4th International Insurance Claims Convention 2014
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.