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Organisation of Eastern and Southern Africa Insurers
GENERAL INSURANCE TRAINING
Date: 9TH AND 10TH NOVEMBER, 2015
Venue: NEW AFRICA HOTEL, DAR ES SALAAM
PROGRAMME FOR OESAI COMPREHENSIVE GENERAL INSURANCE
TECHNICAL TRAINING
DAY DATE TIME ACTIVITY / TOPIC SPEAKERS
Sunday 8/11/2O15 Arrival and registration
Monday 9/11/2015 8.00 – 9.00 am Registration
9.00 - 10.00am Opening ceremony
10.00 10.15am Group Photo
10.15 - 10.30am Tea break
10.30 -11.30am Facultative Reinsurance; its
advantage and
disadvantage to reinsured
and reinsurer
David Nyabadza
11.30 –11-45am Q & A
11-45 –12.45pm Treaty Reinsurance; types
and methods
David Nyabadza
12.45 –13.00pm Q & A
13.00 –14.00pm Lunch Break
14.00 –15.00pm Application of facultative
and treaty reinsurance
David Nyabadza
15.00 –15.15pm Q & A
15.15- 15.30pm Tea Break
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15.30– 16.45pm Planning process of
Reinsurance Programme
Design & Accounting
David Nyabadza
16.45 -17.00pm Q & A
Tuesday 10/11/2015 08.00-09.00am Introduction and History of
Takaful
Moses Murungi
09.00-09.15am Q & A
09.15 –10.15am Takaful and Retakaful
Underwriting
Moses Murungi
10.15 –10.30am Q & A
10.30 –10.45am TEA BREAK
10.45 -11.45pm Introduction to Political
Risk Insurance &
Underwriting
Tusekile Kibonde
11.45 –12.00pm Q & A
12.00–12.45pm Cyber Insurance Ezekiel Macharia
12.45- 13.00pm Q & A
1300 .14.00 PM LUNCH BREAK
14.00 –15.00PM Credit Insurance Tusekile Kibonde
15.00 –15.15pm Q & A
15.15- 15.30pm Tea BREAK
15.30- 16.00pm Managing customer from
Sales to Claim Settlement
Samuel Muhindi
16.00- 16.30pm Q & A
16.30- 17.30PM Closing Ceremony
Wednesday 11/11/2015 Delegates Departure
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Presenters Profiles and Training Synopses
DAVID NYABADZA – OPERATIONS EXECUTIVE (FMRE PROPERTY AND CASUALTY,
ZIMBABWE)
Mr. David Nyabadza is an established reinsurance
professional with over 15 years reinsurance
experience. He started his career at Southern Africa
Reinsurance Company (now FBC Re) where he worked
in underwriting and claims management. He joined
FMRE at its inception as Facultative Manager and rose
to his current position. David has contributed to the
development of FMRE from a green-field project to a
regional player with physical presence in Zimbabwe
and Botswana. As a passionate advocate of building
capacity in Africa, David has facilitated technical
training for other insurance professionals in
Zimbabwe, Botswana, Zambia, Kenya and Uganda as
part of market development efforts. David holds a
Bachelor of Commerce Degree in Insurance and Risk
Management (Zimbabwe), and a Masters Degree in
Business Administration from the Eastern and
Southern African Management Institute (ESAMI).
Topics Synopsis
1. Facultative Reinsurance
a. Brief Overview
b. Uses of facultative reinsurance
c. Advantages to the Cedant
d. Advantages to The reinsurer
e. Disadvantages of Facultative
f. Global developments in Facultative reinsurance
2. Treaty Reinsurance
a. Brief Overview
b. Proportional treaties
· Types and Uses
· Challenges of proportional treaties
c. Non Proportional Treaties
· Types and Uses
· Financial implications
· Challenges of non-proportional treaties
3. Reinsurance Programming
a. Reinsurance programming objectives
b. Factors affecting reinsurance decisions
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c. Information requirements
d. Choosing reinsurance counter-parties
e. Role of intermediaries
MOSES MURUNGI - INTRA AFRICA OF UNDERWRITING AND ASSURANCE COMPANY LTD,
HEAD CLAIMS
Moses has a Bachelor of Commerce (Insurance
Option) degree from the University of Nairobi and
is currently pursuing MBA at the Kenya Methodist
University. He is a Member of the Insurance
Institute of Kenya, Associate of the Chartered
Insurance Institute London and Associate of the
Chartered Institute of Arbitrators. Moses
possesses a wealth of technical experience
accumulated over the last 23 years in the Kenyan
Insurance industry. He began his career at IRA in
1993 and has since then worked in various
technical departments of key insurance players
including Heritage, Jubilee, Monarch, Takaful and
now Intra Africa Assurance. He also worked briefly
in Rwanda in 2010.
