Shikhar Insurance, Bimal Raj Nepal, Deputy Chief Executive Officer{{TAG_OPEN_strong_108 TAG_CLOSE_strong_108}}

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Kathmandu. Bimal Raj Nepal, who entered the insurance sector in 2030 BS from the then Insurance Corporation, has more than 5 decades of experience in the non-life insurance sector, both government and private.

From the time the then Royal Airlines Corporation (now Nepal Airlines Corporation) came to Singha Durbar in 2030 BS to insure the building of the building, half a dozen ministries and about 2,000 vehicles were burnt in Singha Durbar in a few hours during the Genji movement on September 7 and 24, 2082. However, they are surprised to see that there is no awareness in the government that the infrastructure should be insured. He complained that the government’s tendency to look for alternatives has not improved when there is a problem.

He has also closely observed the claims of Rs 10-20 lakh from jute mills when he was in the corporation at that time and now the claims of billions of rupees.

He left the organization in 2052 BS and joined Premium Insurance Company (Nepal) in the same year. He has been associated with Shikhar Insurance Company Limited since August 2011.

Nepal has found a lot of difference in the way government companies and private companies work. The methods of decision-making in the two bodies are different. Remembering the old days, they say, “There is no diversity in the government. It’s private. ’

Responsibilities are different between government and private. Nepal only looks after the claims department.

“When I was in the institute, I had to look after the claims and underwriting. It couldn’t be integrated into the work,” he says.

Growth in the private sector can be done by looking at the responsibilities and work behavior in the course of work. ’

Currently, Nepal is the DCEO in the Department of Re-Insurance and Claims.

He has trained in India, UK and Swiss Insurance Training Centre, Zurich (Switzerland) to enhance his knowledge in this field. He also has some experience of working with reputed insurance companies, reinsurance companies and brokers in India and the UK.

By combining all these experiences, Nepal is using it for the development of the peak. Nepal is currently working in the Claim Settlement Department. Nepal believes that the payment of the claim will have a great impact to increase the company’s reputation and reach the general public.

During the GenG agitation on September 7 and 13, the insurance company has received claims of about Rs 23.5 billion. At the summit alone, 448 demands have been claimed. He said that about Rs 70 crore advance has been given.

He said that Shikhar is paying Bimit as an advance. Shikhar is the first company to pay claims in advance. On the other hand, the government has already paid all the claims of floods and landslides in September last year except those who did not have the documents. There are only 8 or 10 undocumented numbers. He said that they are also in the process of paying the claim after receiving their documents.

Insurance awareness

Now, with the increase in people’s wealth, awareness of insurance has increased among people. But it’s not enough. Insurance literacy is on the rise. Third party insurance has become mandatory in motor insurance.

The legal changes in the market have been more visible from here. Now the amount of the insured has also increased to Rs 5 lakh. The driver, helper, and passenger are all equal.

This is a big change in the law. Now insurance education has increased. The Nepal Insurance Authority (NIA) has also become aware. The number of companies training employees and agents has increased.

How did the peak maintain its height?

Various indicators have worked to keep Shikhar Insurance at bay.

The most important thing is the payment of the claim. Claim payment has attracted the insured. If the insured gets the claim payment on time, then the trust in the company increases.

The company should always show its presence strongly. Advance has also given a positive message regarding the summit. If the claim is paid on time, then the trust in the company increases.

“That’s our style of working. From the board down to the bottom, we are very serious about it. He says, “If any patient complains about it, we will first solve the problem.” It is our responsibility to settle the claim as soon as possible. ’

“Insurance companies should bring new products as per the needs of the market. We have brought some policies earlier than other companies. ” he says.

Now Shikhar has also launched health insurance products, auto plus products, advanced health insurance. Such a product can also be taken for all families. If there is a single person, then there is a provision to take 5, 10, 20 lakhs.

Training, Awards

Every year, the company trains surveyors, awards, honors those who do good work, and honors those who submit reports quickly.

“There is a role of a surveyor in the insurance sector. There are about 60 people in the claim payment department at the peak. There is not so much population in a single department in the insurance sector. He says, “We have now started a 24-hour call center. This will also facilitate service delivery. ’

He claims that if any insured has any problem with this service, the initiative will be taken to solve it. If there is no document, if there is no information about where and how to make it, the company has done the work of informing the insured from time to time.

Even if any insured informs us about any problem by phone, application, email, WhatsApp, SMS, etc., we give priority to such work. For this, the guidance from the Chief Executive Officer (CEO) and the Board of Directors has further motivated to work.

“We’re always working on how to be market-leading. He says, “We are also focusing on service and new products. It is important to provide new policies on time. It works to attract the opponent. Along with this, the company should also be kept with a good reinsurance backup. ’

“There may be a demand in the next day. We are paying attention to that as well. When the reinsurance is good, no matter how much demand is claimed, it will not affect the profit,” says Nepal.

About Rs 70 crore has been paid for the damages caused by the Genji agitation. Other amounts are also being paid. The trust that the insured has in the company is huge. When the insured tries to get insurance, you understand the market. The market is very competitive right now. It is the insured who will benefit from it.

The role of other departments in good growth

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The role of all departments is equally important for the growth of the company. You have to run for business. The better the policies should be unwritten. You need a good reinsurance backup. At the same time, we needed money for investment. The claim had to be paid on time. If that happens, trust can be earned.

Increasing Insurance Awareness in the Market

At that time, I was in the insurance company. In 2030 B.S., a fire broke out in Singha Durbar. At that time, I was in our office at the Royal Airlines Regulations. Singha Durbar was burnt. On the same day, the RNAC came with a proposal to insure our building. This was about 52 years ago. Now private houses and buildings are insured. However, the government structure has not been insured.

From this, we can understand that there is no awareness without any incident. If we look at this period, the government body has not changed. It’s been the same from 52 years ago to now.

Earlier, government vehicles were insured for some time. It was later removed. The minister of the present government has brought up the issue of insurance, now let’s see what happens. On the other hand, the private sector has increased the number of houses and shops insured.

After the earthquake of 2072, the insurance company paid the claim on time, which sent a good message to the market. Insurance is not as good as it should be.

Insurance business

Currently, the insurance market is growing by 10 to 12 percent annually. This is likely to increase after the Genji movement. If the government agencies were to insure, it would increase. If the country’s economy is good, the scope of insurance and business will also increase.

The damage caused by the Genji movement has also made people very aware. After the earthquake, the demand for insurance increased after the payment of the claims on time.

Summit’s future plans

Nepal says that Shikhar’s future plan is mainly marketing. Shikhar has paid a lot of attention to it. Also, Shikhar is preparing to bring a new product in the market in a short time. The plan is to deliver this product to most of the masses.

Now, health insurance, auto plus in motor has been introduced. It’s going very well. The other is the Extended Warranty of Motor Policy.

What is pulling the staff to the top?

The attractiveness of the employees is also determined by the leadership of the company. The company’s leadership and management will increase the attraction of employees.  The knowledge and skills taken by the employees should be able to work in the interest of the company. It helps the company and itself.

There are also college students at the summit. They come to work at 11 a.m. You can do your morning work in the evening. Employees divide work with each other. Discussions about the training, new policies and policies provided by the company attract the employees.

Arrangements have been made for study in every department. He has been asked to read for 45 minutes a week during office hours. What I read is just a description of what I read.

The opportunity has been given to serve the employees according to their capacity. The facilities provided by the employees, the uniforms of the employees, the growth from time to time have made the employees happy.