CPD Training on behalf of MSIG Insurance (M) Bhd: The A-Z of Motor Insurance

To All Agents who attended the CPD Training on A-Z of Motor Insurance organized by MSIG Insurance (M) Bhd at the following venues:

1. Klana Resort, Seremban  19th May 2014
2  Rennaisance Hotel, Melaka 20th May 2014
3. KSL Resort Hotel, J.Bahru 21st May 2014
4. Impiana Hotel Ipoh on 4th June 2014
5. City Bayview Hotel Penang on 5th June 2014

To print or download the file please click on the following link:
https://www.dropbox.com/s/9cuc3jqmswmo686/DropboxMOTOR14%20%5BCompatibility%20Mode%5D.pdf

Please do so by 12th June 2014 after which the link will no longer be accessible

Please be advised that these handouts are meant for your reference only and not to be copied  or circulated to others without the consent of the author. It is hope that you respect our copy rights.

Hope the sessions was beneficial

Regards
Steven Cheah

AGENTS CPD TRAINING ON BEHALF OF LONPAC INSURANCE BHD

Dear Agents who attended the CPD Training on Personal Lines Insurance held in Kuching on 29th May 2014.

Sorry...the link has expired. Please refer to your principal for the softcopy.

Please be advised that these handouts are meant for your reference only and not to be copied or circulated to others without the written consent of the author. We trust that you will respect our copy rights

Regards
Steven Cheah

Self Empowerment through the 8T for accelerated growth and profits

Dear Agents who attended my training on the above subject in Batu Pahat on 8th May 2014

Deadline to download the file has expired. Link is no longer accessible. Please refer to your principal for further information


Thank you for your support and participation
Steven Cheah

Fire Insurance Handouts 28th April 2014 Concorde Hotel, KL

Dear All

Thank you for your attendance and support.

(The link to the file is no longer accessible)

Have a nice day

Regards
Steven Cheah

At Concorde Hotel, K.Lumpur 28th April 2014

Tips to drafting a Comprehensive General Insurance Quotation and Closing

Below are some useful and practical tips that may help you to secure new businesses or maintain your existing businesses against your competitors

Tip No 1: Diagnose the Insurance needs of the Client based on the exposure present in the risk using the prescribed Exposure /Asset Listings and Valuation Sheet

Tip No 2: Select the appropriate Insurance Protection based on the needs identified

Tip No 3: Discuss with the Underwriter for the best possible terms by presenting detailed information on the risk to be insured

Tip No 4: Use a Design Template where you can copy or cut, paste and edit the pre-written quotation wordings to add uniformity and speed to your quotation exercise

Tip No 5: Draft the Official Insurance Quotation which is Clear, Concise and Complete

Tip No 6: Draft a Covering Letter with proper Heading, Body and Conclusion with or without Appendices

Tip No 7: Signed, Sealed and Deliver your Insurance Quotation to Client: Creating the First Impression!!!

Tip No 8: Seek Appointment to meet and to negotiate with Client. Effective use of negotiation tactics whether competitive or concession or collaborative tactics for a win win situation

Tip No 9: Close  the Sale. Get Client to sign on the dotted line.

Tip No 10: Have an Effective Credit Control & Debt Collection System to ensure premium is paid within the stipulated time frame

HAPPY READING. COMMENTS WELCOME

Organised by Asia Insurance Review since 1996, the Awards honoured the winners

yesterday in Kuala Lumpur, where the 26th East Asian Insurance Congress is currently taking place.

This year’s winners are:

Life Insurance Company of the Year
AIA Singapore

General Insurance Company of the Year
Tokio Marine Holdings

Educational Service Provider of the Year
Malaysian Insurance Institute

Innovation of the Year
Apollo Munich Health Insurance

Service Provider of the Year
BELFOR Asia

Risk Manager of the Year
Boning Tong

Broker of the Year
Unison Insurance Broking Services, India

Reinsurance Broker of the Year
Guy Carpenter

General Reinsurer of the Year
Swiss Re

Life Reinsurer of the Year
RGA

Corporate Social Responsibility Award
Fubon Life

Technology Initiative of the Year
Agriculture Insurance Company of India

Personality of the Year
Chang-Jae Shin

Lifetime Achievement Award
Chandra Thomas Adolphus Schaffter

Source: The Star 29th October 2012

AIA, Manulife, others crunch numbers as final ING US$7bil bids loom

HONG KONG: A wide range of suitors, from the son of Asia's richest man and a former rugby player in New Zealand to more established players including AIA Group and Manulife Financial Corp, are expected to submit binding bids on Monday for ING Groep's Asia insurance business in a deal that could top US$7 billion.