Topics Synopsis
Origins & Development of Takaful
Global Takaful Industry
The Takaful Concept
Key Differences
Practicals of Takaful
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MS. TUSEKILE KIBONDE - RESIDENT UNDERWRITER, ATI TANZANIA
Ms. Kibonde joined ATI in August 2013 as the
underwriter responsible for Tanzania. She is in
charge of developing business and underwriting
political and trade credit risk policies in Tanzania
in addition to managing energy sector
transactions in all ATI markets.
Ms. Kibonde brings to ATI 13 years of banking
industry experience working with the East African
Development Bank (EADB), where she rose to the
position of Senior Investment Officer. At EADB,
Ms. Kibonde oversaw multi-million dollar projects
in multiple sectors throughout the region. Her
responsibilities included extensive risk analyses,
project appraisal and portfolio management while
also developing new business and investment
opportunities. She was credited for contributing
on the growth and quality of EADB’s portfolio.
She is a national of Tanzania and holds a Master of
Arts Degree in Accounting & Financial Management from the University of Essex in the United
Kingdom and a Bachelor of Arts Degree in Business Administration from Richmond College in
the United Kingdom.
Topics Synopsis
Introduction of Political Risk Insurance & Underwriting;
· Assessing Opportunities and Risks for Investment
· Overview of Political Risk Insurance
· Underwriting of Political Risk Insurance
· Case Examples
Credit Insurance
· Overview of Credit Insurance
· Risks in Credit Transactions
· Risk Mitigation
· Basic Facts of Trade Credit Insurance
· Case Examples
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SAMUEL MUHINDI, CEO OF INSURANCE GROUP OF TANZANIA LTD
Mr Sam Muhindi is the founder CEO of Insurance Group Of Tanzania Limited. He is a career insurer whose experience spans over 30 years as a broker as well as an underwriter in both Life and General Insurance. He started his career at Provincial Insurance Company of East Africa(currently UAP/Old Mutual) then joined Notcutt Longaroni
Insurance Brokers Ltd(currently Notcutt Clarkson) before joining Geminia Insurance Company as a founder employee, where he served for 18 years. Thereafter, he served as CEO, United Insurance from the year 2000 and has since then been a CEO for various General and Composite Insurance companies. He is a Chartered Insurer, an FCII (Fellow of Chartered Insurance Institute), FIIK(Fellow of Insurance Institute Kenya), Associate of Chartered Institute of Arbitrators and holds an
Advanced Diploma in Management, IESE, as well as an MBA in Strategic Management.
Topics Synopsis
Claims Process: Salient Features:
1. Customer Service Philosophy
• Company’ Business Plan-Differentiation/Competitive Advantage
• Mission Statement/Core Values
• Branding –Tangible/Intangible Attributes/Benchmarks/ Service Level Agreements
• Taglines-To exceed customer expectation/Delight the Customer
• Industry Image
2. Corporate Image: All Staff Are in The Front Office & Directly or Indirectly Interact with
Customers/Represents Company’s Image
• Internal/External Customers-Agents /Brokers/ Policyholders
• Dissatisfied Customers Tells 24 Others
• Costs 6 times to acquire a new customer than to retain a new one
• Lifetime Value of a Customer
3. Skills Set
• Soft Skills required to serve customers
• Technical Knowledge and Know-How
• Negotiation Skills – Rapport Building, Problem Solving, Decision Making, Assertiveness
4. Customer or Fraudster?
• Fraud Statistics
• Nature of Fraud- Soft and Hard
• Recycled Claims
• Integrated Database
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5. Underwriting vs Claims Interconnection
Precaution is better than cure, risk inspections, surveys, photographs, proposal forms,
claims experience.
