Organisation of Eastern and Southern Africa Insurers

GENERAL INSURANCE TRAINING

Date: 9TH AND 10TH NOVEMBER, 2015

Venue: NEW AFRICA HOTEL, DAR ES SALAAM

PROGRAMME FOR OESAI COMPREHENSIVE GENERAL INSURANCE

TECHNICAL TRAINING

DAY DATE TIME ACTIVITY / TOPIC SPEAKERS

Sunday 8/11/2O15 Arrival and registration

Monday 9/11/2015 8.00 – 9.00 am Registration

9.00 - 10.00am Opening ceremony

10.00 10.15am Group Photo

10.15 - 10.30am Tea break

10.30 -11.30am Facultative Reinsurance; its

advantage and

disadvantage to reinsured

and reinsurer

David Nyabadza

11.30 –11-45am Q & A

11-45 –12.45pm Treaty Reinsurance; types

and methods

David Nyabadza

12.45 –13.00pm Q & A

13.00 –14.00pm Lunch Break

14.00 –15.00pm Application of facultative

and treaty reinsurance

David Nyabadza

15.00 –15.15pm Q & A

15.15- 15.30pm Tea Break

15.30– 16.45pm Planning process of

Reinsurance Programme

Design & Accounting

David Nyabadza

16.45 -17.00pm Q & A

Tuesday 10/11/2015 08.00-09.00am Introduction and History of

Takaful

Moses Murungi

09.00-09.15am Q & A

09.15 –10.15am Takaful and Retakaful

Underwriting

Moses Murungi

10.15 –10.30am Q & A

10.30 –10.45am TEA BREAK

10.45 -11.45pm Introduction to Political

Risk Insurance &

Underwriting

Tusekile Kibonde

11.45 –12.00pm Q & A

12.00–12.45pm Cyber Insurance Lydia Kayonde

12.45- 13.00pm Q & A

1300 .14.00 PM LUNCH BREAK

14.00 –15.00PM Credit Insurance Tusekile Kibonde

15.00 –15.15pm Q & A

15.15- 15.30pm Tea BREAK

15.30- 16.00pm Managing customer from

Sales to Claim Settlement

Samuel Muhindi

16.00- 16.30pm Q & A

16.30- 17.30PM Closing Ceremony

Wednesday 11/11/2015 Delegates Departure

Presenters Profiles and Training Synopses

DAVID NYABADZA – OPERATIONS EXECUTIVE (FMRE PROPERTY AND CASUALTY,

ZIMBABWE)

Mr. David Nyabadza is an established reinsurance

professional with over 15 years reinsurance

experience. He started his career at Southern Africa

Reinsurance Company (now FBC Re) where he worked

in underwriting and claims management. He joined

FMRE at its inception as Facultative Manager and rose

to his current position. David has contributed to the

development of FMRE from a green-field project to a

regional player with physical presence in Zimbabwe

and Botswana. As a passionate advocate of building

capacity in Africa, David has facilitated technical

training for other insurance professionals in

Zimbabwe, Botswana, Zambia, Kenya and Uganda as

part of market development efforts. David holds a

Bachelor of Commerce Degree in Insurance and Risk

Management (Zimbabwe), and a Masters Degree in

Business Administration from the Eastern and

Southern African Management Institute (ESAMI).