ING is selling its Asian life insurance and its asset management units in the region as it needs to repay bail-out funds it received from the Dutch government during the 2008 financial crisis. Since the bail-out, ING has sold 15.2 billion euros ($18.6 billion) worth of assets around the world.

ING CEO Jan Hommen scrapped a joint IPO of ING's Europe and Asia units in favor of an Asia sale about six months ago. Since then, the worsening euro zone crisis has put some potential buyers off big M&A bets. Metlife and Prudential Financial Inc , considered strong contenders for ING's insurance business, have dropped out of the process.

ING's Southeast Asian operations have generated the most interest, with Japan's Dai-ichi Life Co Ltd <8750.T>, South Korea's KB Financial Group <105560.KS>, Korea Life Insurance Co Ltd <088350.KS> and two groups expected to submit second-round bids for parts of the business, sources familiar with the process said, declining to be identified because discussions were confidential.

One consortium is led by ex-AIA CEO and a former rugby player Mark Wilson, backed by private equity firm Blackstone Group LP and Swiss Re , while the other is headed by Richard Li, son of billionaire Li Ka-shing, which is likely to be interested only in the Hong Kong, Malaysia and Thailand businesses.

Wilson was in charge of AIA when it planned an initial public offering in 2009, but was replaced the following year after a failed bid for AIA by British insurer Prudential Plc .

There is some skepticism over either consortium having a chance of winning.

"It gets complicated when you bring a private equity fund into the picture," said Hong Kong-based Keefe, Bruyette & Woods insurance analyst Stanley Tsai. "They will need an exit strategy in the next two to three years, making the deal more difficult to execute from a regulatory standpoint."

ING's Southeast Asian operations alone may fetch about $2 billion and could be sold at nearly two times embedded value, one source said. South Korea and Japan account for about two-thirds of ING's Asian business, but Japan may prove to be a stumbling block in the auction due to the 18 billion euros ($21.9 billion) worth of high-guarantee variable annuity policies the local operation has on its books.

The companies mentioned in this report either declined to comment or were not available for immediate comment.

Monday's binding bids could set the stage for a final round of negotiations, after which ING will decide whether to sell the life business en bloc or break it up and sell Japan, South Korea and Southeast Asia separately. ING has not set a reserve price, and Hommen said in May that Asian divestments would probably fetch less than 8 billion euros.

Nomura Holdings is helping ING to find a solution for its Japanese operations, while Goldman Sachs and J.P. Morgan are advising ING on the rest of the auction.

Manulife may bid for the entire Asian operation, while AIA is interested in South Korea and Southeast Asia, sources said. Though some sources said, the Canadian financial company could also skip Japan.

ING's Asia operations offer a platform for insurers keen to expand in a region enjoying rapid economic growth. Life insurance premiums in emerging Asia are forecast to grow 8.7 percent next year, nearly double the world average, according to Swiss Re estimates.

