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Paul A J May

Risk Management of Claims. Paul A J May LLB (Hons), MBA, FCII, FCILA, FIRM, AdipC, DipAIS, MCIArb, FCMI, MAE, ELAE, AMIMC, FinstD, FIFAA Chairman – Concordia Consultancy Ltd. 5th Asian Conference on Claims Management in Insurance. Singapore 7th – 8th October 2008.

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Paul A J May

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  1. Risk Management of Claims Paul A J May LLB (Hons), MBA, FCII, FCILA, FIRM, AdipC, DipAIS, MCIArb, FCMI, MAE, ELAE, AMIMC, FinstD, FIFAA Chairman – Concordia Consultancy Ltd 5th Asian Conference on Claims Management in Insurance Singapore 7th – 8thOctober 2008

  2. Risk Management of ClaimsPaul A.J. MayClaims Management in InsuranceSingapore 8th October 2008 PEOPLE ARE THE RISK

  3. Risk Management of ClaimsPaul A.J. MayClaims Management in InsuranceSingapore 8th October 2008 • Worldwide professional education and training • Enterprise risk management • Regional and Specialist interestgroup • Affiliate, Member, Fellow • Certificate, Diploma, Conference, Web, InfoRM • www.theirm.org THE INSTITUTE OF RISK MANAGEMENT

  4. Risk Management of ClaimsPaul A.J. MayClaims Management in InsuranceSingapore 8th October 2008 IRM’s “WHEEL”OF RISK MANAGEMENT

  5. Risk Management of ClaimsPaul A.J. MayClaims Management in InsuranceSingapore 8th October 2008 • Liquidity • Reputation • Supply chain • Business Continuity KEY SPOKES

  6. Risk Management of ClaimsPaul A.J. MayClaims Management in InsuranceSingapore 8th October 2008 • Claims • Risk improvement MISSING SPOKES

  7. Risk Management of ClaimsPaul A.J. MayClaims Management in InsuranceSingapore 8th October 2008 • Pre-loss cash flow • Post-loss forecasts • Interim payment • Reinsurance pipeline • Banks - named or insured? • Starving tactics • 90 day clause? LIQUIDITY

  8. Risk Management of ClaimsPaul A.J. MayClaims Management in InsuranceSingapore 8th October 2008 • Testing times for: • Broker • Insurer • Reinsurers • Customers • Policyholder • Loss adjuster • Uninsured costs REPUTATION

  9. Risk Management of ClaimsPaul A.J. MayClaims Management in InsuranceSingapore 8th October 2008 • Insurer’s plan • Broker’s responsibility • Insured’s plan • Post-loss intentions ....pre-loss • Strategy • Board minutes BUSINESS CONTINUITY

  10. Risk Management of ClaimsPaul A.J. MayClaims Management in InsuranceSingapore 8th October 2008 • Customers and suppliers – friend or foe? • Survival • Maximising Value • Competitive Advantage • Contracts • Alternatives SUPPLY CHAIN

  11. Risk Management of ClaimsPaul A.J. MayClaims Management in InsuranceSingapore 8th October 2008 • Case management plan • Timeline • Personnel • Open debate on all issues • Agreed actions • Face time • Commitment CLAIMS

  12. Risk Management of ClaimsPaul A.J. MayClaims Management in InsuranceSingapore 8th October 2008 • Learning from claims • Strengthen relationships • Team de-brief • What if? • Recommendations RISK IMPROVEMENT

  13. Risk Management of Claims Paul A J May LLB (Hons), MBA, FCII, FCILA, FIRM, AdipC, DipAIS, MCIArb, FCMI, MAE, ELAE, AMIMC, FinstD, FIFAA Chairman – Concordia Consultancy Ltd 5th Asian Conference on Claims Management in Insurance Singapore 7th – 8thOctober 2008

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