Every client matters to us and this is constantly reflecting in the service we offer in most possible way. Our considerable experience within various sectors enables us to design and implement the most appropriate insurance solutions on behalf of our clients; that’s Innovation. The values upon which Mutual Global has been established, guide our daily operations and ensure that we remain attentive to the requirements of our clients at all times. We are regulated by the IRDA and associated with Insurance Companies and adhere to their core standard of Treating Customers Fairly. We are passionate and driven to succeed for our clients both Corporate and Retail. Only through our desire to make life easier for our clients and help them to avoid financial difficulty, we seek out protection that will serve them well. We hope to meet all of our clients in person so we can fully understand any challenges they face and source outstanding risk solutions, that’s Customer Centric attitude.
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General Insurance Placement
We deal with all kind of General insurance Products With analyzing the proposal, we procure quotes from various Insurance Companies and help client to Place the Insurance portfolio.
Claims Management is a term which indicates all the job starting right from claims intimation till the claims settlement or rejection. There are four major steps that have to be carried out in order to service a claim and one of which is claims management. Following are the steps that are carried out while servicing a claim
Claim management process consist of four vital process as below
- Claims Intimation
- Claim Management
- Claim Settlement/rejection
- Claim Recovery process
As a broker, we are actively involved and should support the Insurers in all the above steps in order to take care of the Insured’s interest.
Claims Intimation process:
- Insured must be made aware about the claim process guidelines by the broker
- Broker should obtain and review claims information from the Insured
- Insurer’s claims team will access policy information of the Insured and check the policy coverage. Insurer will appoint a surveyor and share the Policy document and other details with the surveyor wherever required post which Claims reserve will be set up by the Insurer.
Claim Management process:
- Insurer will Follow up with the surveyor for the report.
- Brokers/Insurer will Obtain all the supporting documents from the Insured as required by the surveyor
- Based on the documents collected, the claim reserve will be adjusted by the Insurer and salvage if any will be disposed.
- Re insurers will be intimated on the claims and appropriate portion of claims will be recovered from the Re insurer.
Claim Settlement process:
- Insurance company will decide the claim settlement amount based on the surveyor’s report
- Claims reserve will be adjusted based on the settlement amount
- Reinsurers will be informed about the claim settlement
- Insurer will Obtain discharge from the Insured where the insured declares that hehad received payment of insurance benefits from the insurer and waives of any further or future claim against the insurer in respect of the insured event.
Claim Recovery process:
If any third party is involved in the claims, then the Insurer will proceed in claim recovery from the third party based on the Principle of Indemnity (Subrogation).
Risk analysis is a very important job that is carried out in an Insurance company. We have a separate department (Underwriting & Risk Inspection)who does this job meticulously. Risk analysis is a part of risk management model.
Risk management process consist of three vital process as below
- Identification of risk
- Evaluating or Analyzing the risk
- Treating risk
Whenever the insurer or the broker receives a proposal from a proposer, the first step that is involved is identifying the risk. The risk can be broadly categorized as
- Preferred risk- Risks Which are profitable to the Insurance company if accepted
- Referred risk- Risks which are moderately preferred and written in the books with less or medium discount. Mostly referred risk will be accepted only after risk inspection
- Declined risk- Risk which are loss making where the Insurers are not keen in writing
We have to bear in our mind that each Insurer have their own guidelines in categorizing the risk and Reinsurance also plays a vital role in categorizing the risks.
Once the risk is identified and the Insurer has decided to write them in their book, process of risk analysis will begin. The risk is evaluated on the matrix of frequency and severity which will help to determine insurability, premium, conditions that is to to be incorporated and warranties that are to be applied
Risk frequency relates to how often the loss occurs and severity relates to how expensive the losses could be because of the Insured event. Risk frequency and severity ratio has a direct impact on the cost of Insurance i.e. premium. High frequency and less severity draws lesser premium while compare to the risk which has less frequency and high severity.
We can obtain the frequency and severity based on few underwriting factors like Occupancy, Earthquake Zone, Nearest water body, availability of FEA and so on
Treatment of Risk:
The last and final step in risk management is treatment of risk. Based up on understanding of the risk, the insurer will treat the risk in any of the following way
- Insurer might avoid the risk
- Eliminate the risk
- Reduce the risk
- Transfer the risk
Principal Officer & CEO
Technical Graduate with 11 years of experience in Software development and deployment of IT infrastructure, She is instrumental in implementing the technology
Management graduate from ICFAI and with 14Years of Expertise in General Insurance industry, He brings a perfect combination of Risk Advisory and Value creation to client, Started this Advisory firm in 2016 with a aim of providing Risk Advisory service to PAN India with a Prime focus on creating a digital experience
Claim & UW
FIII from Insurance Institute of India
International PG Diploma General Insurance from Institute of Insurance Risk Management, Hyderabad
DIPLOMA IN MARKETING COMMUNICATION from Bharathiar University
Bachelor Degree in ACTUARIAL MANAGEMENT from P.S.G.R.KRISHNAMMAL
With a Decade of Experience in General Insurance Industry, Preethi brings more technical risk analysis techniques for better underwriting and Claims management
Management Graduate with 14 years of Sales and Claims experience in General Insurance Industry, Carries anunmatchable customer centric approach.
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