Amana Takaful holds technical awareness program

Amana Takaful hosted some of its key clients to a technical session recently.

The session was the second in a series of events organised by the company to educate its clientele on the value of insurance and how best to assess their risks.

"We want to educate our clients on the principles of insurance and also ensure that they insure correctly. We have found that clients tend to pay more than what they should and also at times, not know what they are truly covered for, said General Manager Sales and Marketing, Amana Takaful PLC, Adel Hashim,

The event included managers from clients from the areas of operations, finance and risk. They were taken through documentation involved in covering risks and to the complexities of non-motor insurance. Opportunity was given to clarify concerns on policy conditions and clauses on a one-to-one basis with the technical experts present.

"Unlike motor insurance, non-motor insurance covers a vast area and many are unaware of the property to be insured and the types of risks a business is exposed to. Insurance is a complex product and you have to be sure that you are covered adequately not to be taken by surprise in the event of a claim.

We want to educate our customers so that our relationship is enhanced through partnership and mutual gain," said Head of Technical/General Underwriting Kester Amerasinhe, adding that it was a good opportunity to meet and build relations with clients.

The occasion was also an opportunity to talk to customers about the Takaful concept that is growing in popularity the world over.

Globally Takaful is growing fast and estimated to reach a staggering 7.4 billion by the year 2015 according to Moody's Investors Service of the US, from 5.3 billion as at 2008 as per the Ernst & Young World Takaful Report 2010.

There are about 80 Takaful operators with an additional 200 Takaful windows. According to Bank Negara, Malaysia the global Takaful growth rate stands at 20 percent.

Takaful is a way of insurance that involves risk pooling as against risk transfer that means that all customers become joint owners of the risk fund. The company plays the role of a trustee or manager using its expertise and provides its services in managing the fund for the customers.

Photo caption: Head of Technical, General Underwriting Amana Takaful Insurance, Kester Amerasinghe conducting the technical session