Coursework Assignment 2 Answer Template

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Introduction
This report has been prepared in order to have a proper understanding of the sort of claims that are
requested by the customers and the time and the process that is undertaken with the help of which
the companies are able to process the claims. The process and the sort of claims that are seen and
the product that faces most of the claims will be analysed. The trend of claims and the indemnity
process faced by the company will be known and thereby proper recommendations can be made
with the help of which the performance of the company can be enhanced. The company that has
been selected for this report has been Allianz Insurance Limited.
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820Coursework assignment 2answer template

Brief Context
The actual intention of the report has been to assess some of the products that are offered by the
insurance companies to the general public and the same products are even offered for the business
purposes as well. It is seen that insurance industry is a niche industry and therefore the companies
that are operational have their set of products which they offer for sale. It is seen that insurance is
one of the key elements that are required by the general public as well as the companies with the
help of which everyone secure themselves. Accordingly Allianz Life Insurance has been taken into
consideration, which is operational in Malaysia. The report will even analyse the transformations
and the advantages, which have been made in the policies in accordance to insurance products and
these policies are related to the products that they provide (Al-Amri 2015). The report will even
assess how the transformations have taken place in the insurance policies can have an impact on any
kind of claims that are to be received by the policy holders. The assignment will even go in-depth
with respect to the information and the details in accordance to the regulatory and legislative
features and these features are associated to two products that are given by the organization.
The management of claims is a significant aspect and therefore the company has their own set of
employees which forms a team, who are working efficiently among the cover profiles and any sort of
risks by making use of the department of claims and their information system (Yunos et al. 2016).
The number of employees in the department is equivalent to the requirement of the business. Most
of the claims that have been brought in have been dealt internally however in some of the cases the
claims are outsourced with the help of which the claims are settled.
Insurance Product
Allianz Life Insurance Company is recognised to be one of the well known insurance companies that
are operational in Malaysia and they have been performing in an effective manner. The organization
has extensive product range and delivers services as well and with the help of this the company can
attain profit. The organization gives out an extensive range of products and services related to
insurance and these products are greatly used by the people and the companies. In Malaysia, it is
seen that there has been changes in the insurance laws and the changes have made significant
amount of changes in the claims that are asked by the companies.
It is seen that the risks that are related to the insurance products are dependent on the sort of
benefits they provide. The company has several sorts of products and the product that is ideal will
depend on the need of the client. However, the changes in the insurance policies and rules have
made changes in the claim process and the amount that can be received. One of the key changes
that have been observed has been in the automobile insurance and it is seen that such products are
demanded by most of the public (Azhar, Ghazali. and Mamat 2016). Therefore, automobile
insurance is one of the significant insurance that is largely purchased and hence is in greater amount
of demand. In Malaysia, it is seen that they have their own laws and policies and accordingly
maintaining automobile insurance is compulsory and therefore who are having automobiles has to
purchase the same. The rule has been laid down in the Road Transport Act 1987 and accordingly the
government and the concerned authorities take strict actions and strategies with the help of which
people are bound to maintain their insurance. As automobile insurance is a key aspect, it is due to
this fact that the insurance demands for the same have enhanced. Any new automobiles that have
been purchased requires a coverage through insurance with the help of which the safety of the cars
can be maintained and this even followers the protocol framed by the Malaysian economy and this
even followed by the management of the organizations.
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820Coursework assignment 2answer template

The changes that have been made in the policies have brought in significant amount of
transformations in the motor vehicles insurance coverage. It is seen that there are several sorts of
options of coverage that can be purchased by the customers and these requirements and demands
are provided by Allianz.
Some of the key products related to automobile coverage have been comprehensive vehicle
coverage and this is a general insurance product that covers the car from any sort of liabilities. This
product provides coverage from loss or damages of the car due to any kind of accidents and other
unprecedented events (Mohamed, Zakaria and Udin 2017). Third party death and injuries are even
covered in this product. Third party damages and losses are even covered and extended benefits are
given as well. The other product that has been discovered has been third party cover to the cars and
motorcycles. Third party fire and theft coverage is another product that can be used by the public as
it is seen that the other products are Allianz Motorcycle Plus and e-Hailing Add on.
There are even products that offer road side assistance as well and in this manner the customers are
safeguarded from each and every aspect. The minimum coverage that the company has to offer has
been explained in the Road Transport act 1987 and this seen to be the general coverage. The road
side safety coverage has been a special that is offered by the company and this product is of great
demand in the market. All these products extensive level of security and in order to attain the same
the clients have to provide a certain fee.
Product Underwritten
There are several products that have been underwritten by the company. However, one of the
products will be taken into consideration with the help of which the cause of underwriting can be
known. It is seen that the product that has greater significance will be discussed. Comprehensive
vehicle coverage is the product that has been underwritten. This product is of great demand in the
market and most of the customers purchase this product in order to secure their automobiles from
any kind of accidents. It is due to this fact that the company underwrites the product as they are
aware that the product will never lose its significance (Yunos et al. 2016). This product has simple
clause and the amount of premium is dependent on the sort of car and the accidents that have
taken place. The amount of purchase for this product is very high and therefore the revenue that is
attained by the company is high as well. It is seen that there has been a rise in the level of demand
as the amount of premium for the company is comparatively low in accordance to the other
companies. There are several sorts of claims that have been observed and the company has to
undertake proper assessment and scrutinise the claims in a proper manner. A team of experts who
are available in the company are the ones who undertake the investigation and thereby the
authenticity of the claim can be understood. The process of claim is a lengthy one and therefore
certain time has to be given with the help of which the claim process can be completed. General
insurances do not have any special causes and therefore it is easier for the customers to have an
understanding.
Analysis of the Causes of Claim Trend
It is seen that the general vehicle insurance has the ability to cover various areas of a vehicle and
therefore their sort of claims are variable and different as well. The claims department receives
various requests and they have to understand the claims properly before taking any actions. Each of
the claims has their own way of handling and management and the department takes all the steps
by following the protocols maintained by the company. Most of the claims are common but the
special cases that are received are given utmost care and attention. In some of the cases it is seen
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820Coursework assignment 2answer template