Practical review of the inner workings of a typical Short-term Insurance company ~ Motor Specific


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Course Description

  • CPD Accreditation detail: Insurance Institute of South Africa (IISA)
  • CPD hour allocation: 1 CPD
  • CPD registration number: EVT-20210409-0005
  • Length of video: 55 minutes
Content information:

The purpose of the presentation is giving the viewer a broad overview of the complexities an insurance company faces in remaining sustainable.  The presentation includes some statistics and reaffirm industry terminology.  The presentation then takes the viewer through the entire lifecycle of a typical motor insurer, giving insights into the inner workings and rationale behind some processes, procedures and decision making.

Intended Audience:

The content will be beneficial to anybody working within the short-term insurance industry.

Presentation Topics:
  1. KPMG’s Non-life insurance industry results for 2019
    • Loss ratio
    • Combined ratio
    • Management Expense ratio
  2. Management Expenses
    • Cost of onboarding a new client
    • Direct vs. Broker models
    • Overhead costs
    • Operating systems/Efficiencies/Innovation
  3. Risk selection and pricing
    • Factors affecting rating
    • Big data and how it is used
    • Underwriting conditions in mitigating risk
  4. Claims management
    • Additional claims cost management includes minimising towing, storage, car hire and any other additional costs incurred at claims stage
    • Only paying valid claims based on the contract
    • Maximising salvage opportunities
    • Optimising your recovery and liability claims
    • Assessing department
    • Procurement department
  5. Products
    • Price versus Product
    • Perils versus All risk policy
    • Policy exclusions
    • Value added services
Outcome:

The intention is to give the viewer insight into the inner workings of a typical short-term insurance company.  Create a deeper level of understanding of what some of the metrics are that drives strategic decisions.  This in turn will answer potential questions with regards to the rationale behind process, procedure and underwriting from sales through to claims.  The viewer will walk away having a deeper level understanding of how it all fits in and a realisation of the cause and effect of every decision.