RIMSON leads discussion to ease insurance claims process
Stakeholders in risk management are looking at building more capacity that would ensure that consumers of insurance services enjoy smooth claims process, to the extent that they develop more appetite for protection of assets.
This capacity building programme, they believe, would also make claims management process by underwriters and intermediaries less cumbersome such that consumer confidence that hitherto degenerated as result of bad experience with claims are reduced to its barest minimum.
In this vein, Risk and Insurance Managers Society of Nigeria (RIMSON) in collaboration with the Nigerian Council of Registered Insurance Brokers (NCRIB) and the Institute of Loss Adjusters of Nigeria (ILAN) would be holding a day workshop that would provide the needed platform to x-ray the challenges facing the industry and possible solutions.
Jacob Adeosun, programme coordinator and RIMSON’s first vice president, says the workshop will hold on Wednesday, August 27, 2014, at the Lagos Chamber of Commerce and Industry (LCCI), MKO Garden, Alausa, Ikeja, Lagos. Adeosun, who is also the executive director, Insurance Brokers of Nigeria (IBN), discloses that the chairman of the event will be Olusola Ladipo-Ajayi, managing director, LASACO Assurance plc, while Fola Daniel, commissioner for insurance, National Insurance Commission (NAICOM), will be the special guest of honour, among other dignitaries.
Adeosun says that the insurance industry in Nigeria is experiencing a wave of complex, contentious and sizeable claims across a wide range of insurance portfolios including but not limited to energy, industrial all risks, casualty, life, marine, aviation, and other policies.“While the insured, as the ultimate consumer of insurance, has the natural desire to secure full compensation for every insured loss as the ‘Prima facie raison d’etre’ for purchase of insurance protection, the insurance companies which are in business to remain solvent are obliged to pay all and every claim admissible within the contractual policies,” he says.
According to him, “these conditions and positions of both the consumers of insurance and risk carriers create challenges for the insurance brokers who are the primary agents and professional advisers of the insured’s, and the Loss Adjusters who are customarily appointed by the insurers to examine the circumstances of a loss, verify compliance with the contractual conditions and issue professional report of opinion and recommendations on liability and quantum of claims to be paid.”
The workshop, he notes, would further help to improve the understanding and knowledge of the participants on a wide range of insurance claims administration; address current challenges and proffer solutions on claims controversies, disagreement and litigations arising from insurance claims; bring mutual understanding among all the stakeholders: Consumers of insurance, insurers and services providers in the industry.
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