By ROSI DOVIVERATA
FijiCare Insurance Limited has released its annual report for 2012 and chairman.
Philipp Thomas highlighted that they have now implemented a state-of-the-art IT system.
“The new IT system will be the basis for a better understanding of our portfolio, more differentiated underwriting and claims handling and a reduced administration expense ratio.
“We are moving towards direct policyholder and intermediary connectivity via e-mails, SMS and fax.”
Intergrated IT package
Medical centres will soon have an intergrated IT package.
“We shall be proposing to those MDs who work with us on a capitation basis that we could relieve them of their back-office worries as well and ensure the maintenance of an easily accessible patient database.”
No dividend
Mr Thomas added that there cannot yet be a dividend because of the remaining loss carried forward from prior years. However, he is hopeful that the next twelve months will bring positive results.
“Following years of shrinking business volume, 2013 is likely to generate well above F$10 million in gross written premiums.
“This reflects the improving economy and the enhanced trust policyholders and intermediaries are placing in us.”
Connecting online
Offering online connectivity to intermediaries, allowing them to create, view and modify the policies they have produced directly on our system is a way forward for the insurance provider.
Mr Thomas said this feature will make FijiCare the preferred underwriter for many intermediaries.
Looking forward
Shifting more of its investable funds into Fijian real estate in order to secure stable and superior investment returns is another option the insurance provider is working on.
“We are contemplating adopting a Pan-Pacific strategy. It appears that increasingly financial services markets of the Pacific area are becoming integrated.
“This makes particular sense given the heavy natural catastrophe accumulations faced which are best ceded to the international reinsurance markets on a more balanced regional portfolio basis,” he said.
Optimistic about the future
Mr Thomas said that overall, given the containment of inflation and the phase of more dynamic growth that is about to commence FijiCare is optimistic regarding the future development of Fiji.
“We intend to play a growing role, to the benefit not only of our policyholders and shareholders but also of the community at large.”
Mr Thomas highlighted that his predecessor, Ross Porter, chose to sell his shares in the company and is no longer part of the board
FijiCare Insurance Limited offers the following classes of business – Medical, Term Life, Mortgage Protection Insurance (MPI), Personal Accident, Funeral Benefits, Motor Vehicle, Workers Compensation and Public Liability. They have been listed on the South Pacific Stock Exchange for 13 years.