Topics Synopsis

1. Facultative Reinsurance

a. Brief Overview

b. Uses of facultative reinsurance

c. Advantages to the Cedant

d. Advantages to The reinsurer

e. Disadvantages of Facultative

f. Global developments in Facultative reinsurance

2. Treaty Reinsurance

a. Brief Overview

b. Proportional treaties

· Types and Uses

· Challenges of proportional treaties

c. Non Proportional Treaties

· Types and Uses

· Financial implications

· Challenges of non-proportional treaties

3. Reinsurance Programming

a. Reinsurance programming objectives

b. Factors affecting reinsurance decisions

c. Information requirements

d. Choosing reinsurance counter-parties

e. Role of intermediaries

MOSES MURUNGI - INTRA AFRICA OF UNDERWRITING AND ASSURANCE COMPANY LTD,

HEAD CLAIMS

Moses has a Bachelor of Commerce (Insurance

Option) degree from the University of Nairobi and

is currently pursuing MBA at the Kenya Methodist

University. He is a Member of the Insurance

Institute of Kenya, Associate of the Chartered

Insurance Institute London and Associate of the

Chartered Institute of Arbitrators. Moses

possesses a wealth of technical experience

accumulated over the last 23 years in the Kenyan

Insurance industry. He began his career at IRA in

1993 and has since then worked in various

technical departments of key insurance players

including Heritage, Jubilee, Monarch, Takaful and

now Intra Africa Assurance. He also worked briefly

in Rwanda in 2010.

Topics Synopsis

Origins & Development of Takaful

Global Takaful Industry

The Takaful Concept

Key Differences

Practicals of Takaful

MS. TUSEKILE KIBONDE - RESIDENT UNDERWRITER, ATI TANZANIA

Ms. Kibonde joined ATI in August 2013 as the

underwriter responsible for Tanzania. She is in

charge of developing business and underwriting

political and trade credit risk policies in Tanzania

in addition to managing energy sector

transactions in all ATI markets.

Ms. Kibonde brings to ATI 13 years of banking

industry experience working with the East African

Development Bank (EADB), where she rose to the

position of Senior Investment Officer. At EADB,

Ms. Kibonde oversaw multi-million dollar projects

in multiple sectors throughout the region. Her

responsibilities included extensive risk analyses,

project appraisal and portfolio management while

also developing new business and investment

opportunities. She was credited for contributing

on the growth and quality of EADB’s portfolio.

She is a national of Tanzania and holds a Master of

Arts Degree in Accounting & Financial Management from the University of Essex in the United

Kingdom and a Bachelor of Arts Degree in Business Administration from Richmond College in

the United Kingdom.

Topics Synopsis

Introduction of Political Risk Insurance & Underwriting;

· Assessing Opportunities and Risks for Investment

· Overview of Political Risk Insurance

· Underwriting of Political Risk Insurance

· Case Examples

Credit Insurance

· Overview of Credit Insurance

· Risks in Credit Transactions

· Risk Mitigation

· Basic Facts of Trade Credit Insurance

· Case Examples

LYDIA KAYONDE - HEAD OF CASUALTY AND FINANCIAL LINES OF AIG PROPERTY AND

CASUALTY UGANDA

Lydia Kayonde is the Head of Casualty and Financial Lines of

AIG Property and Casualty Uganda. She is a qualified

Insurance Professional with proven experience in both

Uganda and Canadian Industry covering a range of areas in

claims, underwriting and brokerage.

Lydia is a graduate of Makerere University (Bachelor of

Business Administration). She holds a Post Graduate Degree

in Insurance and Risk Management from Grant MacEwan

University Canada. She has also acquired Insurance

Professional Papers in Cyber Edge, Commercial and Financial

Lines, Regional underwriting and Liability Risk Assessment

from South Africa, Dubai, London and Spain.

Through her achievement, Lydia is considered to be both

growth and performance focused. She has directly

contributed to the success of AIG Uganda.

TOPIC SYNOPSIS

Data Liability

Administrative Expenses

Reputation and Response Costs

Multimedia Liability (Optional)

Cyber/Privacy Extortion (Optional)

Network Interruption (Optional)

SAMUEL MUHINDI, CEO OF INSURANCE GROUP OF TANZANIA LTD

Mr. Sam Muhindi is the founder CEO of Insurance Group Of Tanzania Limited. He is a career

insurer whose experience spans over 30 years as a broker as well as an underwriter in both

Life and General Insurance.

He started his career at Provincial Insurance Company of East Africa (currently UAP/Old

Mutual) then joined Notcutt Longaroni Insurance Brokers Ltd (currently Notcutt Clarkson)

before joining Geminia Insurance Company as a founder employee, where he served for 18

years.

