4th$Educa*onal$Conference$Best$Prac*ce$for$Loss$Adjus*ng$in$South$Asia$5th$March$2014$–$Cinnamon$Grand$Hotel$
Colombo$
“Winning$Customer$Loyalty$through$Speedy$Claims$SeIlement”$
Presenter:$$$Dr$Jagath$Alwis$
Director$(Technical)/Chief$Technical$Officer$CEYLINCO$INSURANCE$PLC$
“Winning$Customer$Loyalty$through$Speedy$$Claims$SeIlement”$
$$$$$$$$$Contents$• Introduc*on$• Insurer’s$responsibility$at$the$*me$of$issuing$the$policy$
• Insurer’s$responsibility$a[er$a$claim$is$reported$$• On$the$Spot$Revolu*on$–$Motor$• On$the$Spot$Claims$SeIlement$–$Non]Motor$• Claims$seIlement$s$$of$a$NatCat$Event.$$• Conclusion$$
$$
Insurance$Industry$
Insurers$
Reinsurers$
Brokers$
Agents$
Loss$Adjusters$$
Inves*gators$$
Forensic$Inves*gator
s$$
Regulators$
$
$ $ $To$seIle$Claims$– Within$the$scope$of$the$policy$– Compensate$the$actual$loss$$– Less$disputes$$– As$fast$as$possible$$
SPEED%%%%%%%THE%NAME%OF%THE%GAME%
Insurer’s$responsibility$at$the$*me$of$issuing$the$policy$
$• Issuing$policies$in$a$language$where$the$Client$could$understand$beIer$
• Policy$wording$without$ambiguity$$• If$$a$risk$inspec*on$is$done,$inform$the$important$points$to$the$Client$to$improve$the$risk:$$including$the$compliance$required$
• Deliver$the$policy$as$soon$as$possible$and$get$an$acknowledgement$$
Insurer’s$responsibility$at$the$*me$of$issuing$the$policy$
$• Give$a$document$to$Client$simply$explaining$what$is$covered$and$not$covered$
• Give$a$cer*fied$photocopy$of$the$Proposal$Form$to$the$Client$
• Educate$the$Insured$regarding$the$basis$of$claims$seIlement$
• Clear$guidance$about$claims$repor*ng$
Insurer’s$responsibility$a[er$a$claim$is$reported$$
• Have$an$efficient$system$of$claims$recording$$$• Advising$the$process$regarding$claims$seIlement$$to$the$Insured$• Appoin*ng$Loss$Adjusters$/Inves*gators$$as$soon$as$possible$$• Take$necessary$steps$$required$for$post$$loss$minimiza*on$$• Communicate$the$documents$required$to$establish$the$loss$and$
adjust$the$claim$• Internal$communica*on$with$other$departments$for$$claims$
reserving$$• Loss$Advice$to$Reinsurers$if$required$• Advice$to$NITF$• Constantly$in$touch$with$Loss$Adjusters$and$Inves*gators$$
$
$$$$“Our$Industry$does$not$respect$tradi*ons,$its$only$$$$$$$$respect$Innova*on”$$
$Satya$Nadella$Microso[$‘s$New$CEO$
Motor$Claims$SeIlement$prior$to$“On$the$Spot”$Revolu*on$$
Tradi*onal$steps$involved$in$seIling$motor$claims$$• Wait$at$the$site$of$the$accident$*ll$Police$Officers$visit,$and$
instruct$to$move$the$vehicle$• Visit$Police$Sta*on$to$lodge$an$entry$• In*mate$the$claim$to$Insurance$Company$in$wri*ng$and$
collect$claim$forms$• Visit$Garage$to$obtain$repair$es*mate$• Visit$Police$Sta*on$couple$of$*mes$to$obtain$the$copy$of$the$
1st$statement$• Submit$the$claim$documents$to$the$Insurance$Company$
$$$
$
Motor$Claims$SeIlement$prior$to$“On$the$Spot”$Revolu*on$$
Tradi*onal$steps$involved$in$seIling$motor$claims$• Wait$*ll$the$Motor$Assessor$come$and$inspect$the$vehicle$• Assessor$forward$the$leIer$of$approval$to$the$Insurer$• Obtain$the$leIer$of$approval$from$Insurer$• Wait$*ll$the$Insurance$Company$obtain$the$Police$report$
direct$from$the$respec*ve$Police$Sta*on.$• Commence$repair$• Return$salvage$if$applicable$• A[er$Repair$Inspec*on$(ARI)$• Submit$Final$Bill$• SeIlement$
“On$the$Spot”$Revolu*on$$$• Introduced$“On$the$Spot”$claims$seIlement$in$2003$
• Inspec*on$of$damaged$vehicles$24$hours,$all$365$days,$throughout$Sri$Lanka,$at$the$place$of$the$accident,$On$the$Spot$
$$• Presently$ employed$ around$220$Motor$ Engineers$ through$out$ the$
country$$$
• Dedicated$Call$Centre$with$60$$agents$$$• Payment$of$claims$on$the$spot$by$the$motor$$engineers$who$$$$$$$$assess$the$claim.$
“On$the$Spot”$Revolu*on$
$$$$$$$$$$$$Assessors$are$equipped$with$Android$Tablets$who$$$$$$$$$$have$access$to$the$main$database$and$the$Nerve$$$$$$$$$Centre$
