Year 2011 - Bancassurance – my perspective 銀行保險 我知我見

Claim services being a top priority: Reflections from the Manila bus hostage incident What do customers want when they purchase insurance? Peace of mind and protection in times of need . You may be a veteran or an aspiring professional in the industry, and this may sound like a “no-brainer” question to you. However, it takes more than mere knowledge - also a clear vision and deep dedication - to achieve what is expected of you at those critical moments. Claim services are the yardstick with which customers measure our performance. They are the cornerstone of our industry, and should always remain our top priority. With the Manila hostage inquest still in progress, emotionally charged reports featuring the survivors and the victims’ family members have been showering the media in the recent days. They are a reminder to us all that we are not selling products to faceless individuals, but serving a greater humanistic purpose. We play a major role in providing the security, protection and comfort our customers need as human beings. Caring and responsible insurance companies should have this philosophy at heart at all times. In this article, I would like to share an insurance company’s great example in handling the Manila hostage crisis and its aftermath. Adopting a no-nonsense approach, the insurance company strived to “be there” when their customers most needed help. Firstly, they sent a Crisis Response Team to Manila at midnight of the day of the incident to investigate the situation and coordinate emergency assistance by meeting with local government officials and emergency medical professionals. Secondly, the Crisis Response Team also included two doctors, who specialized in trauma and acute care. One of the severely injured victims was escorted back to Hong Kong with an exclusive air ambulance with one doctor and two nurses on board. Due to the patient’s critical condition, the plane flew just above sea level to avoid drastic air pressure fluctuations that would affect the patient’s condition. Moreover, the company representatives also visited the survivors and family members of the victims in person in Hong Kong. When it comes to customer care, insurance companies can never be “too” detail-oriented – as they should always work harder for improvements in this aspect. From an outside-in perspective, conscientious insurance companies should strive to make their claim processes as prompt and efficient as they can by eliminating red tape in case management wherever possible. In handling the Manila hostage incident, the company sped up the claims payment by simplifying the process and required documents, such as documents proving loss of or damage to personal effects and baggage, journey curtailment and hospital income. More impressively, despite the magnitude of the aggregate claim amount, the insurance company reached their claim decision the day following the incident. Again, they aimed at “being there” for their customers at the most difficult times. In fact, starting from product development, good insurance companies should have their customers close to their hearts. They should aim at providing more and excluding less. For instance, the insurance company concerned has Chinese medicine coverage extended to overseas visits during the trip, and offers 24-hour worldwide emergency assistance services, single-trip plan without age limits… Claim services are an area for market differentiation. In order to lure customers, some general insurers’ premium rates are “racing to the bottom”. Without doubt, price is a big factor for purchase considerations, but the customers who are hypersensitive to price will not become loyal to any company. Insurance companies should aim at building lasting relationships with loyal customers by taking their claim services very seriously – from ensuring process simplicity to enhancing responsiveness and efficiency to managing claims in a fair- yet-sympathetic manner. Whether you are an insurance intermediary or an insurance professional with a principal, claim services should always be your priority. It is where you deliver on your promises of the peace of mind your customers purchased.