Ravindra Misal’s Post

BimaTrust is an Insurance ERP designed for the African market, aimed at simplifying the underwriting process. It achieves this through features like centralized data management, automation of tasks, risk assessment tools, integration with external data sources, customizable workflows, and compliance management. These capabilities help insurers streamline operations, improve efficiency, and make more informed decisions when underwriting policies. #Insurance #InsuranceBrokerage #AI #Automations #Startups

How BimaTrust Makes Underwriting Easier BimaTrust simplifies the underwriting process through several key features tailored to the needs of the African insurance market: 1. Streamlined Data Management: BimaTrust offers a centralized platform for managing all aspects of insurance operations, including policyholder information, claims data, and risk profiles. By consolidating data in one place, underwriters can easily access the information they need to make informed decisions. 2. Automated Processes: The platform automates many routine tasks involved in underwriting, such as data entry, risk assessment, and premium calculations. This speeds up the underwriting process and reduces the likelihood of errors. 3. Risk Assessment Tools: BimaTrust provides underwriters access to various risk assessment tools and analytics. These tools help underwriters evaluate the potential risks associated with insuring a particular individual or entity, allowing them to make more accurate pricing decisions. 4. Integration with External Data Sources: BimaTrust can integrate with external data sources, such as credit bureaus and government databases, to supplement the information available to underwriters. This enables them to obtain a more comprehensive view of each applicant's risk profile. 5. Customizable Workflows: The platform allows insurers to define their underwriting workflows based on their business requirements. This flexibility ensures that underwriting processes can be tailored to accommodate different product lines and regulatory environments. 6. Compliance Management: BimaTrust helps insurers ensure compliance with regulatory requirements by providing tools for managing documentation, tracking regulatory changes, and generating reports. Overall, BimaTrust empowers insurers to streamline their underwriting processes, improve efficiency, and make more informed decisions, ultimately enhancing their ability to serve customers effectively in the African insurance market.

Ideal Underwriter We Want !!! An underwriter is a crucial figure in the insurance industry, acting as a gatekeeper and financial risk assessor for insurance companies. Their primary role involves evaluating applications for insurance and determining whether or not to provide coverage. This process entails a meticulous assessment of the risks involved in insuring an applicant. Here's a breakdown of the key responsibilities of an ideal underwriter: Risk Evaluation: Underwriters analyze the likelihood and severity of potential claims associated with an insurance policy. This involves reviewing information, claims data, exposure breakup, SOV, safety and security features, etc.. Data Analysis: They leverage various data sources, including actuarial tables (statistical data on insured/occupancy groups), credit reports, and industry trends to assess risk. Pricing & Coverage: Based on their risk assessment, underwriters determine the premium amount (the cost of the insurance policy) and the specific coverage details of the policy. This might involve setting limits or excluding certain risks. Decision-Making: Underwriters make the final call on whether to approve or deny an application. They may also decide to offer coverage with modifications, such as a higher premium or exclusions. In essence, underwriters ensure the financial stability of the insurance company by balancing the need to provide coverage with the need to manage risk and maintain profitability. Their decisions directly impact the premiums customers pay and the types of coverage available. However, Business Development Team does a great job as the market lacks Ideal Underwriter🤐 .

🔍 Ever wondered what it takes to be an insurance #underwriter? Let's break down the key responsibilities of an Insurance Underwriter and see what makes this role so crucial! 🛡️ 📊 1. #Risk Assessment: Underwriters dive deep into the applicant's details—age, health, occupation, lifestyle, and past insurance claims. They should figure out the level of risk involved in providing coverage. 🧩🔍 📜 2. Policy Evaluation: They meticulously review insurance applications to ensure everything checks out. Does the applicant meet the insurer’s underwriting guidelines? Is the proposed policy a good fit for the company’s risk appetite? It’s all about matching the right policy with the right person! ✅📝 💰 Premium Calculation: After assessing the risk and evaluating the policy, underwriters need to calculate the premium. This ensures the insured party pays a fair amount to obtain #coverage. It's a balancing act that keeps the insurance world turning smoothly. ⚖️💵 🌟 Want to dive deeper into the role of an insurance underwriter? Check out our latest article for all the details! https://lnkd.in/ebCTQsfB #InsuranceUnderwriter #RiskAssessment #InsuranceIndustry #InsuranceInsights #Finance #job

