The Insurance Tree: Introduction
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The ‘magic’ of insurance
Whether a natural or legal entity, we are all subject to risk. Sometimes with unpleasant consequences. Often, people take risks deliberately with the intention to make a profit. It is sensible to take the necessary precautions considering the financial consequences of such risk(s). The simplest way is to insure these risks.
Winston Churchill once said, “insurance brought the miracle of averages to the rescue of the masses”. The miracle of averages is known in mathematics as the law of large numbers. Insurance is based on this “law” (Cockerell, H.A.L. 1982. What goes on in insurance).
Formal insurance developed and adapted itself from the 16th century to the present-day format, and humankind is constantly finding new uses for insurance. With the development of technology, and the constant segmentation, insurance creates needs for specialists, not only to implement the correct cover to suit the potential mishap, but also to simplify and smooth the claims settlement.
Today, you may find some, if not all, in the insurance chain of events. We call it, “The Insurance Tree”:
1. The Risk (The Root)
2. The Need to Insure (The Stem)
3. The Solution and Active Participation (The Sap)
3.1. The Insured / Client / Proposer
3. 2. The Broker / Agent / Intermediary
3.3. The Insurer / Underwriting Management Agency (UMA) (Lombard / Consort)
4. The Role Players (The Branches)
4. 1. The Insurer / Insurance company (Lombard)
4. 2. The Underwiring Management Agency (UMA) (Consort)
4. 3. The Risk Surveyors
4. 4. The Reinsurers
4. 5. The Loss Adjusters / Assessors
4. 6. The Public Loss Adjusters / Assessors
5. The Claims Settlement (The Fruit of the Tree)
5. 1. The Insurer / Insurance company (Lombard)
5. 2. The Loss Adjusters / Assessors
5. 3. The Legal Support
6. The Renewal / Review of Policies (The Next Season)
6. 1 Satisfaction
6. 2. Insured’s “investment” in the tree
Consort Technical Underwriting Managers
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