OUR SERVICES-: |
Understand the need /Analyze the risk exposure
To achieve this, detailed discussions with various departments
is required. It is important to ensure that there is neither a lapse nor overlapping
of covers. Also, the entire business is clearly understood right from the time of
purchase of raw material until sales and distribution. This is to analyze
any uninsured
risk exposure.......... more |
Insurance Desing & Placement
All too often employers get a one-size-fits-all package, even
when their needs are different. We think it's time to bring something better to the table–a partner who will work with you to build a customized insurance
plan that's right for you.......... more
Selection of Insurer
In this era of specialization even the Insurers have found the need
to develop expertise and focus on core areas. It is advantageous to select Insurers
as per their product design in different lines of Insurance.
Negotiation of covers
Though most of the conventional policies are controlled
by tariff, in modern day business complexities are many and there is need to design
specialized covers. An effective representation is required to be made to the insurer,
to negotiate a broad yet economically acceptable cover. Also, in the conventional
covers, it is better to clearly understand the scope of cover, restrictions, the
basis of valuation viz. basis of indemnification etc, before purchasing the covers.
Review of policy wordings
This is one of the most important aspects. The wordings,
warranties, description of property etc. have an impact on the validity of claim.
An independent, detailed review i.e., to say a PRO ACTIVE approach rather than a
REACTIVE approach would help avoid disputes or delays in event of a claim. Of course,
such study does warrant thorough knowledge and rich experience.
Continued interaction
This is not only to understand the need for fresh covers
or canceling superfluous covers but for the personnel at various levels in different
departments, it is important to have knowledge of breadth and restrictions of the
cover. More importantly, procedures to follow in event of different kinds of claim.
This also has an impact on claim.
Risk Management
An insurance claim may indemnify the entire direct
physical loss of or to the property affected, provided it is adequately covered.
However, events can lead to invisible losses, which may be larger than the direct
loss such as wastage of resources, loss of market, goodwill etc. Effective risk
management plays an important role in controlling the chances of occurrence as well
as the impact of such occurrence. Also, it helps to control the cost of Insurance
by way of direct discounts or may be by self insurance......... more
Assistance in monitoring the renewals
We assist the client by maintaining a policy register and intimate
to the client well before time, the details of expiring policy and help an insure
that policies are renewed in time.
Changes in tariffs, policy conditions etc.
Review and revision in tariffs, policy conditions etc. is a continuous
process and we undertake the responsibility to keep the clients updated of latest
developments, well in time to be able to restructure the policies wherever it is
found advantageous.
VALUE ADDED SERVICES AND STRATEGIC PLANNING
PROJECT INSURANCES
Other than review of policy wordings, claim assistance etc.,
one of the specialized services that we provide is effective and economical designing
of insurance covers for green field projects. In the past we have had an opportunities
to be associated with many prestigious projects.
For each client, a team is formed. This team comprises of members of
Administrative and Technical department. They are supported by a Risk Engineer and
led by an Account Director who is responsible for the whole relation. His basic
duties are:
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Understand and analyze individual need of each client.
- Analyze risk exposure of each location with technical support of Risk Engineer to minimize chances of loss.
- Coordinate between the Risk Engineer and other members of the team to ensure maximum
benefits to the & client.
- To fully acquaint the client the scope of cover of the Insurance policies purchased
and the restrictions they carry.
- Review and monitor all renewals.
- Try and develop a healthy and more client friendly relation between the Insurance
Company and the client.
SERVICING OF CLAIMS
Servicing/handling of claims requires deep study of International
law and practices. Our experience in handling complicated claims of various types
has enabled us to gain enough expertise to deal with the Insurance companies and/or
their agents to ensure expeditious and satisfactory settlement of claims. It is
on records that we have been able to obtain settlement, for many claims which were
rejected prior to referring us, by Insurance Companies in India and abroad, including
ILU and Lloyds.
Claim Procedure
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On receipt of advice from the clients about intimation of loss, we contact clients
through Phone / Fax / E mail within 24 hrs. And provide guidance on
the immediate actions they are required to take.
- To appoint a site representative for claim management & for building up claim
records who would visit the site once a week or more, when necessary.
- We ensure that the surveyor is immediately appointed and that he reaches the site
of loss within 48 hrs.
- In event of major losses, our representative also visits along with the surveyor.
- Assist department to prepare the papers for the claim.
- Follow up with the Insurance Co. for expeditious settlement.
- Keep track of the open claims and report to the management.
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