6. Claims Procedure- The basic process is similar for all type of claims, arising under different
policies
• Intimation/Registration- Email, Phone calls, Letters from Agent, Broker, and Policy holder
• Evaluation - validate the cover, together with information and documentation, manually or
through IT Software system, Analytics:
i. Premium payment
ii. Operative clause,
iii. Conditions,
iv. Exclusions
v. Legal principles- utmost good faith, Insurable interest, indemnity,
Proximate cause, Contribution& subrogation
• Appraisal – Appointing assessors, loss adjustors and investigators
• Settlement - communication of offer
7. Some Technicalities: Motor
• Tppi, Court Attitude, Inconsistent Awards, Law Reporting Systems,
• Tppd-Loss of Use
• Fire Damage Claims,
• Theft Claims
• Election, Terrorism, Flood, Special Perils, Non Payment of Premium from Agents/Brokers,
Backdating Of Covers: Non Motor
• Stock and Books Clause
• Alarm Systems
• Security /Askari Clause
• Conviction Clause
• Cyber Crime Exclusion
• Arbitration Clause
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OESAI Life Insurance Training Program and Presenters
PROGRAMME FOR OESAI LIFE INSURANCE TECHNICAL TRAINING
DATE: 11TH AND 12TH NOVEMBER, 2015
VENUE: NEW AFRICA HOTEL DAR ES SALAAM, TANZANIA
DAY DATE TIME ACTIVITY / TOPIC SPEAKERS
Tuesday 10/11/15 Arrival and registration
Wednesday 11/11/15 8.00 – 9.00 am Registration
9.00 - 10.00am Opening ceremony
10.00 - 10.15am Group Photo
10.15 - 10.30am Tea break
10.30 - 11.30am Predictive Underwriting, how
insurers can use statistics
models to make sales process
easier
Ezekiel Macharia
11.30 –11.45am Q & A
11.45 –12.45pm Simplified Issues and
Preferred Underwriting in Life
Insurance
Aakash Mishra
12.45 –13.00pm Q & A
13.00 –14.00pm Lunch Break
14.00 –14.45pm Re-insuring Small Limited-
Underwriting VS. fully
Underwriting large amount
policies
Ezekiel Macharia
14.45 –15.00pm Q & A
15.00 –15.45pm Pricing Issues in Group Life
Insurance
Aakash Mishra
15.45 –16.00pm Q & A
16.00 - 16.15pm Tea Break
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16.15 –17.00pm Claim Handling Procedure
and Management in Life
Insurance
George G. Nyakundi
17.00 - 17.15pm Q & A
Thursday 12/11/15 8.30 -9.45am Managing Customer from
Sales to Claim Settlement
Samuel Muhindi
9.45 -10.00am Q & A
10.00 –10.30am Tea Break
10.30 –11.30am Applying Technology in Life
Assurance Distribution
George G. Nyakundi
11.30 –11.45am Q & A
11.45–12.45pm Group Life, New Product and
Features
George G. Nyakundi
12.45 –13.00pm Q & A
13.00 -14.00pm Lunch Break
14.00 –15.00pm Life Underwriting Trends and
Opportunities
Justus Mutiga
15.00 –15.15pm Q & A
15.15 – 15.45pm Tea Break
15.45 –16.45pm Life Underwriting Challenges
and Policy Holder behavior
Justus Mutiga
16.45 –17.00pm Q & A
17.00 –17.45pm Closing Ceremony
Friday 13/11/15 Delegates Departure
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Presenters Profiles and Topics Synopses
AAKASH MISHRA, GENERAL MANAGER, ISLAND LIFE ASSURANCE CO LTD, MAURITIUS
Aakash is a high-performing executive with 25 years of core Life
Insurance domain experience. In-depth knowledge and handling
of Life Insurance operations at senior levels, 20 years out of
which have been with Life Insurers in India and past 5 years with
International Life Companies.
He has handled Senior Management assignments in large Life
Insurance companies in India and abroad. 10.5 years with LIC of
India in administrative and Sales/Marketing roles, 8.5 years with
Tata AIG Life handling Zonal and HO Operations, 3.5 years with
Alliance Life Assurance in Tanzania as GM/CEO, and last 2.5 years
as GM/CEO of Island Life Assurance Co Ltd, Mauritius.
Mr. Mishra has an MBA (Marketing) Faculty of Management
Studies, from the University of Delhi India and an MSc, from the
University of Delhi India. He is a Fellow of the Life Management
Institute (LOMA, US) equivalent to ACII and FIII, an Associate in Customer Services (LOMA, US) and
Licentiate, of the Insurance Institute of India
He was the Runners-Up in the 2014 African Insurance Distribution Innovator of The Year, at the 4th
African Insurance Distribution & Bancassurance Conference, in Cape Town, SA in August 2014. He was
elected President of the Insurers Association of Mauritius for 2015-16, and is a Member of Prime
Ministers’ Joint Public- Private Steering Committee on Economic Reforms 2015. Aakash is a Board
Member of the Joint Economic Council in Mauritius and a Member-of the Mauritius Institute of
Directors. We also won the Best Insurer Award from the President of Tanzania organized by CTI ,2011-
12 and was recognized for Best presented financial statements from National Board of Accountants
and Auditors, Tanzania, 2011-12
Topics Synopsis
Pricing issues in Group Life Insurance:
• The basic tenets of Group Life Insurance Cover. Minimum size, key information
needed like claim experience, Cause of claim, mortality, type of industry, age, gender,
income multiple, Education, Marital Status etc. Full data is key to correct pricing.