Binding bids for ING's asset management business are also due this week, with Nikko Asset Management, U.S.-based Principal Financial Group , Royal Bank of Canada , Singapore's United Overseas Bank and Manulife expected to participate. The asset management sale is expected to fetch about $600 million. - Reuters

AGENT AS THE “EYE OF THE UNDERWRITER” AND “INSURANCE RISK ADVISOR” TO CLIENTS

COURSE TITLE


AGENT AS THE “EYE OF THE UNDERWRITER” AND “INSURANCE RISK ADVISOR” TO CLIENTS
COURSE BENEFITS


• Enhances the Agent’s image as a Professional GIA
• Helps client to manage risk to avoid interruption of business caused by controllable hazards
• Provides good communication channel between the Client and the Insurer
• Promotes good business working relationship between the client, the Insurer and the Agent


COURSE CONTENTS

Part 1

• Dual roles of Agent as (1) the “Eye of the Underwriter” and (2) “Insurance Risk Advisor” to clients
Part 2

• Why the need for a survey or inspection to be carried out at the risk premise from the underwriting perspective
• What risk assessment information that Agent needs to obtain from the client and furnish to Underwriter for decision making

• Risk Identification tools (what information can be extracted from the survey questionnaires, photographs of risk, check list, process flow chart, fault trees, annual financial report etc)

• Risk reporting format for use by Agents (Pro-Forma Report or Narrative Report)

Part 3

• Understand the meaning of “risk” and the “exposure hazards” from the underwriting perspective and what advise can be given to the client to minimize an accident from happening
• Identify the assets and liabilities of the Insured and the total value at risk for PML assessment purpose (PML)


Part 4
• Simple Step by step processes in conducting an inspection/survey of the Insured’s premises

o Research
o Preparation
o Approach
o Introduction
o Interview (What to ask)*
o Inspection (What to look for)**
o Exit Interview (Highlights of Hazards identified)
o Follow Up (Risk Improvement & Loss Control Measures)***
*Simulation Exercise on “interviewing” using the Insurer’s prescribed survey questionnaires for effective learning
**Case Study using copies of existing fire or burglary survey report and photographs of the risk for effective learning
***Group discussion on the hazards identified and the risk improvement or loss control measures to be adopted by the Insured


Part 5

• Completing the survey report (can be Narrative and pro-forma) supported by the Agent’s strong recommendation why the risk proposed for insurance should be accepted

Part 6

• Negotiating with the Underwriter for a win-win situation in terms of underwriting decisions, terms of acceptance and conditions etc.


METHODOLOGY

• Power Point Presentation, Questions & Answers, Group Presentation


COURSE DURATION


• 2 Days

FOR WHOM

• General Insurance Agents Who are interested to enhance their technical know how on risk management


FOR ENQUIRIES

Email to enquiry@csh.com.my

TECHNICAL FIRE INSURANCE UNDERWRITING WORKSHOP

FIRE INSURANCE UNDERWRITING WORKSHOP


COURSE BENEFIT

 Technical enhancement of the subject
 More competent and confident in handling fire insurance queries
 Improved job perfomance

COURSE CONTENTS
Session 1
An overview of the 17 Sections of the Revised Fire Tariff (RFT)

Session 2
Comparisons of Coverage between

o Fire and Fire Consequential Loss (FCL) Insurance
o Fire/FCL and Industrial All Risks (IAR)
o Fire and Houseowners/Householders (HO/HH) Insurance
o Fire and BICC
o Fire and Insurance of Growing Trees

Group Discussion: Identifying the key words of policies

Session 3
Extraneous/Special Perils allowed under the respective policies

o Additional rates, extensions and limitations

Case Study: Recommendations based on the risk exposure “Needs” not the Client’s “Wants”

Session 4
RFT Approved Clauses: Purpose and Use and segregated into

o Clauses applicable to buildings only
o Clause applicable to plant and machineries only
o Clauses applicable to stocks only
o Clauses applicable across the board
o Know the premium and non premium clauses

Case Study: The many hidden benefits of Clauses in a fire claim scenario

Session 5
Mandatory and Non Mandatory warranties: 2 fold objectives

o Are used by Insurer as a risk management tool to ensure Insured’s compliance with safety standards
o Can be used by Insurer for some competitive advantage during quotation exercise
Session 6
The 3 Tiers of Rating under the RFT

o Standard Tariff Rate (TSI less than RM10 million)
o Self-Rating (RM10mil-RM30 million)
o Special Rating (RM30 million and above)

Case Study: Rating and Premium Computation for selected risk with various extensions


