This week I am on a working trip in Sin Jia Poh (Singapore) and a couple of things creep through my mind….
And before I forget it is best to capture them, have them compiled and uploaded it on this blog by way of email. The following are some of those:
1. [RULES ENGINE FOR COMPETITITVE EDGE] I have always asked this question, “How could I possibly build a strong motor insurance underwriting – marketing framework in the era where there is no longer tariff?” A year ago I would have thought about pricing tool(s) being the paramount importance and a must-have in order to achieve competitive advantage. I guess today…. the most important motor thing that I must have is first and foremost a RULES ENGINE aka Business Rules Management System (BRMS). Basically this rule engine is firstly, to help underwriters build underwriting criteria within the point-of-sales system so fast enough that it could respond promptly to the ever changing yet competitive landscape of the motor insurance segment. (Well, it should gather steam once the motor insurance segment is no longer tariff…. wanna bet?). Although having good pricing strategies is important but I guess this remains secondary for underwriting opportunities are always necessarily contain in a very small and short window period; sort of; opportunity comes and go just as immediate as it manifests.
Secondly, perhaps it is also about creating marketing opportunities (nothing dissimilar if you could just imagine how AirAsia’s marketing web-portal is being featured….) for a good combination of underwriting and marketing maneuvers matters a lot and tends to make great business sense.
How to get this Rule Engine in place so that both underwriters and marketers can work closely together?
I wouldn’t want to tell you here, let’s see if I am able to coax my management to adopt it otherwise I will just write a glimpse of this project for the industry consumption; don’t waste unwanted but bright ideas….
2. [HALAL CHEMICALS?] Something stuck me during the seminary talk about recovery and restoration works for damages after a fire, flood or water leakages incidence…. where plants and machinery or even buildings were severely affected; imagine, where in circumstances the policyholder has a massive loss and requiring urgent restoration to deal with urgent business recovery, and you do have some policyholders insisting of halal chemicals being used for the restoration and decontamination process. How the heck those recovery or restoration companies can guarantee those chemicals used were halal compliant…. Anyway, I can’t comment too much on religious issues like this…. Maybe you do.
3. [THE COLLABORATIVE MINDSET] I overheard a discussion between underwriters where they were in a dilemma over what can be done with numerous personnel pickering over (ought to have) underwriting authority limit involving risks having higher than normal risk profile complexities…. I can’t help as the word “collaboration” flashes my mind, for in today’s world the collaborative mindset between underwriters and marketers is very important, more so with the Malaysian market moving closer toward the removal of tariff regulations. As of now we can see from the manuscript wordings of those Large & Specialise Risks (LSR); they are indeed overly exploratory to unimaginable…. for those wordings will surely open another chapters in the life of our industry if ever this industry goes de-tariffed – free manuscript wordings is going to hit the market so hard we can expect to see gaps and gaps in coverage between what’s provided by our treaty and what accorded in our original policy coverage.
It is important both underwriters and marketers work towards a strong collaborative understanding where a more complex underwriting decision needs to be made.
Oh! Yes, my train has just arrived, then, was I supposed to travel Jurong East or to Marina Bay?
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