PROGRAMME FOR OESAI COMPREHENSIVE GENERAL INSURANCE TECHNICAL TRAINING

Transcription

1 Organisation of Eastern and Southern Africa Insurers GENERAL INSURANCE TRAINING Date: 9 TH AND 10 TH 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/ am Registration am Opening ceremony am Group Photo am Tea break am Facultative Reinsurance; its advantage and disadvantage to reinsured and reinsurer David Nyabadza am Q & A pm Treaty Reinsurance; types and methods David Nyabadza pm Q & A pm Lunch Break pm Application of facultative and treaty reinsurance David Nyabadza pm Q & A pm Tea Break Page 1 of 13

2 pm Planning process of Reinsurance Programme Design & Accounting David Nyabadza pm Q & A Tuesday 10/11/ am Introduction and History of Takaful Moses Murungi am Q & A am Takaful and Retakaful Underwriting Moses Murungi am Q & A am TEA BREAK pm Introduction to Political Risk Insurance & Underwriting Tusekile Kibonde pm Q & A pm Cyber Insurance Ezekiel Macharia pm Q & A PM LUNCH BREAK PM Credit Insurance Tusekile Kibonde pm Q & A pm Tea BREAK pm Managing customer from Sales to Claim Settlement Samuel Muhindi pm Q & A PM Closing Ceremony Wednesday 11/11/2015 Delegates Departure Page 2 of 13

3 Presenters Profiles and Training Synopses DAVID NYABADZA OPERATIONS EXECUTIVE (FMRE PROPERTY AND CASUALTY, ZIMBABWE) 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 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). Page 3 of 13

4 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 Topics Synopsis Origins & Development of Takaful Global Takaful Industry The Takaful Concept Key Differences Practicals of Takaful Page 4 of 13

5 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 Page 5 of 13

6 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 Page 6 of 13

7 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- , 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 Page 7 of 13

8 OESAI Life Insurance Training Program and Presenters PROGRAMME FOR OESAI LIFE INSURANCE TECHNICAL TRAINING DATE: 11 TH AND 12 TH 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/ am Registration am Opening ceremony am Group Photo am Tea break am Predictive Underwriting, how insurers can use statistics models to make sales process easier Ezekiel Macharia am Q & A pm Simplified Issues and Preferred Underwriting in Life Insurance Aakash Mishra pm Q & A pm Lunch Break pm Re-insuring Small Limited- Underwriting VS. fully Underwriting large amount policies Ezekiel Macharia pm Q & A pm Pricing Issues in Group Life Insurance Aakash Mishra pm Q & A pm Tea Break Page 8 of 13

9 pm Claim Handling Procedure and Management in Life Insurance George G. Nyakundi pm Q & A Thursday 12/11/ am Managing Customer from Sales to Claim Settlement Samuel Muhindi am Q & A am Tea Break am Applying Technology in Life Assurance Distribution George G. Nyakundi am Q & A pm Group Life, New Product and Features George G. Nyakundi pm Q & A pm Lunch Break pm Life Underwriting Trends and Opportunities Justus Mutiga pm Q & A pm Tea Break pm Life Underwriting Challenges and Policy Holder behavior Justus Mutiga pm Q & A pm Closing Ceremony Friday 13/11/15 Delegates Departure Page 9 of 13

10 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 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 He was elected President of the Insurers Association of Mauritius for , and is a Member of Prime Ministers Joint Public- Private Steering Committee on Economic Reforms 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, and was recognized for Best presented financial statements from National Board of Accountants and Auditors, Tanzania, 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.) Page 10 of 13

11 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. Page 11 of 13

12 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 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 Page 12 of 13

13 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 Page 13 of 13