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TM www.concordiaconsultancy.com 1 Paul A J May LLB (Hons), MBA, FCII, FCILA, FIRM, AdipC, DipAIS, MCIArb, FCMI, MAE, ELAE, AMIMC, FinstD, FIFAA Chairman.

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Presentation on theme: "TM www.concordiaconsultancy.com 1 Paul A J May LLB (Hons), MBA, FCII, FCILA, FIRM, AdipC, DipAIS, MCIArb, FCMI, MAE, ELAE, AMIMC, FinstD, FIFAA Chairman."— Presentation transcript:

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

2 TM www.concordiaconsultancy.com 2 PEOPLE ARE THE RISK Risk Management of Claims Paul A.J. May Claims Management in Insurance Singapore 8th October 2008

3 TM www.concordiaconsultancy.com 3 THE INSTITUTE OF RISK MANAGEMENT Risk Management of Claims Paul A.J. May Claims Management in Insurance Singapore 8th October 2008 Worldwide professional education and training Enterprise risk management Regional and Specialist interest group Affiliate, Member, Fellow Certificate, Diploma, Conference, Web, InfoRM www.theirm.org

4 TM www.concordiaconsultancy.com 4 IRMs WHEELOF RISK MANAGEMENT Risk Management of Claims Paul A.J. May Claims Management in Insurance Singapore 8th October 2008

5 TM www.concordiaconsultancy.com 5 KEY SPOKES Risk Management of Claims Paul A.J. May Claims Management in Insurance Singapore 8th October 2008 Liquidity Reputation Supply chain Business Continuity

6 TM www.concordiaconsultancy.com 6 MISSING SPOKES Risk Management of Claims Paul A.J. May Claims Management in Insurance Singapore 8th October 2008 Claims Risk improvement

7 TM www.concordiaconsultancy.com 7 LIQUIDITY Risk Management of Claims Paul A.J. May Claims Management in Insurance Singapore 8th October 2008 Pre-loss cash flow Post-loss forecasts Interim payment Reinsurance pipeline Banks - named or insured? Starving tactics 90 day clause?

8 TM www.concordiaconsultancy.com 8 REPUTATION Risk Management of Claims Paul A.J. May Claims Management in Insurance Singapore 8th October 2008 Testing times for: Broker Insurer Reinsurers Customers Policyholder Loss adjuster Uninsured costs

9 TM www.concordiaconsultancy.com 9 BUSINESS CONTINUITY Risk Management of Claims Paul A.J. May Claims Management in Insurance Singapore 8th October 2008 Insurers plan Brokers responsibility Insureds plan Post-loss intentions....pre-loss Strategy Board minutes

10 TM www.concordiaconsultancy.com 10 SUPPLY CHAIN Risk Management of Claims Paul A.J. May Claims Management in Insurance Singapore 8th October 2008 Customers and suppliers – friend or foe? Survival Maximising Value Competitive Advantage Contracts Alternatives

11 TM www.concordiaconsultancy.com 11 CLAIMS Risk Management of Claims Paul A.J. May Claims Management in Insurance Singapore 8th October 2008 Case management plan Timeline Personnel Open debate on all issues Agreed actions Face time Commitment

12 TM www.concordiaconsultancy.com 12 RISK IMPROVEMENT Risk Management of Claims Paul A.J. May Claims Management in Insurance Singapore 8th October 2008 Learning from claims Strengthen relationships Team de-brief What if? Recommendations

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

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