Motor Insurance Underwriting and Claims Management

Overview

Motor Insurance Claims and Underwriting Management training provides an essential introduction to motor insurance. It provides knowledge and understanding of the fundamental principles and practices relating to motor insurance claims and underwriting.

The ensures an understanding of the key aspects of claims and underwriting. Different types of customer information influence the treatment of the risk they represent. Underwriters use this knowledge to set fair policy terms and premiums. This course also covers key stages in the lifecycle of a policy.   

It also focuses on the administration and management of the claims experience, relevant legislation and technological innovations aimed at improving the claims experience.

Learning Objectives

By the end of the workshop, participants will be able to: -

• Understand the material facts and information relating to the motor insurance underwriting process 
• Understand the underwriting procedures relating to the motor insurance underwriting process 
• Understand pricing factors and managing exposure in the motor insurance underwriting process 
• Understand renewals and cancellation in relation to the motor insurance underwriting process 
• Understand the general principles in the motor claims-handling process 
• Understand claims considerations and administration 
• Understand motor claim settlement

Suitability

This training is suitable for: -

• Underwriters
• Claims teams
• Brokers
• Business development teams
• Risk and compliance officers
• Customer service/relationship officers
• Investigators and motor assessors

Day One

Understand the material facts and information relating to the motor insurance underwriting process

On completion of this module, participants will be able to: -

• Explain what insurable interest is and how it arises
• Explain the information gathered from the customer, its purpose and importance
• Describe the methods used to obtain material facts and information
• Explain peril and hazard and the relationship between them

Understand the underwriting procedures relating to the motor insurance underwriting process

On completion of this module, participants will be able to: -

• Describe the questions asked of proposers
• Describe how the premium is calculated
• Explain the significance of documentation issued in
• relation to the policy
• Explain the significance of premium payment

Understand pricing factors and managing exposure in the motor insurance underwriting process

On completion of this module, participants will be able to: -

• Explain the nature of risk
• Explain the significance of claims loss ratios
• Explain the importance of managing exposure

Understand renewals and cancellation in relation to the motor insurance underwriting process

On completion of this module, participants will be able to: -

• Explain the process for mid-term adjustments and renewals, including cancellations

Day Two

Understand the general principles in the motor claims-handling process

On completion of this module, participants will be able to: -

• Describe the requirements for a valid claim
• Explain why a claim may be partially met or invalid

Understand claims considerations and administration

On completion of this module, participants will be able to: -

• Describe the role of the claims department and associated personnel and services
• Explain the difference to the insurer of the different parties to a claim

Understand motor claim settlement

On completion of this module, participants will be able to: -

• Explain how claims are settled
• Describe the key parties involved in claims settlement

Overview of motor insurance fraud

On completion of this module, participants will be able to: -

• Understand what insurance fraud is
• Explain the local insurance fraud statistics
• Understand the various motor insurance fraud schemes and how to detect and prevent them