Services
Insurance underwriting
SOCIETAS role with regards to insurance underwriting includes the following scope of work for the company's various policies worldwide:
- Analyse the insurance requirements of the company on an individual policy basis prior to the expiration of the existing policy.
- Determine the required clauses, warranties, exclusions, and deductibles to be included in the renewals, based on previous loss history and the type of activity in each location.
- Custom tailoring the policy to the needs of the operation will lead to cost savings by way of removal of costly unnecessary clauses, and extra protection in the form of useful additional clauses and policy limits.
- Prepare the company's underwriting file to be submitted to the insurance/reinsurance market, including an analysis of the past year's loss ratios and other insurance indicators.
- Approach the insurance/reinsurance market (as per the applicable jurisdiction) to present the company's underwriting.
- Present the company with the recommended placement offers from approved insurers/reinsurers.
Claims management
SOCIETAS Insurance Brokers understands that the claims process can be stressful and time-consuming for our clients, which is why we aim to make it as easy and hassle-free as possible. Our claims management services provide peace of mind to our clients, knowing that their claims are being handled by experts who are committed to achieving the best possible outcome.
SOCIETAS scope of work is to be the point of contact for all claims, and handling the entire claims process as follows:
- Intimation of the claim to the concerned insurer/reinsurer.
- Site visit to the location of the loss.
- Preparation of the documents to be presented to the insurer.
- Negotiating with the insurer for the maximum amount, as per the terms and conditions of the insurance policy.
- Presenting the company with the recommended claim settlement amount for approval.
Risk and policy review
Ensuring the company's operations comply with the terms of the relevant policies by carrying out periodic site inspections at the company's premises, and reporting on risk improvement recommendations.
Key performance indicators
Cycle time
Submitting all claim documents to the insurer within 8 weeks of the claim notification for major claims and 2 weeks for minor claims.
Business interruption
In the case of interruption to the company's business caused by a claim, calculating increased costs of working values (temporary location, extra expenses, civil authority ingress, profits, training costs, etc. where applicable) to be submitted to the insurer/reinsurer for indemnity.