P155 - MANAGEMENT OF MOTOR UNDERWRITING & CLAIMS (OD)

(NON-LIFE)

Background

 Motor Insurance (OD & TP) is the largest segment of General Insurance business in India. Though the motor business forms a large part of the overall insurance, the fact remains, that it is also a large contributor to underwriting losses.  The segment has potential for further growth, given the fact, that about 60 to 70 percent of the vehicles plying on Indian roads are uninsured.  

 A major challenge is that motor insurance has become highly commoditised with insurers offering identical products and nearly similar claims service. The point of differentiation for insurers is thus only based on price, leading to a pricing death spiral. Another challenge facing the industry is of low persistency ratio. Recent developments in the motor space include introduction of The Motor Vehicles (Amendment) Act, 2019, regulation on long term policy for two wheelers and private cars, advent of vehicles with elaborate features, use of telematics, Artificial Intelligence, changing consumer behaviour and increasing frequency and severity of claims. 

 The programme will enable participants develop a holistic understanding of the Motor Insurance so as to provide significant customer value and make it sustainable business.

 Objectives 

 The programme aims to equip participants with knowledge and skills of 

·         Portfolio trends and its implication

·         M.V. Act and other laws

·         Regulations and its implications

·         Motor insurance Underwriting

·         Motor Claims Management

 Contents

 ·         Overview of Motor Insurance

·         Anatomy of Automobiles

·         MV Act, MV Rules & other laws governing Motor Insurance

·         Regulations impacting Motor Insurance

·         Erstwhile India Motor Tariff (IMT) Endorsements & General Regulations

·         Motor Insurance Products

·         Underwriting Pvt Car, Two-Wheeler, Commercial Vehicles, Motor Trade

·         Loss Assessment

·         Digital Underwriting  & Claims

 Participants’ Profile

Officials handling Motor underwriting, claims posted in Head Office, Regional Offices, Motor Hubs, Operating Offices of Indian and foreign public & private sector General Insurance Companies

Duration:       3 days  

Dates:             31.10.2022-02.11.2022