Page 41 - Insurance Times September 2023

partnering with other industries to provide comprehensive meant to help the government handle the costs during
services. For instance, offering insurance coverage from emergencies like domestic fire incidents where the
travel agencies or auto suppliers and partners is a good government provides internally displaced people with food,
example. This provides customers with a seamless shelter etc. Furthermore, regulatory initiatives encourage
experience and coverage tailored to their activities. boat owners to secure mandatory coverage for their vessels,
which are the livelihoods of people living in islands.
e. Speedy Claims Processing: Automation has facilitated
a new era of rapid claims processing. Customers can Shifting the focus to governance, the commendable efforts
upload images or documents directly through apps, and of the MMA in enacting Corporate Governance Regulations
back-office staff are readily available throughout a long for financial institutions mark a positive stride. It is our belief
period to process claims. In some instances, there are that the establishment of consistent and robust governance
insurance providers with advanced technologies, such practices within the financial ecosystem will strengthen
as AI, that are powered to assess the damage and public confidence in the operations of these institutions
calculate payouts quickly. This holistic approach reduces through effective implementation.
the burden on customers during moments that are Q: Any other information that you would like to share
often riddled with stress and hassle. with our readers?
Q: Are there any emerging trends or opportunities that A: In the vast realm of industries, each sector grapples with
you believe will shape the industry's trajectory in its distinct set of challenges. The insurance landscape is no
Maldives? exception.
A: With an increase in homeownership attributed to To thrive in this dynamic environment, players must dedicate
government-led social housing initiatives, a greater number themselves to the pursuit of innovative solutions that outshine
of individuals are taking a more vigilant approach toward their rivals. In the quest to stay ahead, unwavering focus on
safeguarding their possessions and loved ones. This cultivating customer trust becomes paramount. The healthy
demographic predominantly comprises nuclear families, who competition that fuels these efforts encourages continuous
are inclined towards procuring health insurance, either elevation, pushing boundaries, and fostering innovation.
through employer offerings or personal subscriptions. While competition is undeniably crucial, it is essential to look
Moreover, this segment aligns with the working populace,
at the immense value of collaboration in tackling shared
presenting a vibrant pool of prospects for upselling and cross-
selling various retail products. obstacles. There are common challenges faced by all players,
which commonly have a negative impact and can question
The other opportunity on the horizon is public sector the way forward. Embracing the power of collaboration
infrastructure. The rapid expansion of national public empowers us to collectively address these issues head-on.
infrastructure projects has given rise to a demand for This collaborative spirit is pivotal in constructing a resilient
insurance solutions to protect these critical assets. industry that stands the test of time and helps build a
A forward-looking step is to introduce more insurance sustainable industry, cultivating trust from stakeholders over
government-mandated insurance policies. These policies are the long term. T

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36 September 2023 The Insurance Times