What if you already have an insurance scheme, and it is running as required – is this enough? In our ever changing world it is important to be ready for change and insurance is no different. Having the right skill sets available to review your schemes performance can be the difference between making the required changes on time or not.
Our usual approach is to act as the conduit between all the interested parties for each scheme. This includes which ever Toyota entity or entities is involved, the insurer and any other party such as repairer, administrator, selling agent etc. Only by understanding the needs and bringing the requirements of each party to the same table can the scheme run efficiently. The following areas are examples of where Toyota Insurance Management can add value; -
Stakeholder – key to our approach is to bring the stakeholders together on a regular basis to review the scheme. The regularity and length of these reviews is determined by the scheme complexity and size, but what is important is consistency of approach. Often schemes are reviewed from only the perspective of the dominate party, but this ignores the input and therefore the full support of the other entities. Our staff come from a varied background and have experience of the challenges of all aspects of insurance and so are able to ensure each party’s needs are understood.
Expert advice – because we are backed by one of the world’s largest insures, and as we have around 4,000,000 policies that we either insure, reinsure, manage or administer, we are able to draw on considerable expertise and best practice. Through our industry and regulatory contacts we are able to bring new ideas, or changes in the operating environment, to the table for discussion. Clearly not everything is transferable between markets, but much is and many other ideas can be adapted to suit local needs.
Reporting – Because of the multiple entities involved in a typical insurance scheme it can be difficult to know what to measure. In addition there can be areas that require monitoring for regulatory reasons, and others to spot inappropriate activities, and more still to help encourage growth. Which KPI’s are most relevant, how often should they be produced and in what format? Are all involved parties divulging as much information as they could? These are questions we regularly address and can provide assistance in setting up the optimal reporting package for your scheme.
Planning – change is inevitable, and in the insurance world change is becoming the norm. For motor insurance there are a number of technical changes that will affect how the product is priced and even sold. For pecuniary loss schemes regulation has grown significantly, and consumer perception of these products has also changed. You can read more about these changes here (Long-term strategic review) . Are you including market changes in your existing review?
There are many other ways we can help, if you have an existing scheme and have concerns over how it is managed you can contact us here.