Concordia Consultancy South Asia Ltd at the 17th International Insurance Congress in Colombo, Sri Lanka

24th October 2017

(Shampa Ernest – Operations Manager and Rani Perera – Accounts Assistant from Concordia Consultancy South Asia Ltd)

Concordia Consultancy South Asia (Pte) Ltd is proud to have been one of the sponsors of this year’s International Insurance Congress in Colombo, Sri Lanka. The conference was held at the Cinnamon Grand hotel on the 16th and 17th October and the theme was ‘Environmental Impact on Insurance Modelling’.

The core messages that stood out during the expert panel discussions were:

1.Over the past few years the insurance industry in Sri Lanka has experienced severe losses due to natural disasters such as cyclones and flooding;

2.The local insurance companies should develop an internal Nat Cat Model to figure out the approximate EML/PML that would be caused by a flood;

3.As a step-forward, the Government has developed a National Insurance Trust Fund (NITF) to offer coverage for the uninsured’s properties and lives;

4.The major side effects of natural disasters, such as spreading of diseases, have triggered an increase in losses for health insurance companies due to a surge in claims;

5.It was advised that in future, more preparation should be done in advance in order to overcome difficulties arising from flooding;

6.Technology has an important role in the industry, however companies must rather focus on improving their sales force;

7.The disadvantage of digitalization is that it allows third parties to access personal data of the customers which may result in a barrier of trust. An emphasis should be placed on the ‘face to face’ approach of doing business.

(Rani Perera at the International Insurance Congress in Colombo, Sri Lanka)

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