How FBS Re Is Bridging Knowledge Gap In African Insurance Market
FBS Re has concluded the second phase of its training program to deepen the capacity and bridge the knowledge gaps of African insurance practitioners in specialist underwriting areas.
The training which held jointly with Munich Re, a fortnight ago, targets senior underwriters, claims administrators. business developers, and marketers.
It came almost back to back with FBS Re’s specialist training on cyber security, bankers’ blanket bond, and other emerging financial lines in the African market that was held in Accra, Ghana recently.
Fola Daniel, former Nigeria’s Commissioner For Insurance (CFI) and one of the promoters of FBS Re, on its debut, promised to bridge the knowledge gap in the insurance market.
FBS Re is making good the promise, with the training program that signposts its mantra of “For Better Services” which seeks to add value to the market, through other specialist training that is in the pipeline.
It is a way of giving back to the industry that had brought fame and popularity to the promoters.
It is also a way of appreciating the various markets in Africa, for the goodwill extended to FBS Re in its less than two years of operation.
The free training program is themed: ‘Emerging Trends in Pricing and Claims optimization’, with special reference to the Casualty line of business’ dwelt on the current trends in efficient pricing and claims optimization, and was geared to upskill FBS client’s knowledge in the post-covid-era and digitalization
It covers areas such as Casualty with a focus on the law and liability, Pricing and Emerging risks with specific Products focus on: Professional indemnity including SPPI, Directors and Officers, Public and Product Liability, Key Underwriting, and Claims Considerations Global Consulting Unit (GCU), Claims optimization, Pricing excellence, and Parametric Insurances.
One of the areas covered by the training program is Parametric insurance. Policies under Parametric cover are those contract that insures policyholder against the occurrence of a specific event by paying a set amount based on the magnitude of the event, as opposed to the magnitude of the losses in a traditional indemnity policy.
These are risks outside the traditional insurance and without physically quantifiable losses.
Parametric cover has four advantages and they are a certainty, speed, flexibility, and non-indemnity-based insurance.
The product does not need loss adjustment and what this implies is that the pre-determined payout is made once the policy is triggered