Ms. Koh Yan Yie

Chairperson 27 March 2024

Ms. Koh Yan Yie

Chairman - 27 March 2024
FOR THE YEAR ENDED 31 DECEMBER 2023

THE NATIONAL INSURANCE CLAIMS SOCIETY ANNUAL REPORT

Distinguished EXCO Members, Fellow Members of Insurance Companies, Members of the Secretariat, Ladies & Gentlemen.

A great afternoon and welcome to our 25th Annual General Meeting of the National Insurance Claims Society (NICS) for the Term 2023/24. The last EXCO meeting was held on 24 January 2024, ending the 2023/24 Term.

Before we usher in the new Term 2024/25, let’s flashback at some events and programs that the Society had offered and organized for the Members throughout the outgoing term.

Membership

2023/24 remarked the 24th anniversary of this Society. We are pleased to announce that presently the Society has 21 Member companies, comprising of:

The Society will continue its efforts to promote and welcome more Members from the industry. It will also provide networking opportunities for wider knowledge-sharing and could also accelerate information exchange within the insurance fraternity.

Executive Committee

Executive Committee Members are the driving force of the Society, involving the volunteers from Claims professionals who are nominated by the Member companies.

There are focused main Sub-Committees formed to carry out the Society’s activities, namely:

Special applause to all the Members of the named Sub-Committees for their time, commitment and dedication throughout the expiring term.

Education & Trainings

We believe that well-educated claims professionals are best able to represent their industry’s interests by providing excellent claims services professionally to the organization and customers.

Our Educational seminars were organized on a wide range of market informative, emerging new trends, medical, practical and technical claims-related topics presented by experts in their respective fields.

We are pleased that NICS has successfully organized 6 Seminars as follows:

Topic on: Way of Assessing Landslide, Subsidence & Landslip on causes by Adjuster, Consultant and Expert

The Objectives: To understand about technical point of view from Adjuster and Consultant in the way of assessing landslide and subsidence to facilitate the process of the claim.

Topic on:
(1) Assessing Traumatic Brain Injury Patients
(2) Fraud In TPBI Claims – Liability & Quantum

The Objectives:

  • How to improve Disability Assessment.
  • Understanding assessment of head injury from a medical practitioner’s perspective

Topic on:
(1) Challenges In Quantifying Economic Damages in The Current Economic Environment
(2) Fire Material Damage Claims: Red Flags in Fraudulent Claims

The Objectives:

  • We will explore the fundamental principles for assessing economic damages and how the current economic environment can impact greatly on the measurement of Business Interruption and Stock Losses.
  • Participants will gain an understanding of the key components to consider when quantifying the Business Interruption and Stock Losses. In addition, they will get an appreciation of the impact of various economic factors to account for when quantifying Economic Damages.
  • To explain on Fraud cases in Fire Material Damage Claims.
  • To update recent cases of fraud to the industry as awareness and early contingency planning can be made to avoid the same. 

Topic on:

(1) The Rise of the “Autobots”! – Impact of Current Court Awards
(2) Fraud Investigation from the Commercial Crime Perspective

The Objectives:

  • The rise of the “Autobots” – Multi-Million Ringgit Prosthesis and Orthosis awards!
  • To share knowledge and experience on the current fraud trend and modus operandi in Malaysia.
  • To discuss challenges faced in combatting fraud and brainstorm on the best strategy / practices to overcome it.

Topic on: Emerging Trend In Insurance Claims With Emphasis On Erectile Dysfunction And Psychiatric Injury

The Objectives:

  • To give a brief outline as to how Erectile Dysfunction is relevant in Insurance Claims – Medications, Treatments and Courts current trends.
  • How the Courts deal with which Medication and Courts primary considerations in making an award in ED Cases.
  • The Courts view in dealing with situations where the claimant is claiming for Reproductive Treatment and the need to distinguish between ED and Claims for Reproductive Treatments.
  • The importance of factoring in the need for reproduction as a right and the considerations by the Courts whether the Plaintiff is married or unmarried minor.
  • The evolutionary change involving the development of psychiatric injuries and the development of treatments forthcoming.

