Year 2020 - CAPITALIZING ON PROFESSIONALS AND INSURTECH TO REACH GREATER HEIGHTS 善用專才與科技 保險中介創高峰

32 2019 年刊與 2020 展望 YEARBOOK 2019 & PROSPECT 2020 Upon happening of all these challenges and opportunities, the market requires a large group of professionals to coordinate and work on new proposals and plans over new products and schemes. Regarding these new products and schemes, they should have the following features: • They should be actuarily calibrated for the insurers to sustain them in a long run; • They should attract adequate reinsurance support in a global basis to remove unnecessary volatility; • They should help to transfer the risks of the insureds to insurers at affordable premiums; and • They should also provide effective claims settlement system including claims dispute resolution mechanism in case of dispute of claims settlement. The professionals required should include: • Marketers who understand the benefits and limitations of these products and can explain all essential terms to the insureds; • Underwriters who are capable of translating the demand of cover to the relevant products for the insureds at affordable pricing; and • Claims handling experts who can settle the claims at speedy and hassle-free manner with no ambiguity in interpretation in terms and conditions. Insurance forums are also vital. They can provide a good venue for insurance professionals to exchange their experience and findings in various aspects of advancement in new products and coverage and new ways in handling disputes in claims settlement. Besides, continuous professional development (CPD) courses have also played important role as they can provide momentum for professionals in the insurance industry to upgrade their knowledge and to apply them in their daily work so as to bring about the desired outcome for mutual benefits of both the insureds and the insurers. Evolution of new issues on insurance claims Marketers have to be more vigilant on insurance claims settlement issues, particularly due to novel claims situations and be able to explain the terms and conditions of the insurance policies when the insureds purchase their policies. Drafters of policy wordings have to be more careful in putting up relevant terms and conditions under the policy to reflect the true intention of the policy, particularly due to the new novel situations, to avoid possible disputes in future. New mechanisms for settlement of claims, including the involvement of more professionals with practical knowledge in arbitrations and mediations, have to be put in place under insurance policies and insurance practitioners have to be more conversant in finding ways to satisfy the needs of the insureds and the insurers to resolve potential disputes in claims settlement amicably, particularly under these novel claims situations. Mediators who are professionals in insurance as well as other aspects can also be appointed by the parties (insurers and insureds) to facilitate the parties to reach settlement over claims disputes if direct communication between the parties is proven to be unsuccessful. This can be a win-win solution for all parties involved if a final resolution can be reached in the end while the parties can continue to work as good clients as before.