A leading loss and risk management firm, Loss Management Consultancy International (LMCI) recently hosted its first-ever Biennial Insurance Claims and Risk Management Conference in Botswana.
The conference was held on May 4, 2023, at Avani Hotel and attended by major players in the insurance industry including CEOs and the C-suite of Insurance companies, Re-Insurers, Insurance Brokers as well as Claims and Underwriting Managers.
The objective of the conference was to enhance understanding of how expertise and appropriate handling of large and complex engineering and property claims result in the growth and stability of the insurance market. The gathering brought together key insurance stakeholders to discuss current trends in claims management and what is being done to adapt to changes to meet the demands of the new reality. Ideas for successful disaster recovery and crisis management including the redesign of the claims and risk management processes for effectiveness were exchanged on this platform.
Speaking to Mmegi this week, LCMI‘s Group CEO, Nyasha Mareya said as the first of its nature, the goal of the conference was to create a platform for the exchange of expert knowledge by key industry stakeholders with a strategic perspective to claims handling as a winning strategy for the industry in Botswana.
She also said it is in LMCI’s belief that the purpose of this conference which was to enhance understanding of how expertise and appropriate handling of large complex engineering and property claims results in the growth and stability of the insurance market was achieved. Furthermore, Mareya said the gathering came at a time when the insurance and risk management industry is trying to put the COVID-19 pandemic behind. She said the pandemic’s effect may remain with us for some time and is one of the key drivers of the current trends we are observing in insurance claims and risk management, not only in Botswana but globally. "The COVID-19 pandemic is one of the largest economic loss events in history for companies and the Insurance Industry alike.
COVID-19 exponentially accelerated the pace of digital transformation, which has found the professional services sector, operating in a VUCA environment. This rapid evolution of ICT, digitalisation, and artificial intelligence brought about many benefits and opportunities to the Insurance Claims and Risk Management space, which can be exploited to bring about innovative solutions, and a positive transformation of our industry in terms of improving our customers' experience." Mareya said. She further said it is unfortunate that this transformation has also created the challenge of cybercrime filtering into the claims and claims handling processes. Mareya said that this, together with other key issues such as climate change events and modifications to the regulatory environment in response to the aforementioned challenges, coupled with the effects of the Russian War in Ukraine, have all led to several economic and financial crises that have further complicated the insurance business environment.
On other matters, Mareya said as the economy recovers; the insurance and risk management industry can expect an increase in traditional property and liability claims to which bespoke solutions would be required. The conference was co-sponsored by Emeritus Re and was supported by the Insurance Institute of Botswana (IIB) and Botswana Shot Term Insurance Underwriters Association (BISTUA).