“Behavioural skills are more important in insurance and reinsurance companies, than just technical know how” Behavioral skills are also crucial for the success of insurance and reinsurance companies. Here's how behavioral factors can contribute significantly to their success: 1. Client Relations and Sales: In the insurance industry, building and maintaining strong client relationships is essential. Behavioral skills such as empathy, active listening, and effective communication are critical for understanding clients' needs, building trust, and ultimately making sales. Agents and brokers with strong behavioral skills are more likely to connect with clients and provide them with the right coverage, leading to increased customer satisfaction and retention. 2. Risk Assessment and Underwriting: Behavioral skills such as critical thinking, attention to detail, and problem-solving are vital for underwriters in insurance and reinsurance companies. These professionals need to assess risks, evaluate complex data, and make sound judgments. Strong behavioral skills can help underwriters make accurate risk assessments, leading to better underwriting decisions and more profitable portfolios. 3. Team Collaboration and Leadership: In insurance and reinsurance companies, teamwork is essential across various departments, including underwriting, claims, actuarial, and sales. Effective collaboration requires strong behavioral skills such as teamwork, conflict resolution, and leadership. Managers who possess these skills can build cohesive teams, foster a positive work culture, and drive better performance. 4. Customer Service and Claims Handling: Insurance companies need employees with strong behavioral skills to handle customer inquiries, address claims, and provide support during difficult times. Empathy, patience, and clear communication are crucial in these roles, as they directly impact customer satisfaction and the company's reputation. 5. Adaptability and Innovation: The insurance industry is constantly evolving due to changes in regulations, emerging risks, and advancements in technology. Behavioral skills such as adaptability, creativity, and openness to change are essential for employees to adapt to new circumstances, identify opportunities, and drive innovation within the organization. Given these points, it's evident that behavioral skills are vital for the success of insurance and reinsurance companies. While technical expertise is essential, strong behavioral skills play a significant role in areas such as client relations, risk assessment, teamwork, customer service, and innovation, ultimately contributing to the overall success and competitiveness of these companies.

THERE IS NO GOD (OF UNDERWRITING!) John Neal was on excellent form this morning in the Lloyd's Library, talking about the Future of Underwriting. That's why the new Core Data Record (CDR) is going to be so handy. After a few years of collection, Lloyd's market participants will be able to access a vast pool of data relating to a large percentage of the world's insured values. But that doesn't mean digital wins everything. John cited an example of a study he had been privy to. In it the hit rate on new business where the underwriter didn't have a chance meet the client personally was 3%, but would mushroom to 50% if the client could be met face-to-face. So we might have a 24-hour 7 day-a-week insurance market in a few years, but we'll still be meeting face-to-face more often than not if we want to win new business. He also said that because tech never saves you money (in cash terms) you need to use it to grow, so you can do more with the same resources. (ie. the expense halves as you double in turnover, but with the same cost.) He said Lloyd's could double. And not all the growth had to be organic. He didn't deny the recent Insurance Insider story that Lloyd's was being more proactive about seeking new entrants. https://lnkd.in/eRZFbw-W "It's like everything in life, nothing happens by accident, it happens because there's a purpose behind it. So I think we need to have defined conversations with people and create a pathway, that may or may not create an end result." He had said earlier that there were important insurers that should be in Lloyd's but aren't. John said that when he had become CEO he asked everyone (incumbents and some top players that weren't in the market) what they wanted him to do. The main response was that they wanted him to reduce the cost of being in Lloyd's and the Blueprint digitisation projects were what followed. If he executed to plan he could go back to those businesses and say "well, you said that's you wanted us to do, that's what we've done," then conversations about the value of joining could then follow. Thanks to Optalitix for organising and Matthew Grant of InsTech for chairing.

