Many entities engaged in the transaction of marine insurance business do not have and will not easily access the necessary skills within this very specialized and badly under resourced sector and have therefore approached Eikos Risk Applications (Pty) Ltd with a view to outsourcing the management of their marine portfolio’s.

The successful delivery of this value-add service should impact positively on relationships between clients and the service provider outsourcing to Eikos who could be a bank or a generalist insurance broker.

Assurance is provided through the sale of this product that those transactions financed by the Bank for example are properly covered.

SPECIALIST RESOURCES (In source – vs - Outsource):

The noticeable disinvestment in specialist resources by the insurance industry in general which has lead to the extreme shortage of resources available to these entities within this arena was identified by Eikos some time ago. We have uniquely since our inception in 1999 been developing young talent within the marine insurance (supply chain risk) environment and are therefore in addition to being able to provide significant experience within this sector, very well positioned to provide the necessary skill and infrastructure.

The client is faced with two alternatives, either to

• In source i.e. to develop the resource internally which is a long term expensive and tedious process, or to

• Outsource in which case Eikos provides the client with

  • immediate access to the most focused national structure of marine insurance specialists in the country.

  • National support structure for the client and their insured’s  

  • identification and development of further potential marine insurance  opportunities.

  • Specialist markets / facilities

    • Superior wordings;

    • Claims settlement authorities;

    • Specialist marine systems;

    • Eikos (or joint) control of administration

    • Arguably to some of the most sophisticated products in the world in certain sectors within the marine environment.

OPERATIONS

• Eikos is able to design their service delivery around the clients specific requirements.

• Templates are provided that facilitate electronic submission of declarations directly to Eikos by the insured. Alternatively annual declarations are agreed to reduce on the admin and the related costs.

• Electronic Insurance Certificate Templates are provided to clients requiring export certificates on a regular basis, alternatively these certificates are obtainable from any of the Eikos offices on an Ad Hoc basis.

• Eikos will liaise directly with the insured or if required in conjunction with the client. FAIS compliant information packs will be provided with each quote.

• If necessary (and assuming financially justified) an Eikos staff member could be placed at the clients premises on a full time basis or for pre-agreed periods of time (weekly or monthly) to facilitate communication and to help to identify opportunities.

• Claims will be handled via the Eikos claims unit (centrally based) and again the client  will be informed regularly of developments in this regard and will be involved in any problematic claims issues that may arise.

• Management meetings will be held at agreed intervals (Quarterly / Bi Annually) with the client  to ensure smooth operations and effective communications are achieved

• Specific service levels are agreed relative to key performance area’s such as claims turnaround times etc and will be monitored and reported on.

• Management information which is considered by our clients and suppliers to be exemplary is provided on a regular basis and can in fact be made available via the internet directly to the clients desk top, where real time direct access to our back office systems is available.