Page 24 - Life Insurance Today June 2015 SAMPLE
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Create a competency frame work ing and development. Reviewing system for special condi-
team tions if any procedure for notification
In learning and competency develop- of incidents with legal implication.
Step 2 ment in insurance sector the following
points as a corrective action be taken Risk Control
Observation in different products of insurance
Interviewing People We can control the risk by fol-
Create a questionnaire Liability losses lowing
Analyze the work
1. Failure to confirm with /perform 1. Good organization
Step 3 legal duty 2. Good system
3. Good building /plant /Machinery
Group the statement 2. As a result failure/harm suffered
Create sub groups by customs his employee or third /equipment
Refine the subgroups party. 4. Good protection to equipments.
Indentify and frame the competencies 5. Good protection system
Validate and revise the competencies 3. Legal defense not available 6. Training to the people.
as necessary 7. Motivation to the people
Therefore we need to understand law 8. Monitoring to the people
Step 4 to operate the business of insurance
within the law. Insurance Companies Reactions.
Implement be able to prove compliance our liabil-
Link to business objectives ity can arise To complaints.
Reward the competencies 1. From common law duty ( tort) e.g. Effective legal defense strategy.
Provide coaching and training Biggest problem is that any action by
Keep it simple negligence ,assault deformation any employee can create liability risk
Communicate 2. By statute law - specific actor We need
Creating a competency framework is regulation Risk Analysis
an effective method to assess, main- 3. By contract law with other parties
tain and monitor the knowledge, skills Training to the people involved
and attributes of people in your orga- Legal analysis and control Motivation to the people
nization to framework allows you to Action and reaction
measure current competency level to 1. Managers should understand cur- Product liability risk and control
make sure your staff members have rent law as it affect them Product range
the expertise needed to add value to Use misuse purpose of the product
the business. 2. Systems for monitoring legal New and unique features
changes ex gratia Updating
It also helps manager make informed service,briefing to management. Flow Chart
decision about talent recruitment, re-
tention and succession strategies and Legal control system Products standards
indentifying the specific behavior and Design
skills needed for each role to enable to 1. Defining role of legal department Capability
you to budget and plan for the train- --- Knowledge /skill/experience
2. Role of advisors should be defined
---
Contract review
Manager awareness on implication.
Use of standard contracts.
The middle class is teetering on the brink of collapse just as surely as AIG was in the fall of 2009 - only this time, it's not just one giant
insurance company (and its banking counterparties) facing disaster, it's tens of millions of hardworking Americans who played by the rules.
20 June 2015 Life Insurance Today
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