One of the biggest mistakes an insurance or reinsurance company can make is to provide a quotation or issue policies without verifying crucial information that is fundamental to the risk. Blind underwriting can make an insurance or reinsurance company go bankrupt. This video is a story about some of the insurance-related questions that were brought to me and how I dealt with the situation. #Excellentunderwriting #insurance #reinsurance
Very informative and great advice. Failure to investigate an information further means it is waived. In Nigeria Insurance Industry as at today, the use of proposal form is fading out gradually especially business place through Insurance Brokers. Also, the information on some proposal form are too numerous for some clients to fill hence the need of immediate inspection when a business is place to enable accessing vital information relating to the risk being insured. The Insurer can do the needful if not satisfy with the risk and this should be communicated officially with reasons and proofs. All Survey department must be equipped and well trained to swing into action on placement of risk without much information. But most Insurer rely on appointing external surveyor which is good but internal survey team must be groomed to do the exercise first within 7days of effecting cover. Finally, proposal form should be brief and concise for client to understand and interpret. Kudos to you Bro.
Very informative
On point
Very informative
Insurance|Risk Management|Fac Reins.|Award Winner
5dBlind underwriting has become so rampant in almost all insurance industries in Africa because of competition. As an underwriter, when I insist on getting certain information, I always get these response: - Is that necessary? - If you don't want the business, I will take it somewhere. - Other insurers are not asking so why are you particular about it. I have lost some businesses to competitors because I insisted on disclosure of certain information to fully understand the risk. Well, the brokers are also not helping.