Thereafter, he served as CEO, United Insurance from the year 2000 and has since then been

a CEO for various General and Composite Insurance companies.

He is a Chartered Insurer, an FCII (Fellow of Chartered Insurance Institute), FIIK (Fellow of

Insurance Institute Kenya), Associate of Chartered Institute of Arbitrators and holds an

Advanced Diploma in Management, IESE, as well as an MBA in Strategic Management.

Topics Synopsis

Claims Process: Salient Features:

1. Customer Service Philosophy

• Company’ Business Plan-Differentiation/Competitive Advantage

• Mission Statement/Core Values

• Branding –Tangible/Intangible Attributes/Benchmarks/ Service Level Agreements

• Taglines-To exceed customer expectation/Delight the Customer

• Industry Image

2. Corporate Image: All Staff Are in The Front Office & Directly or Indirectly Interact with

Customers/Represents Company’s Image

• Internal/External Customers-Agents /Brokers/ Policyholders

• Dissatisfied Customers Tells 24 Others

• Costs 6 times to acquire a new customer than to retain a new one

• Lifetime Value of a Customer

3. Skills Set

• Soft Skills required to serve customers

• Technical Knowledge and Know-How

• Negotiation Skills – Rapport Building, Problem Solving, Decision Making, Assertiveness

4. Customer or Fraudster?

• Fraud Statistics

• Nature of Fraud- Soft and Hard

• Recycled Claims

• Integrated Database

5. Underwriting vs Claims Interconnection

Precaution is better than cure, risk inspections, surveys, photographs, proposal forms,

claims experience.

6. Claims Procedure- The basic process is similar for all type of claims, arising under different

policies

• Intimation/Registration- Email, Phone calls, Letters from Agent, Broker, and Policy holder

• Evaluation - validate the cover, together with information and documentation, manually or

through IT Software system, Analytics:

i. Premium payment

ii. Operative clause,

iii. Conditions,

iv. Exclusions

v. Legal principles- utmost good faith, Insurable interest, indemnity,

Proximate cause, Contribution& subrogation

• Appraisal – Appointing assessors, loss adjustors and investigators

• Settlement - communication of offer

7. Some Technicalities: Motor

• Tppi, Court Attitude, Inconsistent Awards, Law Reporting Systems,

• Tppd-Loss of Use

• Fire Damage Claims,

• Theft Claims

• Election, Terrorism, Flood, Special Perils, Non Payment of Premium from Agents/Brokers,

