Importance Of Insurance Essay

1060 Words5 Pages
UNDERSTANDING INSURANCE CLAIM LEAKAGE

Finance experts say that having an insurance is a wise investment move. Among the benefits it can give you are: risk coverage, protection against unforeseen expense, secured future, and the list goes on. Almost anything can be insured these days: real properties, automobiles, appliances, health, life, disablity – you name them all. There are even rumors that celebrities insure some of their asset body parts! Why do people want to be insured? The answer is simple: protection and prevention from future loss or damage. It is expected that unprecedented loss and damages mean large sum of money pulled out from your pocket, thus an insurance plan is seen as a necessity and advantage these days. With insurance
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Adequate training curricula should be provided for the employees. As mentioned above, incompetent people can definitely hurt any business so training them with the right skill sets are crucial for the company’s profitability. The curriculum should highlight what are the latest industry issues and how workers should address them. Positive reinforcement should be added such as linking compensation to their KPI grade (Key Performance Indicator) and adding up bonuses and incentives for a job well done to promote optimal behaviours.

USE TECHNOLOGY TO YOUR ADVANTAGE
It is amazing what technology offers these days. Choose the best platform or hire an expert to develop a platform designed for your insurance’s claim process, policy administration, compliance, et cetera. Use the best anti-fraud web security program to abolish possible breech and theft incidents. Use new software tools which generate indicative case reserves on the basis of the key parameters of the claim with such tools leveraging wither internal information from the insurers claims universe or though external benchmarking. Keep updated with the real time information applicable to your business to handle claims more effectively and
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