Levelling your underwriting playing field. I have always coached Advisors to invest in the underwriting process up front vs waiting. While the industry tends to bundle the underwriting and administration tasks, I continue to separate the two. Administration: In life insurance, the admin part tends to be fixed data. A client’s DOB, SIN or address are fixed. It is what it is and doesn’t impact the decision. Underwriting: This lane is fluid. Each Client will have their own medical and financial story/data to share. And these factual stories will impact the final decision and pricing for the Client. In my 26 years of experience, I can confirm how “we/the insurance Advisor” show’s up for the underwriting journey has huge impact in the following 5 main areas: 1- Time to decision 2- Quality of decision 3- Trust in the decision and what is carried back to the Clients 4- The levelling of the playing field with the Technical Underwriters 5 - Your own Underwriting Brand as the Advisor Don’t be fooled, your underwriting footprint as an Advisor has incredible significance. What is key to know is the art, dance and experience of underwriting starts with us in the field. On your next life insurance application that require a Human Underwriter, consider asking yourself the following questions before the application leaves your office. 1 - Have I set myself up to represent my Client through the underwriting journey or am I relying too heavily on both the doctor’s report and the paramedical nurse leaving me in a vulnerable position? 2 - Have I created a level playing/communication field with the Technical Underwriter or have I given the power away and unintentionally created a privacy wall between the Client, the Underwriter and I? 3 - Have I researched the Client to ensure there are no unintended blind sides through the underwriting journey for both me and the Underwriter? 4 - If numerous Underwriters need to be involved, will each Underwriter be able to clearly understand the Client or have I left too much for interpretation and more critically, in the hands of others? 5- Is there something unique about my Client that requires a tactical change from my normal underwriting process? 6 - Have I pro-actively included the 3rd party financial verifications up front to avoid delays, double handling and gain further credibility with the Technical Underwriter? 7 - Have I done my part in ensuring the Client’s doctor is aware of the insurance application which will require an APS? or am I just following the queue? 8- Do I have the right set of best practices in place for this size of case? - [ ] Bottom line -> As an Advisor you carry an Underwriting Brand and you carry a lot of weight in how a case will flow through the underwriting process. Choosing to invest in your large case underwriting process will pay back many dividends. If you need help - align yourself with the RIGHT Field Underwriter. #lifeinsurance #underwriting #advisor

“Holly was introduced to address some of the challenges faced by #intermediaries in completing #applications and meeting #underwriting requirements. #Holly eliminates the back-and-forth associated with incomplete information in manual applications by introducing a simplified underwriting process that enables quicker #onboarding and smoother #claims processing,” says Amanda van Heerden, Underwriting Consultant at Hollard Life Solutions. #insurance #underwriting #hollardlifeinsurance #lifeinsurance #insurancepolicy Hollard Insurance

Welcome to "Understanding Insurance Loss Control: A Comprehensive Guide," a detailed and engaging exploration into the world of insurance risk management. This video, approximately 5 minutes in length, is expertly tailored for insurance loss control representatives, newcomers to the insurance industry, and students enrolled in insurance-related courses. What You Will Discover: 1. Introduction to Insurance Loss Control:   Dive into the concept of insurance loss control and its significance across various sectors, including construction, healthcare, and retail. Understand how this strategy is integral to managing risks in diverse industries. 2. The Significance of Loss Control:   Hear from industry experts, including risk managers and insurance brokers, as they discuss the multifaceted benefits of loss control. Learn about the direct correlation between effective loss control and reduced insurance claims, supported by enlightening infographics and animated charts. 3. A Look Back: Historical Evolution:   Trace the evolution of loss control from its early manual methodologies to the digital innovations of today. Witness a captivating montage that contrasts old and new techniques, emphasizing the advancements in efficiency and accuracy. 4. Modern Practices in Loss Control:   Step into the current world of loss control with live-action footage and software demonstrations showcasing modern risk assessment tools and AI technologies. Hear firsthand accounts from professionals about today's best practices. 5. Impact on Premiums and Client Relations:   Understand how effective loss control strategies positively influence insurance premiums and client satisfaction. Experience scenario-based animations and testimonials that highlight improved safety standards and cost savings. 6. Conclusion: Looking Forward:   Conclude with a summary of key points and a forward-looking perspective on emerging trends in loss control and risk management's continuous evolution. Multimedia Elements: This video features a blend of professional voice-over narration, engaging background music, and high-quality visuals, including dynamic animations, live-action footage, and detailed infographics. Key statistics and quotes are emphasized with on-screen text, enhancing the learning experience. Engage and Learn More: As the video concludes, viewers are invited to deepen their understanding of loss control by visiting the company's website or educational portal for further resources. Whether you're a seasoned professional or new to the field, this video serves as an invaluable resource in the ever-evolving domain of insurance loss control.

The first million dollar Life Insurance policy I sold ended in disaster. The client who purchased this policy from me was a school friend's dad. They sought me out and wanted to get in place $1 million of life cover. What they failed to tell me, and what I, inexperienced as I was, failed to dig out was a very crucial piece of information: The to-be-insured party had just undergone chemotherapy. Three months later, the insured father passed away. And when the Insurance company found out that I hadn't done my due diligence here, I got heavily investigated, too. This article is intended for two audiences: 1.⁠ ⁠For advisors - here are some ins and outs of underwriting that will help you sharpen up your service  2. For clients - this is why we ask you so many annoying questions! But also, this is how you can get the best possible deal on your Life Insurance policies. Read the article here: https://lnkd.in/dkneVMEz #lifeinsurance #financialadvisor #advisorlife #financialplanning #finance #successionplanning #itsnotbusinessitspersonal