Most of us may know about insurance, that is motor insurance and life insurance but very seldom do we hear about Captive Insurance. Having worked in LICL for the past 4 years, 27 years old Annie said that a Captive Insurance Company ("Captive") covers the insurable risks of an affiliated entity. For example, a manufacturing company, retail chain, or real estate developer can form and own a Captive to insure risks associated with its standard operations. With the setup of LICL, the Group has a choice of which risk(s) and how much risk to retain within the Group, thus giving greater flexibility in managing the risks. Captive is one of the viable business alternative risk transfer tools for large corporations to reduce insurance costs and tax whilst protecting the assets. In Malaysia, there are many conglomerates or large companies granted this captive license.
LICL also helps to arrange and negotiate all new and renewal placements for the Group to ensure adequate coverage with reasonable terms and rates. It also acts as an advisor on all insurance matters with regards to coverage and claims.
Last year, the Ipoh lass who graduated from Monash University, majoring in Banking & Finance, and Marketing attended a five days Intermediate Marine Cargo insurance course organised by The Chartered Insurance Institute London, located at Fenchurch Street, London. Relating the experience which happened to be her first trip to London and her first time attending a course overseas, it was conducted by very experienced insurance practitioners, who docum | explained the main methods of cargo shipment and the documents used in international trade, and also examined the main areas of loss prevention and key considerations of cargo underwriting.
The course was very interactive with a lot of humour, audio visual aids and case studies, and included a trip to Cardiff to visit a laboratory where investigations for hull and cargo claims are carried out.
As her job requires her to deal with insurers / reinsurers, it was a must to visit Lloyd’s building designed by architect Richard Rogers, which Annie found to be a very informative tour to interact with the Underwriters and to observe how they work. Visiting Lloyds was an eye opener. The building is very innovative with its services i.e. staircases, lifts, electrical power conduits and water pipes on the outside; leaving an uncluttered space. It was so different from the Insurers in Malaysia as there are hundreds of employees from so many companies or syndicates operating under one roof in the building but in separate cubicles. There was a hive of activity with people everywhere seeking placement.
The knowledge and the experience gained is being applied in the workplace where she now has better understanding to deal with the Underwriters, locally and internationally that will benefit LICL and the Group as a whole. Annie appreciates being sent for the course and would like to thank the company and management for the invaluable experience. |