$$$$$$ $$SeIlement$of$claims$direct$to$customers$bank$$$$$$$$$$$$$$$$$account$or$credit$card$account$using$M]commerce$$$$$$$$$$$$$$$technology$$
$$$$$$$No$paperwork$involved$
$
BENEFITS$TO$CUSTOMERS$
• Elimina*on$of$Police$ reports,$Repair$es*mates,$Repair$bills,$Claim$forms$and$several$visits$to$the$insurer$
• Convenience$• Save$*me$and$money$• Immediate$assessment$of$the$damage$• Ability$to$repair$the$vehicle$fast$• Assurance$of$a$companion$at$a$*me$of$distress$$• Other$emergency$services$$
“On$the$Spot”$Revolu*on$$
! Benefits$to$Ceylinco$$! Enhance$the$Customer$loyalty$! Reten*on$of$Customers$and$cross$selling$of$other$products$
! Product$is$pitched$as$a$premier$Motor$Insurance$product$$
! Proper$Claims$management$–$As$a$result$$incurred$net$Motor$Claims$ra*o$is$50.2%$whereas$the$Industry$average$is$over$70%$
COMPETITION
• Compe*tors$ too$ have$ reacted$ with$ various$ forms$ of$seIling$motor$claims$hassle$free$and$fast$
• The$ On$ the$ spot$ claims$ assessment$ became$ a$benchmark$in$the$market$
• The$ motor$ insurance$ market$ became$ an$ innova*ve$driven$vibrant$market$$
• Customer$became$the$ul*mate$winner$$• Image$ of$ the$ Industry$ enhanced$ and$ the$ loyalty$increased$
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$SPEED$$$ $ $The$Name$of$the$Game$$
$
COMPETITION$
On$the$Spot$Claims$SeIlements$of$Non]Motor$Claims$
• A[er$market$acceptance$of$the$On$the$Spot$Motor$Claims$SeIlement,$this$was$extended$to$Non]motor$claims$as$well$
• The$present$in$house$loss$adjus*ng$division$has$around$25$Engineers,$12$Accountants$and$5$Inves*ga*ng$Officers$
• More$than$90%$of$the$claims$are$small$and$medium$size.$$Not$complexed$
• Members$of$the$Loss$Adjus*ng$team$visit$the$site$of$the$claim$$immediately$upon$receiving$claim$no*fica*on$to$the$Call$Centre$$
On$the$Spot$Claims$SeIlement$of$$Non]Motor$Claims$
• Update$the$$status$of$the$claim$on$line$to$the$‘’Nerve$Centre’’$and$collect$informa*on$as$far$as$possible$from$the$site$$$
• Call$Centre$informs$the$addi*onal$specialists$required$depending$on$the$claim$
• If$the$claim$is$not$complexed,$we$will$adjust$it$in$house$or$otherwise$assign$an$Independent$Loss$Adjuster$and$pass$on$the$first$hand$$informa*on$gathered$
On$the$Spot$Claims$SeIlement$of$$Non]Motor$Claims$
• In]house$team$will$co]operate$with$the$appointed$Loss$Adjustors$for$a$speedy$seIlement$
$
• Since$visi*ng$“On$the$Spot”$$of$the$scene$of$the$incident,$we$could$gather$lot$of$informa*on$which$otherwise$would$not$have$come$to$our$knowledge$
$
• The$worst$natural$disaster$experienced$by$the$industry$was$Tsunami$2004$$
Extent$of$Damage$due$to$Tsunami$in$Sri$Lanka$
Type of damage Number Percentage
Completely Damaged 39,692 25%
Partially damaged – unusable 11,113 7%
Partially damaged– but usable 38,105 24%
Not affected 69,861 44%
Housing%units%of%affected%areas%by%type%of%damage%
Extent$of$Damage$due$to$Tsunami$in$Sri$Lanka$
Type of damage Number Percentage
Completely Damaged 4,716 20%
Partially damaged – unusable 1,179 5%
Partially damaged – but usable 5,188 22%
Not affected 12,499 53%
Buildings%other%than%housing%units%of%affected%areas%by%type%of%damage%
On$the$Spot$Claims$SeIlement$of$$Non]Motor$Claims$
• Ceylinco$had$more$than$2000$Non]motor$claims,$more$than$90%$of$them$were$$small$and$medium$size$clams$
• Within$7$days$we$seIled$75%$of$them$and$within$14$days$90%$of$them$using$$the$In]house$Loss$Adjustors$and$the$Staff$
• We$are$proud$that$we$supported$them$to$come$back$$to$start$their$business$in$no$*me$
• To$seIle$balance$claims,$we$got$the$service$of$local$Loss$Adjustors$as$well$as$overseas$Loss$Adjustors$
$$$Winners$$Don’t$do$different$things$$$$$$$$$$$They$do$things$differently$$
THANK&YOU.&Email:&&[email protected]&
Top Related