P800- PROGRAMME ON MOTOR UNDERWRITING SKILLS (NON-LIFE)

 Background

Traditionally, there has hardly been any underwriting motor insurance business. Rates are based on static parameters including cubic capacity, place of registration of vehicle. 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 commoditized 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. Hence the way the Company underwrites the motor portfolio, will have a significant bearing on both top line and bottom line of the Company.  

 The role of underwriters must significantly change if insurers are to modernize their operations and infrastructure to avoid the race to the bottom and meet enhanced customer expectations. For practical and strategic reasons alike, underwriters have a clear and urgent opportunity to build their own future and also shape the future of the industry as a whole. And, as the saying goes, the future is now.

Objectives 

The programme aims to

To provide knowledge and understanding of the fundamental principles and practices relating to motor insurance underwriting

·         Understand the underwriting procedures relating to the motor insurance underwriting process

·         Understand pricing factors in the motor insurance underwriting process         

Contents

·         Application of Principles & Basics of Motor Insurance

·          Laws and regulations relating to Motor Insurance

·         Highlights of Indian Motor Insurance Tariff

·         Anatomy of Motor Vehicle

·          Anatomy of Electric Motor Vehicle

·         Underwriting Basics & Fundamentals, Factors affecting Risk selection, Pricing Impact on Underwriting & Pricing from Claim’s settlements in Motor insurance

·         Attitudinal Strength of a motor underwriter

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:           19.12.2022- 21.12.2022