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To which extent do we adhere to Insurance Principals during our work time!

Created by : Joseph Denan Lazarus, Underwriter, Claims & Policy Analyser, James Finlays Insurance  | 02 06 2010 03:09:00 +0000
Industry : InsuranceFunctional Area : Business Processes(Operations)
Keywords : where insurers lacks of achieving it's maximum efficiany.
Activity:  253 views;  last activity : 07 06 2010 20:18:09 +0000

Throughout me years of experience, i have seen little or not at all, staff's adherence to Insurance principals when carry out it's day to day activities. Because the main issue with insurance or brokering firms are that they spend significant amount of it's time on administration issues rather than find possible ways to make them automate. This something South Asian insurers lack of but in Europe through the invention of EDI (Electronic Data Processing) systems they have brought the efficiency of it's organisation into a higher level. Why we lacks this? I welcome professional feedbacks.

  
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I have see the youth in the insurance sector is using more technology than the middle age group. If we use automation we can be more productive and time saving.
By Niranjan Meena, Actuary Manager, LIC  02 06 2010 08:15:53 +0000
 
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I agree with you there, some top executives are not very tech savvy. However , younger generation are born with a gameboy in their hands.


By Maria Colaco, Insurance Advisor/Analyst, AEGON Religare Life Insurance  | 02 10 2010 13:43:22 +0000
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Not only the technology but the quality of it will make us more competitive. We should concentrate on it and try and evolve ways to use technology in a better way.


By Aditya Sharma, Insurance Advisor/Analyst, LIC OF INDIA, ICICI LOMBARD  | 02 08 2010 12:06:42 +0000
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Yes,I am proud to claim that all the Principles of insurance are being followed by the Government of India insurance companies in letter and spirit.The same thing cannot be said about some of the other ones though,which is rather unfortunate for the few guilable investors who fall in their trap.Thank you Meenaji for the reference.
By Arunangshu Choudhury, Agent, L.I.C  | 02 06 2010 13:13:07 +0000
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Insurer's staff should spend more time on administrative issues in order to ensure efficiany of customer service should be maintained in high level
By Joseph Denan Lazarus, Underwriter, Claims & Policy Analyser, James Finlays Insurance  | 02 06 2010 03:09:00 +0000
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Staff of the Insurer should allocate more of it time studying it's core principals, risk analysis and other similar activities to ensure it's portfolios sounds efficient, low claim cost and savings on capital. And most importantly demonstrate the professionalism.
By Joseph Denan Lazarus, Underwriter, Claims & Policy Analyser, James Finlays Insurance  | 02 06 2010 09:19:41 +0000
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