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TM
www.adjustersworldwide.com
Paul A J MayLLB (Hons), MBA, FCII, FCILA, FIRM, AdipC, DipAIS, MCIArb, FCMI, MAE, ELAE, AMIMC, FinstD, FIFAA
Deputy President – International Federation of Adjusting Associations
Singapore 7th – 8th October 2008
5th Asian Conference on Claims Management in Insurance
Global Claims Developments
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TM
www.adjustersworldwide.com
With thanks to our sponsors…
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
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TM
www.adjustersworldwide.com
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
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TM
www.adjustersworldwide.com
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
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TM
www.adjustersworldwide.com
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
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TM
www.adjustersworldwide.com
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
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TM
www.adjustersworldwide.com
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
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TM
www.adjustersworldwide.com
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
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TM
www.adjustersworldwide.com
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
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TM
www.adjustersworldwide.com
PROTECTION
• Of PEOPLE's interests
• From other PEOPLE’s acts or omissions
• By PEOPLE in insurers, brokers, adjusters, specialists, lawyers…
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
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IFAA
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
•Association of Associations
•Standards
•Global Best Practice
•Influencing the “community”
•“International Best Practice” London 30th April, 2009
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TM
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THE UNEXPECTED
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
•Who can predict the future?
•Optimists – underwriters
•Pessimists – claims managers
•Scenario analysis
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REGULATION
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
•Protection of the people
•Comprehensive vigilance
•How secure is the insurance industry?
•Past performance
•Present performance
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PERSONNEL
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
•Claims professionalism
•Selection and training
•A claims seat at board level
•Rewards on par with underwriting and sales
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RISK AVERSION
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
•Aversion to the risk of paying the claim?
•Retrospective underwriting
•Delegation or abdication?
•Checkers checking the checkers….
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LEAKAGE
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
•“Leak”
•“Leakage”
• measurability
• Fix the claims pipeline…collectively
•Zero tolerance?
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BEST PRACTICE
Global Claims DevelopmentsPaul A.J. MayClaims Management in InsuranceSingapore7th October 2008
•Insurer
•Adjuster
•National
•Global
•Consultation
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TM
www.adjustersworldwide.com
Paul A J MayLLB (Hons), MBA, FCII, FCILA, FIRM, AdipC, DipAIS, MCIArb, FCMI, MAE, ELAE, AMIMC, FinstD, FIFAA
Deputy President – International Federation of Adjusting Associations
Singapore 7th – 8th October 2008
5th Asian Conference on Claims Management in Insurance
Global Claims Developments