4th In­ter­na­tional In­sur­ance Claims Con­ven­tion 2014

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The MII, sup­ported by the Gen­eral In­sur­ance As­so­ci­a­tion of Malaysia (PIAM), the Life In­sur­ance As­so­ci­a­tion of Malaysia (LIAM), The Malaysian In­sur­ance and Taka­ful Bro­kers As­so­ci­a­tion (MITBA), the As­so­ci­a­tion of Malaysian Loss Ad­justers (AMLA), the Na­tional In­sur­ance Claims So­ci­ety (NICS) and the Malaysian Taka­ful As­so­ci­a­tion (MTA) or­ga­nized the 4th In­ter­na­tional Claims Con­ven­tion 2014 (4th ICC 2014) at the Prince Ho­tel & Res­i­dences in Kuala Lumpur on the 20th May 2014. The event was of­fi­ci­ated by YB Se­na­tor Dato’ Seri Ah­mad Bashah bin Md. Hanapiah, Deputy Min­is­ter, Min­istry of Do­mes­tic Trade, Co-Op­er­a­tives and Con­sumerism, Malaysia. Ybhg. Dato’ Haji Syed Mo­heeb Syed Ka­marulza­man, MII Di­rec­tor took the stage to deliver the wel­come re­marks. The con­ven­tion brought to­gether 18 speak­ers and in­sur­ance claims man­age­ment ex­perts from around the Asian re­gion, to dis­cuss and share their ex­pe­ri­ence on mat­ters per­tain­ing to in­sur­ance claims which in­cluded Ismail Jo­hari, CFE, Di­rec­tor/Fraud/Cor­po­rate Crime In­ves­ti­ga­tor for Safe­tynet Ser­vices Con­sul­tant Sdn Bhd, Ge­of­frey Rid­dell, Mem­ber of the Group Com­mit­tee Re­gional Chair­man of Asia-Pa­cific and Mid­dle East and Africa, Zurich In­sur­ance Group Ltd, Hong Kong and Jeremy He­witt, Le­gal Di­rec­tor of RPC Sin­ga­pore among many oth­ers. MII is mo­ti­vated and com­mit­ted to or­ga­niz­ing the ICC as an an­nual gath­er­ing due to the grow­ing com­plex­ity that this fra­ter­nity is fac­ing over the years. The con­ven­tion is aimed to bring for­ward a dis­cus­sion plat­form in top­i­cal is­sues and lessons learned from var­i­ous dy­namic and com­plex claims ex­pe­ri­ences in the re­cent past and the po­ten­tial claims ricks which could un­der­mine fu­ture un­der­writ­ing prof­its.

The theme of this year’s ICC 2014 was “Driv­ing to­wards Greater Cus­tomer Cen­tric­ity” as cus­tomer and con­sumer fo­cus has re­ceived greater recog­ni­tion in con­tribut­ing to­wards a sound, sta­ble and com­pet­i­tive in­sur­ance and taka­ful in­dus­try. MII also co­op­er­ated with the Min­istry of Do­mes­tic Trade, Co-Op­er­a­tives and Con­sumerism for this con­ven­tion in or­der to ini­ti­ate rat­ing or reg­is­ter­ing work­shops for this in­dus­try, es­pe­cially for the un­der­writ­ers and claims per­son­nel, to de­velop com­pe­tency and skill, in main­tain­ing our stan­dard at the time of the marker ad­just­ment. Mo­tor in­sur­ance continues to be the largest con­trib­u­tor to gen­eral in­sur­ance and taka­ful busi­ness with over 47.9% to­tal mar­ket share, a huge gap from other busi­ness classes with Fire at 17.6%, Ma­rine and Tran­sit at 8.7%, Per­sonal Ac­ci­dent at 7.9% and Med­i­cal at 5.1%. The in­dus­try is not al­lowed to close this chal­leng­ing port­fo­lio, and with the in­creas­ing num­ber of ve­hi­cle own­er­ship in the coun­try, the in­sur­ers also could af­ford to shrink much of this port­fo­lio to cur­tail its risk. This is where the joint ini­tia­tive with KPDNKK would help iden­tify the stan­dards that would best safe­guard the in­ter­est of the con­sumers and the in­sur­ers.

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