Backdating Of Covers: Non Motor

• Stock and Books Clause

• Alarm Systems

• Security /Askari Clause

• Conviction Clause

• Cyber Crime Exclusion

• Arbitration Clause

OESAI Life Insurance Training Program and Presenters

PROGRAMME FOR OESAI LIFE INSURANCE TECHNICAL TRAINING

DATE: 11TH AND 12TH NOVEMBER, 2015

VENUE: NEW AFRICA HOTEL DAR ES SALAAM, TANZANIA

DAY DATE TIME ACTIVITY / TOPIC SPEAKERS

Tuesday 10/11/15 Arrival and registration

Wednesday 11/11/15 8.00 – 9.00 am Registration

9.00 - 10.00am Opening ceremony

10.00 - 10.15am Group Photo

10.15 - 10.30am Tea break

10.30 - 11.30am Claim Handling Procedure

and Management in Life

Insurance

George G. Nyakundi

11.30 –11.45am Q & A

11.45 –12.45pm Simplified Issues and

Preferred Underwriting in Life

Insurance

Aakash Mishra

12.45 –13.00pm Q & A

13.00 –14.00pm Lunch Break

14.00 –14.45pm Group Life, New Product and

Features

George G. Nyakundi

14.45 –15.00pm Q & A

15.00 –15.45pm Pricing Issues in Group Life

Insurance

Aakash Mishra

15.45 –16.00pm Q & A

16.00 - 16.15pm Tea Break

16.15 –17.00pm Managing Customer from

Sales to Claim Settlement

Samuel Muhindi

17.00 - 17.15pm Q & A

Thursday 12/11/15 8.30 -9.45am Predictive Underwriting, how

insurers can use statistics

models to make sales process

easier

Ezekiel Macharia

9.45 -10.00am Q & A

10.00 –10.30am Tea Break

10.30 –11.30am Applying Technology in Life

Assurance Distribution

George G. Nyakundi

11.30 –11.45am Q & A

11.45–12.45pm Re-insuring Small Limited-

Underwriting VS. fully

Underwriting large amount

policies

Ezekiel Macharia

12.45 –13.00pm Q & A

13.00 -14.00pm Lunch Break

14.00 –15.00pm Life Underwriting Trends and

Opportunities

Justus Mutiga

15.00 –15.15pm Q & A

15.15 – 15.45pm Tea Break

15.45 –16.45pm Life Underwriting Challenges

and Policy Holder behavior

Justus Mutiga

16.45 –17.00pm Q & A

17.00 –17.45pm Closing Ceremony

Friday 13/11/15 Delegates Departure

Presenters Profiles and Topics Synopses

AAKASH MISHRA, GENERAL MANAGER, ISLAND LIFE ASSURANCE CO LTD, MAURITIUS

Aakash is a high-performing executive with 25 years of core Life

Insurance domain experience. In-depth knowledge and handling

of Life Insurance operations at senior levels, 20 years out of

which have been with Life Insurers in India and past 5 years with

International Life Companies.

He has handled Senior Management assignments in large Life

Insurance companies in India and abroad. 10.5 years with LIC of

India in administrative and Sales/Marketing roles, 8.5 years with

Tata AIG Life handling Zonal and HO Operations, 3.5 years with

Alliance Life Assurance in Tanzania as GM/CEO, and last 2.5 years

as GM/CEO of Island Life Assurance Co Ltd, Mauritius.

Mr. Mishra has an MBA (Marketing) Faculty of Management

Studies, from the University of Delhi India and an MSc, from the

University of Delhi India. He is a Fellow of the Life Management

Institute (LOMA, US) equivalent to ACII and FIII, an Associate in Customer Services (LOMA, US) and

Licentiate, of the Insurance Institute of India

He was the Runners-Up in the 2014 African Insurance Distribution Innovator of The Year, at the 4th

African Insurance Distribution & Bancassurance Conference, in Cape Town, SA in August 2014. He was

elected President of the Insurers Association of Mauritius for 2015-16, and is a Member of Prime

Ministers’ Joint Public- Private Steering Committee on Economic Reforms 2015. Aakash is a Board

Member of the Joint Economic Council in Mauritius and a Member-of the Mauritius Institute of

Directors. We also won the Best Insurer Award from the President of Tanzania organized by CTI ,2011-

12 and was recognized for Best presented financial statements from National Board of Accountants

and Auditors, Tanzania, 2011-12

Topics Synopsis

Pricing issues in Group Life Insurance:

• The basic tenets of Group Life Insurance Cover. Minimum size, key information

needed like claim experience, Cause of claim, mortality, type of industry, age, gender,

income multiple, Education, Marital Status etc. Full data is key to correct pricing.

• The variables we use in arriving at the premium under a group Life cover Risk rate,

Profits and margins, Expenses and Gross rate

• Common Riders- TPD, Funeral, Critical Illness, Partial disability

• Free Cover limits. New Joiners ( Informal source on Health status ,Google, Health

Insurance reimbursements, Credit due to Co philosophy on gym membership ,

Healthy Breakfast etc)

• Reinsurance and its Implications

• Renewal of the scheme- To again look at claims experienced vs assumption and

whether the scheme was profitable. Generally to look at profitability over 3 years

horizon.