Topic on: Medical Claims with Its Challenges!

The Objectives: To provide comprehensive platform for healthcare professionals, insurance experts and stakeholders to delve into the intricacies of medical claims processing as well as the latest medical advancement in the industry.

It was a great success that about 286 participants successfully attended our Seminars throughout this term.

To this effect, we commend the Education & Training Sub-Committee for being very active and effective by delivering a meaningful range of related topics for the benefit of its members.

Networking

The Society always intends to develop working relationships and business rapport with individuals, companies, authorities or any party of relevance. Over the past and current expiring terms, NICS has brought many individuals together at informative and networking events.

We achieve this by arranging networking cum educational visits to:
  • Westport Malaysia Sdn BhdPort & Warehousing System
    The Objectives: This visitation enable our Participants to gain further understanding with regards to Port’s operations as well as to have a better overview as to the procedures that may be involved in inventory inspection process and the warehousing system.

  • Perusahaan Otomobil Nasional Sdn. Bhd. – Tanjung Malim Plant
    The Objectives: This visitation will enable our Participants to gain understanding with regards to the operations of an assembly plant as well as to have a better overview as to the construction make-up of a car and in all aspects of procedures and services.

Special Project

Our Society has successfully organized jointly with Malaysian Reinsurance Bhd an event on Sustainable Catastrophe Loss Management – Learnings from Overseas’ Experiences.

Introduction & Objectives were:
  • Climate change is altering the frequency and severity of extreme weather events such as wildfires, floods and windstorms.
  • In Dec 2021, Malaysia experienced an unprecedented massive flood and Malaysia Insurance Companies and Takaful Operator received a heavy influx of claims.
  • With lessons from the past including those from oversea, we hope the Claims Society could develop the ability to review and enhance the claims value chain for progressing its sustainability goals and enhancing customer’s experience.
  • We are delighted to inform you that 81 participants from Member companies have attended and benefited from this informative joint event.
  •  

On behalf of our Networking & Special Project Sub-Committee, we extend our special appreciation to Ms Tan Joke Boey of Malaysian Re and her team for making the Special Project successful for this term.

Best Practices & Anti-Fraud

We are able to pool claims professionals via the Claims Managers’ Meet to gain and share their expertise, experiences and technical know-how for the betterment of the industry in various related areas.

We have successfully organized two (2) Claims Managers Meet sessions attended by 62 persons.

The first session was held in June 2023. The topic was on “Underground Facilities Claims” by Mr S G Bala, Charles Taylor Adjusting.

 

The Introduction and Objectives were:

Discussion on the underground facilities and way of assessing the claim related to it.

To get better understanding with the latest platform or information of how the contractor liaise with third party authorities before commencement of contract work.

Our 2nd session Topic was on “Current Court Process & Issues Relating to Limitation Period”  by KS Ong, Messrs K S Ong & Co.

 

The Objectives:

Better understanding on Current Court Process and Issues Relating to Limitation Period.

A special appreciation to the Best Practices & Anti-Fraud Sub-Committee for making these sessions successful.

Appreciation

On behalf of NICS, I take this opportunity to record great appreciation to our esteemed Member companies for their most valuable support and contributions made during the year.

I would like to express my heartfelt gratitude and appreciation for the contributions and services volunteered by all the EXCO members who have played their roles effectively and untiringly in delivering the numerous activities for this term.

Our gratitude also always goes to Ms. Nancy and Ms. Neethya from the Secretariat, who has relentlessly pursued the Society’s objectives together with us.

We appreciate your precious time and attention.

May the Society continues to serve the Insurance Industry in upholding insurance principles, combating Fraud, sharing technical knowledges and sharing best Claims practices.

 

Thank you.