Page 40 - Insurance Times September 2023

A: ATM is meticulous in its approach to underwriting, challenges, necessitating insurers to stay attuned and
implementing strategies that effectively manage various updated.
risks. Our underwriting philosophy has been carefully Q: Can you share any recent developments or innovations
formulated, taking into account factors such as type of risk,
in your general insurance products or services? How do
construction materials, accumulation and the insured’s
these advancements benefit customers and set your
mitigation efforts aimed at reducing perils associated with company apart from competitors?
natural losses. Collaborating with top-rated reinsurers not
A: We have diligently concentrated on several pivotal
only allows us to distribute risk but also grants us access to
initiatives poised to yield significant advantages for our
invaluable insights and expertise in handling catastrophic valued customers:
events. Our commitment to ensuring resilience extends to
a. Digital Transformation: Insurance companies have
every property we underwrite, involving independent
been investing in digital platforms and tools to
inspections and recommendations in consultation with streamline their operations and enhance customer
experts and reinsurers, thereby aiding policyholders in experience. This transformation, expedited by the post-
implementing robust measures.
COVID era, acknowledges the escalating adoption of
Furthermore, a comprehensive analysis of historical data on technological platforms. Among the notable
natural disasters, particularly incidents involving tidal waves, advancements are online policy purchasing, claims
CST, and sea erosions, informs our risk assessment. This processing through mobile apps, and virtual assistance
diligent examination allows us to gauge the potential for customer queries. These advancements make
frequency, severity, and geographical spread of such events. insurance processes more convenient, efficient, and
Looking ahead, our future plans involve integrating accessible for customers.
advanced risk assessment tools that factor in dynamic b. Personalization: The fusion of advanced data analytics
variables such as sea-level rise and extreme weather
and artificial intelligence (AI) enabled companies to
occurrences. Our focus will also be on refining risk mapping personalize their offerings. Customers are now
and zoning systems to precisely identify areas susceptible presented with insurance packages meticulously
to specific natural disasters. This strategic approach will aid
tailored to their individual requirements, encompassing
in establishing fitting coverage limits and effectively domains such as home, auto, or health insurance. This
evaluating exposure to risk. personalization meets customer preferences and
In tandem with our underwriting efforts, our responsibility ensures they are only paying for the coverage they truly
encompasses educating our clients about the risks they face need, creating the right sense of belongingness to
and the importance of adequate coverage. Our insurance solutions.
recommendations and suggestions to improve risks shall c. Cyber Insurance: With the relentless surge in
encourage them to take preventive measures to reduce cyberattacks and data breaches, the demand for cyber
their vulnerability. insurance has grown. This specialized coverage
The perception of Maldives being prone to catastrophic empowers both businesses and individuals to mitigate
(CAT) exposure needs to be improved among the reinsurance the financial repercussions of cyber incidents.
community. The appetite of reinsurers to cover Maldivian d. Ecosystem Partnerships: Companies are increasingly
risks is a general concern. Emerging worldwide CAT losses
have further made re-takaful/reinsurers revisit their choices,
resulting in more stringent policy underwriting. Our focus will also be on refining risk
One effective approach entails the use of advanced mapping and zoning systems to
modelling techniques, not solely restricted to natural precisely identify areas susceptible to
catastrophes (NAT CAT) but extending to encompass a
broader spectrum of medium-range perils. This initiative specific natural disasters. This
involves systematically gathering comprehensive statistical strategic approach will aid in
data specific to the Maldives region.
establishing fitting coverage limits and
Given its unique archipelagic position, Maldives is exposed effectively evaluating exposure to risk.
to an evolving array of natural and human—made

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