• Continuously monitoring and reviewing the scheme

• Competition and the rate war- Top Notch Service, Long Term relationship, Value

added services, Technology

Simplified issues and Preferred underwriting in Life Insurance

• These basic concepts in Life Underwriting – From Simplified or Auto underwriting to

Preferred or Full underwriting methodology

• Basic approaches of the two types of underwriting

• Which kind of products or lives qualify for Preferred vs Simplified underwriting

• Advantages and Disadvantages of each type

• Challenges ahead

• Current trends and digital age- New Markets, New Products, New Distribution models

EZEKIEL MACHARIA, FIA (GROUP ACTUARY, JUBILEE HOLDINGS)

Ezekiel Macharia is a Fellow Actuary of the Institute &

Faculty of Actuaries (UK) and a Fellow of The Actuarial

Society of Kenya (TASK). Ezekiel Chairs the Micro-

Insurance Working Party under the Actuarial Society of

Kenya whose mandate is to foster the development of

actuarial expertise in Micro-Insurance for Kenya and

the region.

Ezekiel has eight years’ experience in the local market

and works for Jubilee Holdings as the Group Actuary in

charge of Actuarial, Risk and Product Development for

the Jubilee Insurance subsidiaries in five countries

(Kenya, Uganda, Tanzania, Mauritius and Burundi).

Ezekiel is passionate about risk management, actuarial training and development of the

Actuarial Profession in the East Africa.

JUSTUS M MUTIGA CEO OF ICEA LION LIFE ASSURANCE CO LTD

Justus is the CEO of ICEA LION Life Assurance

Co Ltd. (formerly Insurance Company of East

Africa Ltd). His experience in Life and Pensions

business dates back in 1985 when he joined

Kenya National Assurance Actuarial

department where he was involved in life and

pensions valuations. He rose through the

ranks to be the Company’s Actuarial Manager.

He joined Kenyan Alliance Insurance Company

in 1992 as Technical Manager (Life & Pensions)

where he broadened his experience to cover

most aspects of Pension Administration, Fund Management and Life Assurance.

He transferred his services to Insurance Company of East Africa Ltd (now ICEA LION Life

Assurance Co. Ltd) where he became Assistant General Manager (1993), General Manager

(1998), Executive Director (2011) and CEO in 2012.

He is a graduate of University of Nairobi (Mathematics/Statistics) and City University – London

(Actuarial Science). He is a Fellow of Chartered Insurance (FCII), London and Insurance

Institute of Kenya (FIIK) and a Chartered Insurer.

At industry level he serves in the following Boards:

Association of Kenya Insurers (AKI) – where he is the current Chairman of the Board;

Dedan Kimathi University of Technology;

Stantech Motors Ltd;

ICEA LION Asset Management Limited and,

ICEA Life Assurance Company Ltd - Uganda.

He is a past director Insurance Institute of Kenya, and Council Member, Life Insurance

Council (AKI) and Association of Retirement Benefit Schemes (ARBS).

Topics Synopsis

Underwriting Challenges, Trends and Opportunities

Life Underwriting challenges

TEKL Underwriting

Automated Underwriting Systems

Creating an underwriting professional

Opportunities and new trends

Underwriting Challenges and Policy Holder Behaviour

CHANGING ROLE OF UNDERWRITER

TRENDS IN UNDERWRITING

1. Underwriting Requirements

2. Use of Business Intelligence and Analytics for Underwriting

Premium Analysis

Loss Analysis

Alternatives to Underwriting Data

Predictive Analytics may use data from the following sources:

Predictive Underwriting

What is Predictive Analytics?

Why use Predictive Analytics to drive underwriting decisions

3. Underwriting the Elderly

4. Preferred Risk in Life Insurance

How does Preferred Work?

The Role of Technology in Underwriting

5. Straight – Through Processing (STP)

6. Increasing Laboratories Role

7. Future Insurability

Personal Events

Business Events

Forward Underwriting

What are the opportunities due to new trends in underwriting

The new trends in underwriting have provided the following opportunities:

Shortened Proposal Forms

Technology

Business from the Elderly

Data Management

Future Insurability