Talk Series Detail | Nepal Insurance and Risk Management Association (NIRMA)

Series 9 Speaker Profile Date of Series Held: 18th feb,2025, Tuesday Duration: 90 Minutes Series Forum: NIRMA Virtual Conference Platform NIRMA’s Target Audience: – Policy Makers – Insurance

Series 9 Speaker Profile Date of Series Held: 18th feb,2025, Tuesday Duration: 90 Minutes Series Forum: NIRMA Virtual Conference Platform NIRMA’s Target Audience: – Policy Makers – Insurance Regulators – Insurance Professionals – Financial Planners – Risk Managers – Academics and Students – General Public Interested in Financial Security Speaker of Series: Mr. Deepak Raj Khanal Manager (Head of the Department, Administration) Rastriya Beema Company Limited Corporate Office, Ramshahpath, Kathmandu, Nepal Association: National Insurance Risk Management Association LinkedIn: [linkedin.com/in/deepakrkhanal] (https://www.linkedin.com/in/deepakrkhanal) email: [email protected] Bio: Mr. Deepak Raj Khanal is an experienced professional in the field of non-life insurance, specializing in claim management. With over a decade of experience at Reliance Insurance Company Limited (RBCL), he has developed expertise in handling complex insurance claims, dispute resolution, and optimizing claim settlement processes. Deepak is known for his strategic approach to claim management, ensuring fair and efficient settlements while maintaining customer satisfaction. He is a frequent speaker at insurance seminars and workshops, where he shares practical insights into claim handling and risk mitigation. Title of Session: Non-Life Insurance Claim Management: Challenges and Solutions Title Presentation Overview: In this session, Deepak Raj Khanal will provide an in-depth look at the intricacies of non-life insurance claim management. He will discuss the importance of efficient claim handling, common challenges faced by insurers, and innovative solutions to streamline the process. The presentation will also cover the role of technology in claim management, the impact of under-insurance, and strategies for resolving claim disputes. Attendees will gain practical knowledge on improving claim settlement processes and enhancing customer trust. Key Takeaways: Understanding the fundamentals of non-life insurance claims and their management. Identifying and addressing common challenges in claim settlement. Leveraging technology to improve claim handling efficiency. Strategies for resolving claim disputes and ensuring fair settlements. The impact of under-insurance and how to mitigate its risks. Summary of Session: Introduction to Insurance – Definition of insurance and its purpose. – Overview of non-life insurance and its scope. Claim Management – Definition of an insurance claim and its importance. – Key components of claim management: monitoring, settlement, and cost control. Challenges in Claim Settlement – Submission of incomplete or unsupported documents. – Delays in claim filing and inadequate insurance coverage. – Lack of insurance claim knowledge among policyholders. Recommendations for Effective Claim Management – Clear and transparent claim procedures. – Staff training and performance evaluation. – Investment in technology for faster communication and collaboration. Under-Insurance and Its Impact – Explanation of the average clause and its application. – Economic consequences of under-insurance for policyholders. Classification of Losses – Total losses (actual and constructive). – Partial losses (particular and general). Claim Disputes and Resolution – Common causes of disputes in insurance claims. – Legal frameworks and dispute resolution mechanisms. Advance Claim Payments – Conditions for partial payments without final assessment. – Limitations on advance payments as per policy terms.

NIRMA Talk Series 9

Talk Overview

Series 9 Speaker Profile Date of Series Held: 18th feb,2025, Tuesday Duration: 90 Minutes Series Forum: NIRMA Virtual Conference Platform NIRMA’s Target Audience: – Policy Makers – Insurance