In the rapidly evolving landscape of the insurance industry, TPL Insurance stands at the forefront, pioneering changes that fuse cutting-edge technology with deep-rooted industry traditions.
In an exclusive interview, Shumail Iqbal, the esteemed Country Head of Underwriting at TPL Insurance, sheds light on how their underwriting strategies not only embrace innovation but also uphold the company’s commitment to simplicity and client protection.
Mr. Shumail is a solution-centric, forward-looking Chartered Insurer Risk Manager by profession, associated with TPL Insurance Ltd. since 2016 and currently acting as Country Head Underwriting of Property-Casualty and Personal lines Insurances. Moreover, he is serving as a Secretary of the Underwriting committee.
Q- What role does the underwriting department play in the development of new insurance products at TPL Insurance?
A- “At TPL Insurance, our underwriting department plays a crucial role in developing new insurance products. With rapid advancements in technology, the role of underwriting has evolved significantly. In creating new products, our underwriting team fosters innovation while ensuring a balance between protection and simplicity. We focus on streamlining the enrollment process, enhancing the value proposition, and providing swift and fair claim settlement solutions. This approach benefits both our individual and corporate clients, making our insurance products more appealing and accessible.”
Q- Can you elaborate on the core principles that guide TPL Insurance’s underwriting process?
A- “At TPL Insurance, our underwriting process goes beyond merely assessing, evaluating, and pricing risks or deciding to decline them. We also provide advisory services to our clients. We actively highlight potential physical hazards at their sites and advise solutions to mitigate these risks through the implementation of loss prevention and reduction measures. This proactive approach ensures that our clients are better informed and protected, reflecting our commitment to comprehensive risk management and client support.”
Q- What sets TPL Insurance apart from its competitors in terms of underwriting innovation and customer service?
A- “What sets us apart at TPL Insurance is our focus on building strong relationships through continuous education. We actively educate both potential and existing clients, as well as our distribution channels, on existing coverages, exclusions, and improvement solutions. This approach not only helps our clients better understand their insurance options but also aids in reducing the trust deficit in society.”
Q- How has the digital transformation impacted the way TPL Insurance assesses and manages risk?
A- “At TPL Insurance, underwriting, claims, and risk management are being fundamentally transformed by technology’s ability to rapidly gather and process massive amounts of data and convert that data into actionable intelligence that can assess and control risks. Our risk management has been revolutionized by smart products that sense their environment, process data, and communicate with other smart products and smart operations.
These interactions generate big data to which we apply advanced analytics to identify risks and predict the likelihood of future events. Our ‘Drive Pro’ insurance product is a prime example of data-driven underwriting and risk management decisions. It focuses on analyzing driving behavior, including parameters such as speeding, harsh braking, and sharp cornering, which are monitored through installed tracking devices and converted into numerical metrics. Drivers with higher scores on these metrics enjoy competitive pricing, whereas those with lower scores may face higher premiums.”
Q- What specific underwriting policies have been adapted or introduced to leverage the benefits of digital tools
A- “In response to the ever-evolving digital landscape, TPL Insurance has introduced small-ticket size products with versatile payment solutions. Customers can now purchase insurance by logging into their mobile wallet accounts. Examples include M-Tag’s motor insurance and domestic travel insurance, which offer streamlined coverage parameters. These initiatives highlight TPL Insurance’s effective utilization of digital tools within the insurance sector.”
Q- How is TPL Insurance ensuring that its underwriting practices remain customer-centric amid increasing digitalization?
A- “At TPL Insurance, we ensure our underwriting practices remain customer-centric amid increasing digitalization by leveraging mobile technology. With approximately 190 million mobile subscriptions in Pakistan, we recognize this as a golden opportunity. By embracing this technology, we focus on issuing and renewing policies, as well as initiating and settling claims through our TPLI app. This approach ensures that our customers have convenient, efficient, and accessible services at their fingertips.”
Q- What steps are being taken to personalize underwriting services and enhance customer satisfaction?
A- “TPL Insurance is repositioning itself by promoting the value chain landscape through closer alignment between clients’ needs and its competitive advantages. Services like wellness, emergency hospital services, contactless payment solutions, and claim tracking and settlement through mobile technology are enhancing customer satisfaction.”
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Innovation ? Where ?
Source ? Proof ?