• The variables we use in arriving at the premium under a group Life cover Risk rate,
Profits and margins, Expenses and Gross rate
• Common Riders- TPD, Funeral, Critical Illness, Partial disability
• Free Cover limits. New Joiners ( Informal source on Health status ,Google, Health
Insurance reimbursements, Credit due to Co philosophy on gym membership ,
Healthy Breakfast etc.)
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• Reinsurance and its Implications
• Renewal of the scheme- To again look at claims experienced vs assumption and
whether the scheme was profitable. Generally to look at profitability over 3 years
horizon.
• Continuously monitoring and reviewing the scheme
• Competition and the rate war- Top Notch Service, Long Term relationship, Value
added services, Technology
Simplified issues and Preferred underwriting in Life Insurance
• These basic concepts in Life Underwriting – From Simplified or Auto underwriting to
Preferred or Full underwriting methodology
• Basic approaches of the two types of underwriting
• Which kind of products or lives qualify for Preferred vs Simplified underwriting
• Advantages and Disadvantages of each type
• Challenges ahead
• Current trends and digital age- New Markets, New Products, New Distribution models
EZEKIEL MACHARIA, FIA (GROUP ACTUARY, JUBILEE HOLDINGS)
Ezekiel Macharia is a Fellow Actuary of the Institute &
Faculty of Actuaries (UK) and a Fellow of The Actuarial
Society of Kenya (TASK). Ezekiel Chairs the Micro-
Insurance Working Party under the Actuarial Society of
Kenya whose mandate is to foster the development of
actuarial expertise in Micro-Insurance for Kenya and
the region.
Ezekiel has eight years’ experience in the local market
and works for Jubilee Holdings as the Group Actuary in
charge of Actuarial, Risk and Product Development for
the Jubilee Insurance subsidiaries in five countries
(Kenya, Uganda, Tanzania, Mauritius and Burundi).
Ezekiel is passionate about risk management, actuarial training and development of the
Actuarial Profession in the East Africa.
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JUSTUS M MUTIGA CEO OF ICEA LION LIFE ASSURANCE CO LTD
Justus is the CEO of ICEA LION Life Assurance
Co Ltd. (formerly Insurance Company of East
Africa Ltd). His experience in Life and Pensions
business dates back in 1985 when he joined
Kenya National Assurance Actuarial
department where he was involved in life and
pensions valuations. He rose through the
ranks to be the Company’s Actuarial Manager.
He joined Kenyan Alliance Insurance Company
in 1992 as Technical Manager (Life & Pensions)
where he broadened his experience to cover
most aspects of Pension Administration, Fund Management and Life Assurance.
He transferred his services to Insurance Company of East Africa Ltd (now ICEA LION Life
Assurance Co. Ltd) where he became Assistant General Manager (1993), General Manager
(1998), Executive Director (2011) and CEO in 2012.
He is a graduate of University of Nairobi (Mathematics/Statistics) and City University – London
(Actuarial Science). He is a Fellow of Chartered Insurance (FCII), London and Insurance
Institute of Kenya (FIIK) and a Chartered Insurer.
At industry level he serves in the following Boards:
Association of Kenya Insurers (AKI) – where he is the current Chairman of the Board;
Dedan Kimathi University of Technology;
Stantech Motors Ltd;
ICEA LION Asset Management Limited and,
ICEA Life Assurance Company Ltd - Uganda.
He is a past director Insurance Institute of Kenya, and Council Member, Life Insurance
Council (AKI) and Association of Retirement Benefit Schemes (ARBS).
Topics Synopsis
Underwriting Challenges, Trends and Opportunities
Life Underwriting challenges
TEKL Underwriting
Automated Underwriting Systems
Creating an underwriting professional
Opportunities and new trends
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Underwriting Challenges and Policy Holder Behaviour
CHANGING ROLE OF UNDERWRITER
TRENDS IN UNDERWRITING
1. Underwriting Requirements
2. Use of Business Intelligence and Analytics for Underwriting
Premium Analysis
Loss Analysis
Alternatives to Underwriting Data
Predictive Analytics may use data from the following sources:
Predictive Underwriting
What is Predictive Analytics?
Why use Predictive Analytics to drive underwriting decisions
3. Underwriting the Elderly
4. Preferred Risk in Life Insurance
How does Preferred Work?
The Role of Technology in Underwriting
5. Straight – Through Processing (STP)
6. Increasing Laboratories Role
7. Future Insurability
Personal Events
Business Events
Forward Underwriting
What are the opportunities due to new trends in underwriting
The new trends in underwriting have provided the following opportunities:
Shortened Proposal Forms
Technology
Business from the Elderly
Data Management
Future Insurability
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