At HLAP, within the insurance and reinsurance ecosphere, our services play the predominant role as the key element to a strong viable product.
Re/insurance products, solutions and services are interconnected pillars. There is a wide range of services required: single-risk related, complex risk solutions, complete portfolio management, services associated with regulatory changes and more.
HLAP are your partner in business solutions and service providing. We focus on the quality of our services and the highest level of satisfaction for our clients
HLAP’s claims handling policy is based on three principles:
- By a team with academic credentials and industry experience
- Of all aspects of a risk at the beginning of a business relationship
- Policy response to Circumstances and Extent of Loss
- Possibilities of Loss Reduction and Mitigation
- Improvement of Loss history
Four Eyes Policy
- Availability of expertise in all classes of insurance and industry
- Managing performance of Loss Adjusters and Consultants
Single Point of Contact
- Ensuring consistency throughout the entire term of insurance
- Systematic Loss Record Documentation
- Historical Analysis and Risk Improvement
- Ensuring Accurate and Timely Claim Process
Our team has established a high level of service standards for the handling of claims which are regularly monitored for effectiveness and “fine-tuned” to our client’s requirements. Our services include:
- Appointment of loss adjusters, specialist consultants and legal advisers
- Assistance in the resolution or conduct of difficult or contentious claims with insurers and reinsurers where required
- Attendance at site and claims meetings, as appropriate
- Collection of insurance proceeds
- Maintaining records of paid and outstanding claims for underwriting disclosure and inclusion in renewal submissions
- Management and recording of above deductible losses
- Monitoring and evaluation of outstanding claims until finalization
- Negotiation of the claim settlement
- Provision of claim status reports
As claims develop, we will provide regular feedback on their status. In addition, on a pre-agreed basis, formal updates in the form of a report (monthly, quarterly or semi-annually) will be provided for review. Claim reserves have a significant impact on premiums. Once a year, or more frequently if required, we will arrange a meeting or liaise with insurers (and the Project Company/Sponsor if necessary) to review all claims reserves to ensure that the quantum is not overstated and are adjusted accurately to reflect the likely claim outcome.
Strategic plans, corporate objectives, annual budgets and day-to-day business operations all involve some degree of uncertainty of risk.It is the ability to recognise and manage these risks that defines an organisation’s success, and that’s where our Risk Management staff can help. Our services are available to all clients, irrespective of where they place their insurance programmes. These services can be structured either on a project basis or as part of a fully integrated risk transfer (insurance) programme.
Key Product and Specialist Areas
- Business continuity & disaster planning
- Business risk reviews
- Compliance auditing
- Engineering services
- Fire engineering & loss control
- Health & safety
- Product recall
Risk Management Flyer
Enterprise Risk Management (ERM) has become more and more important in an increasingly uncertain business environment with much interrelated risks, and under the evolving and often tighter regulations. Insurance companies as the risk-accepting enterprises face the same challenges.
HLAP will assist you with a more effective and proactive approach, starting with the risk culture, risk strategy and forming a guiding ERM framework, meeting the local authority’s requirements, especially the more stringent capital requirements.
The list of ERM tasks is long, and it also depends on the individual company’s needs and the regulatory environment.
Essentially, we would like to focus on the following services:
- Supporting and advising the companies on the ERM framework.
- Evaluating the capital requirements, such as RBC (imposed in several ASEAN markets).
- Assisting to optimize the use of capital and the solvency margin.
- Arranging reinsurance solutions, e.g., Quota Share or Retroactive Cover, to improve the solvency margin.
- Providing services in re-organization including acquisitions or divestments.
The classic definition of captive is “a subsidiary company established for the purpose of accepting all or part of the risk exposures of its Parent company and subsidiaries”. For the larger commercial organisation, the creation and operation of a captive insurance company often brings significant benefits in terms of:
- Accessing the Insurance Market
- Creating Underwriting Capacity
- Funding for Uninsured/Uninsurable Markets
- Participating in profits made by the insurance market
HLAP have provided meaningful Captive advisory services to various clients in Malaysia and the region.
Analytics plays one of the significant roles in insurance. We always strive to ensure risks are analysed and monitored at a granular level, and the relevant insights are provided to clients to support their business growth.
With our service function, we ascertain risk factors and conduct in depth analysis of the relative exposures to optimise reinsurance structure and risk transfer programmes. We review cumulative contract experience and evaluate various scenarios based on different contract pricing.
We gather the information of financial security characteristics to support clients through their reinsurance security selection and monitoring process.
We also provide advisory services on claims data and interpret the implication they may have for your business case.