1 / 13

Date: 27 th September 2004 Prepared by: Charlotte Warr

The Future of Hull insurance – is there going to be anyone there who knows the sharp end from the blunt end?. Date: 27 th September 2004 Prepared by: Charlotte Warr. Why go into Insurance Anyway?. Deliberate act or accident of fortune? Other city options?

yuli-wiggins
Download Presentation

Date: 27 th September 2004 Prepared by: Charlotte Warr

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Future of Hull insurance – is there going to be anyone there who knows the sharp end from the blunt end? Date: 27th September 2004 Prepared by: Charlotte Warr

  2. Why go into Insurance Anyway? • Deliberate act or accident of fortune? • Other city options? • Vocation? Insurance as a degree offered by only one college in England as a main subject and another seven as part of a financial degree. • Can graduates be more trouble than they are worth?

  3. Claims v Placing – The eternal divide • Perception of claims as being the second class citizens. • Need for recognition of claims personnel's value to insurers. • Money and status.

  4. Once we get new blood, then what? • Learning by trial and error • Training • Formal • Informal

  5. Trial and error, or the osmosis method • Historic method of sitting next to underwriter for years. • Little or no practical exposure to the risks themselves. • Success dependant on quality mentors • Very time consuming – no time factored in to business plans • Difficult to measure progress • Unnerves regulators and compliance officers – FSA

  6. Formal Training • Relevant legal and technical courses and seminars. • Professional examinations • CII • CILA • AAA

  7. CII Marine Exams • Rarely entered for • Only 3 out of 46 possible options • Why are individuals working in marine market taking irrelevant exams? • Choice made on thickness of the book • Is it all made too politically correct?

  8. Marine Exams…

  9. Marine Exams…

  10. What do other markets do? • Canada • 5 compulsory • 3 applied professional (including ‘practical issues in claims management) • 3 marine papers offered • Australia and New Zealand • 5compulsory • 4 optional, claims and underwriting from 2 out of marine, liability, commercial, personal lines and statutory

  11. Other markets, continued… • South Africa • No marine papers offered at all • USA • Associate in claims has no marine papers • Associate in Marine insurance management • 4 compulsory courses and 2 optional

  12. Informal Training • Practical exposure to the actual subject matter of insurance. Who has actually sailed on board a cargo ship ? • Recognise the value of senior people and make time in their work days to allow training of younger staff • Work within regulatory and compliance ‘corsets’ to allow younger personnel as much exposure to complex matters as possible

  13. Looking Forward • Ongoing need for adequately qualified and trained personnel. • Recruit mariners/engineers as claims personnel. • Claims remains the shop window for all insurers – their behaviour and response is ultimately what the client will measure the insurer on. • Market becoming totally reliant on external experts as internal knowledge reduces?

More Related