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Underwriting Practice Essay Example

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Underwriting Practice

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Underwriting Practice. Product aggregators are an emerging type of web site through which NAI can sell its business. According to the CII (28), internet databases offer threefold advantage to insurers. Insurers can achieve most returns through this channel because they enable verification of claimant information as well as a mechanism for exchanging claim histories between insurers.Mobile phone is another form of distribution. Over half of UK population has access to a mobile phone. They enable efficient delivery of insurance services to customers. The European company that developed WAP introduced a standardized way of making secure payments over the phone, security measures, dispute resolution, and risk management. Other technologies such as GPRS has been developed.

This ensures continuous connection and faster data transfers for mobile phones. The advantage is that NAI is able to sustain a large volume of calls as a company. Disadvantages include insecurity concerns, small screens make it hard to use as information channels. In addition, mobile phones are more suitable for direct sales.Insurance risk surveyors are responsible for identifying financial risks likely to occur after offering insurance coverage for sites, properties, or items. The surveyor formulates a detailed report regarding the suitability of offering coverage to the industrial estate. Upon approval, the surveyor formulates another report on the basic improvements needed to reduce risk. The report is proofread before handing it to the manager. Typical insurance risk surveyors’ responsibilities include: recording these analyses on templates, collating and analyzing risk information, and keeping up to date with technical factors that affect risks. This includes: legislation changes, trade processes, and technological developments. After the proposed implementation of the improvements, the necessary grades are allocated to the industrial estate. This allows the company to monitor its returns and predict future outcomes concerning the industrial estate. In addition, it also allows the insurer to keep up with the current and future competition in the market.Underwriting practice encompass risk taking. However, currently business environment is complex and achieving great success in becoming increasingly difficult. A considerable value is added to small businesses through the establishment of legal partnership. The challenge however includes:. Underwriting Practice.

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Works Cited

The Chartered Insurance Insitute (CII). Underwriting practice. 2008.
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