MyPR




  • About
    • Contact
    • FAQ’s
    • Submission How To Video
    • Featured
      • Archive
    • PR Authors
    • Register
    • Social Media
      • Facebook
      • Twitter
      • Pinterest
    • South African Press Code of Professional Practice
  • SUBMIT a PRESS RELEASE
    • FEATURED Press Release
    • Free Press Release
    • VIDEO Press Release
  • FREE CONTENT
    • Directory
    • Journalists
      • RSS
      • Tips
    • Write Like a Journalist
      • Accident Reporting
      • Biography Article
      • Budget Report
      • Court Civil Action
      • Court Verdict
      • Crime Reporting
      • Disaster
      • Features
      • Fires
      • Interviews
      • Meetings
      • News Conference
      • Obituary
      • Speech
      • Sport
    • Links
You are here: Home / General Business / New income insurance product aims to cover temporary incapacity and keep premiums down through incapacity management

New income insurance product aims to cover temporary incapacity and keep premiums down through incapacity management

(MyPR.co.za) September 11, 2012 By Angela Graham Filed Under: General Business

Advanced Incapacity Management Solutions (AIM Solutions) has launched a short term insurance product, underwritten by Lion of Africa Insurance, that provides employee income insurance for temporary incapacity for a period of 12 months. The product differs from other insurance products in that it has been designed to manage claims rather than increase premiums.

Johnny Johnson, CEO of Aim Solutions, explains the rationale behind the new product, “In general the risk management processes to cover disability insurance risks have improved over the years. Since the poor claims experience of the 1990’s, most insurers have improved their claims assessment controls with specialists undertaking detailed assessments of certain disability claims. These processes have been designed to limit claims as well as attempt to return existing claimants back to the workplace and thereby reduce the claims cost.

“Unfortunately very little has been introduced to the market which provides for risk management processes prior to claims stage.

“If you compare the current position in the disability insurance industry with, say the short term insurance industry, where the policyholder is rewarded with lower premiums for introducing risk management interventions such as alarm systems, armed response, vehicle tracker devices and such – no such risk management tools have been introduced in the disability insurance market. The disability insurance industry has been stagnant for a while and it may be necessary to introduce some new thinking in the industry.

“With this product, the risk management interventions prior to claims include the appointment of a specialist incapacity manager for each client to work with both employer and the incapacitated employee to manage the incapacity. This involves counselling affected employees; training managers to work with incapacitated employees; identifying curable diseases that will help the employee get back to work; and aiding in the application of permanent disability insurance, if necessary. The process is strictly confidential and keeps the costs of premiums down by reducing the number and period of claims,” says Johnson.

Johnson says the process involves identifying employees who, by their extended absenteeism, are at risk losing their jobs due to incapacity.
“Our cover begins when the Basic Conditions of Employment Act sick leave benefits have been exhausted. We cover up to 75% of the employee’s monthly income for a period not exceeding twelve months. During this time our specialist manager counsels both the employee and employer and discusses options in terms of the employee’s health and future work prospects. If they can be rehabilitated and made well, we guide them and the employer in this process. If they become disabled and unable to fulfill their employee duties, we then help them with the claim process for any other disability income insurance which they may have available,” Johnson explains.

“The disability industry is small, at approximate annual premium income of R10 billion (long term and short term), in comparison with the life industry with annual premiums in excess of R140 billion, but this relative size gap may change over time, given the higher growth seen in the disability insurance market.

As such, Johnson notes that the industry needs to move to a position where schemes are rewarded for making an effort to reduce risk. The current economic downturn has not yet had a major impact on claims experience, but it is also known that this impact does lag the economic downswing and worsening claims experience can definitely be expected.

“If insurers wish to maintain a profitable disability insurance business then they will need to make necessary changes in their risk management model in order to remain competitive,” he adds.

Ends

For more information
Johnny Johnson
Advanced Incapacity Management Solutions
Tel: (+27) 41-8117111

 

More Info:

Author: Johnny Johnson from Advanced Incapacity Management Solutions. Originally distributed by MyPR.co.za.

