Who are insurance adjusters? These are the professionals who assess and process insurance claims for medical and rehabilitation benefits after an accident. They verify the claimant’s coverage, ensure legal compliance, determine the eligibility of the claimant’s medical expenses and treatment plans, and determine a fair amount for settlement.

Even though the job profile makes the role of “Insurance Adjuster” a sophisticated one, legal firms often advise exercising caution when dealing with these professionals.

Your case could be negatively impacted by even a minor error or casual comment. These attorneys can serve as your advocates to ensure you receive the compensation you deserve, as they have experience dealing with adjusters.

Adjusters Are Trained To Protect The Company

Insurance adjusters are trained to reduce payouts for the insurance company; they are not there to assist you. They might try to minimise the severity of your injuries or make the case that your damages are not as great as they are. Keep in mind that they are loyal to the business, not to you.

Twisting Your Words

Insurance adjusters often use various strategies to get you to say something that they can later use against you. Casual statements, such as “I’m feeling better today,” can be interpreted as you sharing some of the blame or suggesting that your injuries are not as severe as you initially claimed. It’s important to wait until you have spoken with a lawyer before providing any additional details; just stick to the essential facts.

Quick Settlement Offers

A speedy settlement may be offered by insurance adjusters immediately following the accident. Quick resolution might seem desirable, but it could also be a strategy to end the case before you fully comprehend the severity of your injuries. A speedy settlement might not cover all of your future medical costs, and some injuries, like whiplash, might not cause symptoms right away.

Dealing With Adjusters

Insurance adjusters may attempt to persuade you that it is not necessary to hire a lawyer or that doing so will make things more complicated. In actuality, having an attorney by your side can assist you in navigating the procedure and negotiating just compensation. Attorneys understand how to defend your rights and hold insurance companies responsible.

Accidents are inherently stressful, and dealing with insurance companies shouldn’t add to that stress. To protect yourself, it’s important to consult with a personal injury attorney, keep thorough documentation, and be cautious when communicating with insurance adjusters. With the right support, you can ensure that you receive the compensation you deserve.

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Velmah Nzembela, Head of Group Corporate Affairs and Chief Marketing Officer, emphasises the significance of this accolade, which not only validates Assupol’s commitment to excellence but also drives its ongoing innovation efforts.

With a history marked by groundbreaking milestones such as rapid claims processing and advanced digital platforms, Assupol continues to redefine client experiences. Velmah Nzembela further discusses the challenges faced, strategies for overcoming them, and future trends shaping the insurance landscape.

Assupol has been named the Most Innovative Life Insurance Company in South Africa for 2024. What does this recognition mean to you and the company?

Being named the Most Innovative Life Insurance Company is a great honour and a testament to our commitment to excellence and forward-thinking. This recognition not only validates our efforts but also motivates us to continue pushing the boundaries of innovation in the insurance industry. It justifies our dedication to meeting the evolving needs of our clients through creative and effective solutions.

Can you elaborate on the selection criteria that were used to determine this award? How did Assupol meet or exceed these criteria?

The selection criteria for this award typically focus on several key areas including the implementation of cutting-edge technology, introduction of new and effective products or services, client-centric approaches and overall impact on the industry. Assupol excelled in these areas through our proactive approach to integrating technology, along with our dedication to delivering tailored solutions that enhance client satisfaction and engagement.

Assupol has a rich history of innovation. Could you highlight some key moments or initiatives that have defined the company’s approach to innovation over the years?

Our journey of innovation has been marked by several significant milestones. For instance, becoming the first insurance company to pay claims within 48 hours, setting a new standard for the industry, an approach that has now become a norm across the industry. We are constantly reinventing ourselves to be ahead of the curve compared to our competitors.

How has Assupol’s commitment to innovation impacted client experience? Can you share any specific examples of how these innovations have improved service for your customers?

Our commitment to innovation has profoundly enhanced the client experience. For example, our digital platforms have streamlined the policy management process, allowing customers to access their information and make changes in real time. We have improved our claims system, allowing for claims to be processed within minutes. These advancements have not only improved convenience but also helped build a more personalised and responsive relationship with our clients.

What were some of the major challenges Assupol faced while implementing innovative strategies, and how did the company overcome them?

