The complex nature of claims requires multiple parties with different skill sets and expertise as well as efficiency in service delivery in order for the claimant to receive fair compensation expediently. Misconceptions, suspicions and unnecessary disputes must be minimized for the benefit of all parties. This can be achieved by greater collaboration between parties in the claims management chain, beginning with the loss adjuster in the field to the insurer processing the claims. An online electronic platform that supports the integration and alignment of all the different claim processes should include mobile work units that allow loss adjusters to capture and transmit information directly in the field. This platform can be an avenue for the free exchange of information in a timely manner, thereby increasing transparency to an otherwise convoluted process. Such sharing of information is to the mutual benefit of all who are involved in ensuring a high level of integrity throughout the insurance industry. In addition, insurers and loss adjusters should also focus on attracting and retaining experienced talent that can be the first line of protection against fraudulent behavior. Loss adjusters play a significant role as independent intermediaries in facilitating a fair and reasonable compensation for the insured. Due to their investigative capacity, loss adjusters are also in the best position to assist insurers in detecting and preventing fraud, thus contributing significantly to the efficacy of the claims process as a whole.

Muhammad bin Ibrahim: Today’s risks, tomorrow’s claims Keynote address by Mr Muhammad bin Ibrahim, Assistant Governor of the Central Bank of Malaysia, at the International Claims Convention 2010 “Today’s risks, tomorrow’s claims”, Kuala Lumpur, 19 April 2010. *  *  *  First of all, I congratulate the Malaysian Insurance Institute, the Australasian Institute of Chartered Loss Adjusters and the Association of Malaysian Loss Adjusters for their excellent efforts in jointly organizing this convention, themed “Today’s Risks, Tomorrow’s Claims”. I understand that this is the leading insurance claims event with an exciting programme for insurers, loss adjusters, risk managers, claims industry specialists, suppliers and industry associations. The Convention provides a platform for the relevant parties involved in insurance claims to examine and deliberate on the growing challenges in insurance claims with a view to formulate anti-fraud best practices in the insurance industry. The global insurance industry as a whole remained resilient despite the deepening of the global financial crisis in 2009 that is expected to potentially lead to more insurance fraud cases. Whilst the decline in the financial markets has put significant pressure on insurers’ investment portfolios, the aggregate financial position of insurers remained strong to weather the crisis. The financial sector in Malaysia, following a decade of financial reforms that include strengthening the regulatory and supervisory framework, and building the domestic financial infrastructure, is now bolstered by high capitalization levels, sound asset quality and sustained profitability. As a result, it was well-positioned to weather the deterioration of the external environment.