM<br />DEFINITION OF AN INSURANCE CLAIM:<br /><ul><li>demand for payment in accordance with an insurance policy
  12. 12. A formal request to an insurance company asking for a payment based on the terms of the insurance policy.
  13. 13. A claim for reimbursement from the insurance company when the insured has suffered a loss that is covered under an INSURANCE POLICY.</li></li></ul><li>8<br />IIF<br /> INDIA INSURANCE FORUM<br />WHAT ARE CLAIMS?:<br /><ul><li>(INSERT PICTURE)</li></li></ul><li>9<br />IIF<br /> INDIA INSURANCE FORUM<br />WHAT ARE CLAIMS?:<br /><ul><li>TWO MOST IMPORTANT FUNCTIONS OF AN INSURANCE COMPANY - UNDERWRITING & CLAIM SETTLEMENT
  14. 14. CLAIMS - OPPORTUNITIES IN DISGUISE
  15. 15. CLAIMS - PROOF OF THE PUDDING/ MOMENTS OF TRUTH
  16. 16. PROBABILITY THEORY – CLAIM FREQUENCY & INTENSITY
  17. 17. CLAIMS – SEGMENTATION - LINEWISE DIFFERENTIATION – COMMERCIAL & RETAIL
  18. 18. NORMAL CLAIMS & CATASTROPHIC CLAIMS</li></li></ul><li>10<br />IIF<br /> INDIA INSURANCE FORUM<br /><ul><li>CLAIMS MANAGEMENT – THE PROCESS
  19. 19. (INSERT PICTURE)</li></li></ul><li>11<br />IIF<br /> INDIA INSURANCE FORUM<br />CLAIMS management – THE PROCESS:<br /><ul><li>REPORTING OF CLAIMS
  20. 20. CHECKING OF POLICY COVERAGES / PREMIUM PAYMENT
  21. 21. CLAIM REGISTRATION – IMPORTANCE OF PROVISIONING
  22. 22. GUIDING / SUPPORTING THE CLIENT & COLLECTION OF INFORMATION – IMPORTANCE OF TACT
  23. 23. APPOINTMENT OF SURVEYOR
  24. 24. INTIMATE PARTNERS – REINSURERS, COINSURERS ETC. – CLAIM CO-OPERATION
  25. 25. CLAIM NEGOTIATION
  26. 26. CLAIM SETTLEMENT – MAINTANENCE OF TAT FOR CUSTOMER SATISFACTION AND CONTROLLING COSTS
  27. 27. SERVICE PROVIDER / VENDOR PAYMENTS
  28. 28. SUBROGATION AND CONTRIBUTION / SALVAGE
  29. 29. RECOVERIES – COINSURER / REINSURER / THIRD PARTY ETC.</li></li></ul><li>12<br />IIF<br /> INDIA INSURANCE FORUM<br />IMPORTANCE OF EFFICIENT CLAIMS MANAGEMENT:<br /><ul><li>(INSERT PICTURE)</li></li></ul><li>13<br />IIF<br /> INDIA INSURANCE FORUM<br />IMPORTANCE OF EFFICIENT CLAIMS MANAGEMENT:<br /><ul><li>THEORETICAL – PRINCIPLES OF INDEMNITY AND UTMOST GOOD FAITH – FOUNDATION OF INSURANCE
  30. 30. PRACTICAL - GENERAL INSURANCE – SERVICE INDUSTRY – HUMANITARIAN ASPECT
  31. 31. CUSTOMER SATISFACTION – WOW FACTOR - POSITIVE PUBLICITY - MORE BUSINESS – PICK AND CHOOSE - IMPROVED QUALITY OF BUSINESS
  32. 32. CUSTOMER DISSATISFACTION – HATE FACTOR - NEGATIVE PUBLICITY – LESS BUSINESS –ASSET QUALITY DETERIORATION
  33. 33. CONTROLLING CLAIMS COSTS – FASTER SETTLEMENT</li></li></ul><li>14<br />IIF<br /> INDIA INSURANCE FORUM<br />CONCLUSION:<br /><ul><li>(INSERT PICTURE)</li></li></ul><li>Conclusion:<br /><ul><li>IS THE CLAIM PAYABLE – YES OR NO?
  34. 34. LET’S DO IT FAST - CONSISTENTLY
  35. 35. OUR PHILOSOPHY - </li></ul>15<br />IIF<br /> INDIA INSURANCE FORUM<br />
  36. 36. “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.”<br />WARREN BUFFETT<br />THANK YOU.<br />ENSURING YOUR FUTURE<br />16<br />IIF<br /> INDIA INSURANCE FORUM<br />OUR GOAL – TO BECOME THE INSURER OF CHOICE FOR _________<br />

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