Session 7
Fire Insurance Risk Assessment

o Understanding the risk in detail to ascertain if quality of risk warrants acceptance
o Sourcing for the risk information through the various risk identification tools (proposal form, survey   report, photographs of risk, annual financial report, flow chart etc)
o For sub-standard features requiring some improvement, what can be done to enhance acceptance

Presentation by group on the findings from the Fire survey report and photographs of risk selected

Session 8
Making sound Underwriting Decision based on risk assessment information obtained

o Use the weight factors (good features versus poor features)
o Justify and record your decision with facts
o Further underwriting terms and conditions deemed fit

Presentation by group on the decision made


Session 9
Fixing of Retention based on the Insurer’s Treaty Arrangement


Session 10
Writing out a Fire Insurance Quotation

o Description of Insured’s details and properties to be insured
o Scope of Cover and Extensions
o Basis of Sum Insured (Reinstatement, Market value, Agreed value, etc)
o Rating applicable based on the nature of trade/construction classification of building to be insured
o Incorporation of Clauses to meet the business needs of customers
o Highlights of warranties and major exclusions
o Writing a Covering Letter together with quotation and attachment

Group Work on this Quotation Exercise for selected risks


Session 11
15 Options for Insurer to compete competitively for fire class of business guided by the rules and regulations of the RFT


Session 12
Presentation of Insurance Program to Customer

o First impression counts
o Introduction & Opening
o Body language
o Use of training aids
o Speech & choice of words
o Closing your presentation with impact

Workshop:  Participants to give a formal presentation of the insurance program and further dialogue and Q&A with Trainer to check for their understanding of the subject


COURSE DURATION

3 Days (9.00am to 5.00pm) with tea breaks and lunch in between


FOR WHOM

Staff of Insurance company involved in Fire Underwriting

FOR FURTHER ENQUERIES:

Email to: enquiry@csh.com.my

SALES TRAINING


GENERAL INSURANCE PRODUCTS:
PROSPECTING, PERSUADING, PRESENTING AND CLOSING THE SALES


COURSE BENEFITS
 High level of confidence in marketing and selling GI products
 Know how to handle sales objections and closing with impact
 Enhanced sales presentation skills



COURSE CONTENTS

1. Are You a “Born” Salesperson or a “Trained” Salesperson
o Characteristics of a successful Sales Person

2. Know All the General Insurance Products that You are selling
o Property Insurance to Liability Insurance to Personal Insurances
o Create a Problem to Sell or Sell to solve a Problem

Group Presentation: Participants to show case their knowledge of the GI products

3. Sales Methodology
o One Off Selling
o Relationship Selling
o High Probability Selling


4. Prospecting Methods
o Through Intermediaries, Cold Calling, Clubs, Conferences, Direct Mail, Expert Pull, Getting Referral, Using Referrals, etc


5. Understand the profile of these buyers and man manage them during sales talk/presentation for win-win situation
o The Relater Buyer
o The Socializer Buyer
o The Analytical Buyer
o The Self-Actualizing Buyer
o The Diver Buyer

Group Discussion & Presentation: Best closing techniques to use for each type of buyer


6. Some effective Closing Techniques
o Adjournment Close, Assumptive Close, Compliment Close, Humor Close, Balance Sheet Close etc


7. Selling is never completed without some form of Objections from Customers
o Types of Objections
o Dealing with “NO”
o Handling Objections (Role Play & Negotiation Techniques)


8. Sales Presentation in a B2B Relationship Selling
o Preparing Yourself
 Personal Appearance
 Know Your Subject (General Insurance/ Market Factors)
 Use the energy you feel
 Wear a Persona
 Check your language and diction
 Getting in “the Zone”
 Effective use of training aids (Projector, Laser pointer, flip chart etc)

 Simulation Exercise: Participants to present their sales proposal and show case the many objections handling techniques and methods and the closing techniques learnt


COURSE DURATION


2 Days (9.00AM TO 5.00PM)

FOR WHOM


Marketing Officers, Front Liners and any others involved in marketing and selling of GI Products
FOR FURTHER ENQUIRIES:

PLEASE LOG ON TO ENQUIRY@CSH.COM.MY