One of the major challenges we faced was integrating new technologies with our existing systems while ensuring minimal disruption to our services. To overcome this, we adopted a phased approach to implementation, allowing for thorough testing and feedback before full-scale deployment. Additionally, we invested in comprehensive training programmes for our staff to ensure they were well-equipped to adapt to the new technologies and provide exceptional support to our clients.

Looking forward, what are some of the future trends or technologies that you believe will shape the life insurance industry, and how is Assupol preparing for these changes?

Future trends in the life insurance industry are likely to include further advancements in AI and machine learning, which will enable even more precise risk assessments and personalised services. At Assupol, we are actively exploring these technologies and investing in research and development to ensure we are at the forefront of these changes, ready to integrate them into our offerings to better serve our clients.

In your role as Head of Group Corporate Affairs and CMO, how do you ensure that the company’s innovative initiatives are effectively communicated both internally and externally?

Effective communication is crucial to the success of our innovative initiatives. Internally, we focus on regular updates and training sessions to ensure our employees are well-informed and aligned with our strategic goals. Externally, we utilise a mix of channels including press releases, social media, and client newsletters to share our innovations and their benefits. We ensure that all our stakeholders are fully aware of and engaged with our advancements by maintaining clear and consistent communication.

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MAP Life is a harmonious combination of Mirae Asset Life which is a member of Korea-based Mirae Asset Financial Group—a leading independent financial services group in Korea, and Prévoir, a French independent insurance group with a rich heritage of over 108 years of serving the investment and protection needs of individuals and families worldwide.

With the joining of Mirae Asset Life, 2018 marked a significant milestone for MAP Life in Vietnam: Prévoir Vietnam changed the name of its life insurance to Mirae Asset Prévoir (“MAP Life”) in the country. MAP Life is the unique to the life insurance industry, where the transaction is done between two FDI partners and the only insurer named among “Top 10 Best M&A Deals 2017-2018.”  Although, the brand name has changed, its commitment remains the same: to provide customers, business partners, employees and other stakeholders with superior products and services that both Prévoir and Mirae Asset Life have developed over the years.

Having over 14 years of experience operating in Vietnam, the company (now known as MAP Life) is focusing on developing in-depth understanding of customers’ needs, building a strong base for financial soundness, and strengthening diversified distribution channels with an aim to provide local customers with increasing value propositions. So far, the company is proud to be among a few life insurers in Vietnam which has remained profitable in the past 3 years.

Since inception, MAP Life has been adopting a uniquely novel business model that best utilises strategic partners. Up to now, MAP Life has expanded its partnership to include local and foreign financial institutions on the basis of a win-win cooperation, meaning customers, partners, and MAP Life win.

Expectations in life insurance market—Top 5 in 2017-2021

In the middle of 2017, MAP Life focused on developing its sales forces, expanding over 10 new sale offices across the country besides the bancassurance partnership with the leading commercial banks and exclusive distribution agreement with National Citizen Bank. With strong support from both Prévoir and Mirae Asset Life, and their valuable experience, MAP Life is executing its strategy for rapid and sustainable growth. In 2018, MAP Life continued to successfully expand its partnership with financial institutions including Mirae Asset Finance Company and F88 Business JSC.

“We have been increasing investment, consolidating and upgrading infrastructure to serve the customers, continuing to develop distribution channels and diversify the product portfolios. Continuing to expand sales offices in provinces and cities apart from forging the strategic partnership in bancassurance and financial institutions” Chairman and CEO of MAP Life Mr. Khamsaya Soukhavong said.

MAP Life is currently one of the leaders in the Vietnamese life insurance market in terms of new policies issued per year. As of December 2018, being the top 5 in terms of profitability in life insurance market and a solvency margin up to 2,000%, MAP Life has a solid foundation and financial strength to ensure its long-term commitments to its clients and to the Vietnamese market, working toward its mission: “providing one-stop shop for fulfilling customers’ lifestyle aspiration.”

With the strong contribution to the life market, MAP Life is honoured to receive local and international awards in 2018 such as Golden Dragon 2017-2018, Top 10 Most reputable 2017-2018, Top 100 Best products, services for families and children, and The fastest growing partnership life insurance company 2018 awarded by International Finance Magazine, UK.

Map Life continues to pursue its initial strategy in an effort to maintain a sustainable growth through its ambition to be among the top 5 best insurance companies in the coming years.

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