1225 hrs/Sunday 23 June 2013
The week that went by, was indeed a calamitous one for several hundred thousands (perhaps even millions) of residents and travellers who had to face nature’s fury in the sub-himalayan stretches of India. The fatalities are estimated to have crossed a thousand!
I am not sure what sort of insurance claims are possible in these circumstances, and if possible, to what extent these can ameliorate the losses (both economic and psychological). But what I am keen to know is how insurance sector – insurance companies and the insurance regulator - has been innovating (or indeed if any have already innovated!) in their business product offerings or in their customer service processes, or indeed, in their marketing and promotional processes, or even in their CSR initiatives, so as to reinforce messages that they exist for their customers, at times of dire need.
It is also a matter of importance to know if insurance companies have been, as part of their CSR initiatives, contributing any part of their net profit to the government’s disaster relief funds, or indeed if they have been actively investing in raising the capacities of their customers and the general public to manage prevention of large-scale disasters? For example, do travel insurance companies work with local governments, hotels, restaurants, tour operators and public/private transport companies to provide regular advisories on how to correctly and realistically evaluate the risks to travel and what risk-mitigation options are available and what help is available to adopt these options?
In short, should insurance companies be collaborating more widely, to innovate in risk-prevention and risk mitigation projects and technologies, which raises their own brand equity and profitability (an apparent contradiction, but not necessarily true!).
Any views?
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