 

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on Google+ (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)

Tagged With: South Africa

About Angela Graham

Featured Press Releases

Earth Day and World Book Day: Unplug and Read a Paper Book

Earth Day and World Book Day: Unplug and Read a Paper Book

Johannesburg, April, 19, 2018 - We are well into the age of technology, living an always-on, always-connected lifestyle. But just as we still have bicycles among motor vehicles and pencils in our pen holder, paper will always be close to our computers and smart phones. With Earth Day on 22 April and World Book Day on 23 April, the Paper Manufacturers Association of South Africa (PAMSA) is highlighting the importance of paper in our lives and environment, and calling on us to put down our phones and pick up a book. Imagine a world without paper Can you think about what that would mean? Think about your bedside table, the doctor’s . . .

Read the Post

Servest and First National Bank join forces in Ghana

Servest and First National Bank join forces in Ghana

Johannesburg, Wednesday, 18 April 2018 - Servest is pleased to announce their partnership with First National Bank, who have integrated card payment systems for parking in Ghana. “This credit/debit card payment facility was initiated by FNB and draws on the technology of the new parking systems that Servest installed at Kotoka International Airport, Accra in 2016”, says Mike Clark, Director of Servest Parking. People can now use their Visa or Mastercard  credit or debit cards to pay for their parking at Kotoka International Airport. This is a first for Servest in Ghana and the next step in a number of innovations and new technologies . . .

Read the Post

The Mainstream Media are not interested in my Sport/Business/Event

The Mainstream Media are not interested in my Sport/Business/Event

One often hears the refrain from people that the mainstream media are not interested in their news. In this article MyPR will help you understand why that perception exists and lay out some methods that you could use to overcome the mainstream media's 'disinterest'. Let's define Mainstream Media: A media instance - commonly print - that has a large reach and has been in operation for many years. The perception still exists in most people's minds that any newsworthy event is not 'news' until it has appeared in print. Most people define succcesful exposure in the mainstream media as an appearance in a national newspaper, on TV or on a . . .

Read the Post

Empress Akua – “Gwaan (Dutty Babylon)”(official music video )dir by Louis Easton & Empress Akua Marketed By Blaza Publicity

Empress Akua – “Gwaan (Dutty Babylon)”(official music video )dir by Louis Easton & Empress Akua Marketed By Blaza Publicity

https://vimeo.com/263979762 EMPRESS AKUA REDEFINING REGGAE MUSIC WITH HER NEW MUSIC VIDEO RELEASE TITLED GWANN (DUTTY BABYLON) Reggae music has proven over the years to be a music genre of freedom and revelation of heartfelt messages. To this end, it is difficult for musicians to perform the genre of music without flaws. 2018 has however produced one of the most influential reggae musician who has redefined the music genre with her message packed songs. Notable among her songs is the new release titled Gwaan (Dutty Babylon). Lots of reggae fans have clamored for a flawless music with positive messages to depict the culture of the . . .

Read the Post

Response to article Abuses in Our Places of Worship

Right of reply to defamatory article headlined Abuses in Our Places of Worship The Board of the Universal Church of the Kingdom of God is outraged by the content of the article written by Devan Moonsamy, CEO of The ICHAF Training Institute, headlined: Abuses in Our Places of Worship, published in MyPR.co.za on 9 April 2018. It has also appeared under the headline: If you want to make money in Africa, start a religion, on http://www.sabreakingnews.co.za and https://www.webmail.co.za on 10 April 2018. The article is defamatory and contains unsubstantiated content which has damaged the reputation of the Universal Church and its members. . . .

Read the Post





Will Louis JR Tshakoane Prove Critics Wrong, Is Undercover Millionaires Legit?
How The BitCoin Bitclub Network Works Questions And Answers - Part 3
Soweto Sex and Wellness Expo 2018
What Is The Bitcoin BitClub Network All About - Part 1
Money Club
The BitCoin BitClub Network Compensation Plan - Part 1
Submit
Kunle Ayo Beam the Light Concert

Copyright © 2018 · PE, RSA · Privacy Policy · Advertising Options and Media Kit

  • Have an account? Log In
Lost Password