• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Thursday, March 30, 2023
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Leading Operators Push For Review Of Loss Adjusters Fee

Nwanne Ikemefune by Nwanne Ikemefune
February 1, 2021
in Insurance
0 0
0
ILAN logo
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Loss adjusters have been well captured as the face of the insurance industry. The name fits because the image of loss adjusting sprouts each time claims processing and payment is in the works.

It is apt to say that loss adjusting takes a chunk of the dots whenever the imaging technics of insurance is activated. Loss adjusters input coalesce to form the ultimate low, medium or high resolution of the image of insurance.

That face of insurance, the loss adjuster, warehoused by a body known as the Institute of Loss Adjusters of Nigeria (ILAN), needs urgent face lift according to some notable insurance professionals. These majors in the insurance and broking outfits are united in the need for deliberate action by the principal (insurance companies) to erect new scaffold to upgrade the claim engine structure and make the loss adjusters regain the lost landmark.

The state of loss adjusting in Nigeria took a centre stage at the second webinar organised by First Law & Impact Consulting Limited, and two frontline operators called for industry approach to address the issue at stake. First, was the managing director, SCIB Insurance Brokers Limited, Mr. Shola Tinubu. He has consistently canvassed the view that adjusters deserved better deal than is currently offered to them by insurance companies. He inferred that the spill in the adjusters space is hampering its smooth and optimum operation. This sustained incident, confines the adjusters to less prominent point in the industry. Tinubu said this ought not to be so because the professionals that turn the wheel of quick process of claims are the loss adjusters.

The SCIB helmsman said loss adjusters are an integral part of claims process and payment and a major component of the industry. However, he said they are not visible in the insurance space, “they are actually relegated.” Coming up close he said: “It’s really a major issue. We need them they are part of the claim space.”

Tinubu speaks more on the loss adjusters, by pointing out that they do the interpretation of policy wordings and meet with clients. Explaining further, he said, “They are the face of insurance once the major and complex types of claims come in or any claim that is investigated by them.”

He therefore, advised the industry to review their relationship with adjusters. “Unless we deal with that, we are not going to get the kind of confidence in the system that we want.”

The group managing director, Custodian Investment Plc, Mr. Wole Oshin, shares the same view, saying that underwriters cannot replace loss adjusters or be able to express professionalism the way an adjuster would in making a report.

Oshin said despite adjusters role in closing the investigation gap in claims processing, they have lost ground in the insurance space and “they truly have to come back” pointing out that loss adjusters “were right there” making impact in the past and that cannot be overlooked.

He did not mince words to describe how significant but impaired loss adjusters have become. “Their reports were gospel and they played a major role in terms of claims investigation and made sure claims were paid. That profession is actually endangered and it is a space that we all have to work on.”

The president, Institute of Loss Adjusters of Nigeria, ILAN, Mr. Reginald Egbuniwe, shared the same space with Oshin and Tinubu, in addressing the undulating space loss adjuster have been relegated to.

Egbuniwe, who is the managing director at Grand Metropolitan Associates, peered into the horizon of failed attempts to address the adjusters falling professional remuneration since the current one was signed with the insurers body, the Nigerian Insurers Association in 1992, well over a quarter of a century, and no deal yet in sight.

Still on the memory lane, ILAN president rolled back the years and remarked that, “ILAN has used any and every opportunity to remind insurers that they cannot develop the industry without a fee review that is acceptable to both parties.”

“Earlier attempts by ILAN had been stoutly resisted, however leading insurers recognise the need for a fee structure review but appear to have their hands tied to lack of NIA consensus on going forward with this. Nevertheless, ILAN will keep on bringing this issue to insurers attention,” he insisted.

However, he noted that “there are insurers that have a reputation for paying fees promptly and these few were already settling claims inclusive of fees without prompting from the regulator.”

Previous Post

PenCom Board Back-To-Work Pass, Gets Tick Over

Next Post

Coronation Ranks Clients, Claims Its Priorities

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert
Insurance

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn
Insurance

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023
Insurance

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
Next Post
Coronation MD/CEO

Coronation Ranks Clients, Claims Its Priorities

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

July 30, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
NCRIB Sets The Stage For Adaramola’s Tenure

NCRIB Sets The Stage For Adaramola’s Tenure

March 18, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

7506
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

6866
Allianz Claims Survey Shows Changing Claims Patterns

Internal Failures, Major Cause Of Cyber Claims

5514
As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

1614
Anchor MD Loses Father

Anchor MD Loses Father

1614
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

1043
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Leads With ISO/IEC Re-certification

1021
NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

1017
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

408
National Assembly Principal Officers Set To Strip Staff Of CPS Without Consent

PenOp Rails Against National Assembly Secret Bill To Exempt Own Workers From CPS

379
Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
NAICOM Head office

Insurers Claims Obligation Increases By 18% In Q4 2022, N244.3bn Paid

March 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023

Recent News

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
NAICOM Head office

Insurers Claims Obligation Increases By 18% In Q4 2022, N244.3bn Paid

March 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023
Guinea Insurance Sets For Return To Profit Turf

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Image Spin: Farewell For Omolola Adekunle Bankole

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

March 16, 2023
Transactional Risk Insurance Now Mainstream Product – Report

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In