BASIS OF CLASSIFICATION AS PREFERRED UNDERWRITERS:
At the moment the Government and the Commissioner of Insurance have not come up with any criteria of classifying the Insurance Companies. The industry itself has not equally developed the minimum benchmarks for classification. The Brokers are therefore unable to strictly classify the companies following certain parameters. In lieu of wide and worldly benchmarks in Kenya, Channel has taken the following minimum parameters as the measurement for recommending the listed companies as preferred underwriters.
1. The financial Strengths.
All our associated Underwriters have a strong financial base.
This is demonstrated in the respective Annual Accounts. Brokers always prefer companies with high level of capitalization. The larger the asset bases the better. Companies whose liabilities are more than 50% of assets are likely not to be responsive to clients needs.
2. The Reinsurance Arrangements.
These companies have made international arrangements with world class Reinsurance Companies. They also have support from the Local and Regional Reinsurance .s.
3. Years of Experience in Insurance Business.
All our associated underwriters have been operating for more than 15 years in the Country and the Region. Majority of them have had their background in America and Europe. Some have branches outside the country.
4. Claim settlement.
All our associated underwriters have an excellent claim settlement history. We have refused to be associated with underwriters whom we know have a history of bad service in settling claims. They have complied with the service benchmarks on claim settlement
5. Directorship and Staff Qualifications in running insurance business.
Brokers like to associate their clients with underwriters who have professional Directorships and Management staff. All the listed companies are known to be directed and managed by people of high integrity.
6. Distribution Network.
All our preferred underwriters have adequate branch network throughout the country. These branches are important in that they form part of the service back ups. They are represented in all Provincial Headquarters.
7. Business Mix.
All our associated underwriters underwrite all classes of business. They therefore will understand our clients needs from all perspectives.
8. Premium rates.
The listed underwriters have very competitive rates. Besides they are very accommodating in terms of Discounts, Mode and Frequency of Payments. They are flexible in extending credit facilities to clients.
9. Responsiveness to Customer Services.
Generally we have concluded that the associated underwriters are more responsive to client's services in such areas as policy issuance, feedback to queries either on mail or telephone, are friendly to all potential and existing customers and would go an extra mile to service and retain the customer at no extra cost.
10. Statutory requirements.
All our preferred underwriters meet the regulatory requirements by the government on time. Such include registration with the commissioner of insurance, tax remittances etc.
11. Fraudulent acts.
All our associated underwriters have not been involved in any fraudulent activities. Neither are any of their staff and directors.
12. Social responsibilities.
The listed associated underwriters are Companies that are known to respond to social needs of the society when called up on. They pay Taxes, N.S.S.F and N.H.I.F dues in good time.
13. Bank rated.
Majority of these underwriters have been rated by banking institutions between A and B in level of business confidence.
