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Jubilee Insurance Uganda Limited is the biggest insurance company in East africa. Established in 1937 and is one of the oldest composite insurance companies in the East african region. The Insurance company safeguards the interests of businesses, individuals, and families and also providing the best protection solutions tailored to meet the needs of clients. Jubilee Insurance is a market leader in the insurance sector with a solid emphasis on information technology and relationship management amount others. With Jubilee Insurance’s track record, the clients are assured of supreme security and peace of mind for their investments.
Jubilee Insurance of Uganda Limited is the highest capitalized insurance companies in Uganda with a paid-up share capital of Ushs. 4.1 Billion and is currently having about 25% of the market share placing the company in the No. 1 position.
Jubilee Insurance of Uganda Limited transacts business in the East africa region, Mauritius, Pakistan and ensures corporate Organization, a manufacturing firm, Embassies and government agencies as per the company’s business and product development strategy are around innovation and Technology.
COMESa is an insurance product currently underwritten to cover risks in foreign Jurisdiction.
The assignment will focus around the Motor Insurance class of business and in particular the COMESa Cover. COMESa in full is Common Market for East and Southern africa. This motor vehicle Insurance cover provides cover for the Least Compulsory third party Motor Vehicle Liability Insurance as required by the law in the states in taking part in the scheme.
The insurance covers the motor vehicles insured when passing through or visiting the different regions in the scheme.
The COMESa Yellow card is a motor vehicle Insurance scheme which is legitimate in all countries taking part in the scheme. The scheme covers third-party liabilities and medical related expenses for the driver of the vehicle and the passenger (s) should they sustain any bodily injuries because of an accident to an insured motor vehicle under the scheme. The scheme likewise encourages cross border movement of motor vehicles between COMESa member countries. Consequently, the yellow card is authentic in numerous parts of the region thus the transporters and vehicle drivers do not need to purchase motor vehicle insurance at each border point they have to cross. The COMESa scheme is at present operational in most of the COMESa countries that is to say Burundi, Democratic Republic of Congo, Eritrea, Ethiopia, Kenya, Malawi, Rwanda, Uganda, Tanzania, Zambia, and Zimbabwe. Over 150 Insurance companies are associated with the operations of the scheme and issue over 50,000 cards yearly and presently ZEP-RE (PTa Reinsurance Company) manages the scheme.
Customer who wants the COMESa cover is issued with a COMESa card which is yellow in color and this is proof of assurance in compliance with the national laws or guidelines governing liability in regard of motor vehicle accidents in the different member states. The reason for this arrangement is to simplify cross border handling of liability claims given that motor vehicles move from one region to another and the laws in the different states are unique.
The COMESa yellow card gives the Minimum Compulsory third party motor vehicle insurance coverage as those required by laws in the participating countries. The third party property impairment in the member states where the cover is excluded in the Minimum Compulsory cover subject to the limit of reimbursement and for emergency medical treatment costs cover to the drivers and the passengers for a regulated sum of indemnity.
as per the progress report by the National Bureau covering the time of 2018/2019 demonstrates that in Kenya only 9,115 drivers purchased the COMESa cover in order to cross the border. This is probably a low-level coverage of the usage, taking into account that some drivers may have obtained the cover more than once. With this level of purchases, Kenya is the main purchaser of the Yellow card as Kenya is a transit country.
The COMESa Yellow card is equivalent to the Green card system in Europe which makes it simpler for vehicles to move uninhibitedly across borders and secure the interests of the victims of foreign-registered motor vehicles and also the Orange card that covers vehicles going through the arab nations. The orange card covers the Insured’s legal liabilities towards third parties while driving in the arab nations bought in the orange Card agreement, which will repay for the damages as per the concerned nation’s laws.
The scheme is appropriate to private cars, motorcycles and commercial vehicle insurance policies.
an analysis of how the claims handling operation is organized and more especially the management of service providers and compliance with foreign legislation.
Every COMESa participating country has one Issuing Bureau with the obligation of issuing the COMESa cards in Uganda. The National Insurance Corporation of Uganda is the Issuing Bureau. The National Insurance Corporation of Uganda, however, delegates this obligation to the different insurance companies that issue the COMESa cover on its behalf (Issuing Bureau). Should there arise a claim for the covered issued, the claim is dealt with by the COMESa Bureau in the respective countries where the accident happened?
at the point when an accident happens in a country which is participating in the COMESa scheme, in which a holder of a yellow card is involved and which may arise into a claim against the policyholder, the National Bureau of the respective country where the accident occurred (Handling Bureau) will deal with the claims notwithstanding of whether the claim has reported or not by the insured driver to the Issuing Bureau. The Handling Bureau will deal with claims handling practices, for example, Receiving Notifications, performing underwriting verification, conducting investigations, performing an assessment and evaluation of the loss and at the end performing negotiations.
The Handling Bureau in the respective countries will settle the claims only after all the vital documents have been gotten otherwise the claim may not be agreed for reimbursement. The Handling Bureau will get all the claim notifications on behalf of the insurer and the National Bureau which issued the COMESa yellow card. at the point when the accident is notified, the Handling Bureau without waiting for a formal claim against the holder of the COMESa yellow card will continue with the ordinary claims handling the practice of Investigation and evaluations of the loss.
The Handling Bureau will check the underwriting details before starting to process the claim. a check whether the COMESa yellow card is original and has been accurately issued, signed, stamped and furthermore confirm underwriting through email, fax, telefax or phone from the Issuing Bureaux. The whole process is overseen by Handling Bureau and these liaise with the customer to acquire the important documentation, keep following up on the assessors for the report in order to resolve the claims. The Handling Bureau will acquire the completion of the accident report from the yellow cardholder or complete it in the interest of the holder is incapacitated so as that all accessible pertinent facts are recorded and all inquiries on the accident report form must be answered. The entry of the details of the claims in the yellow card register and afterward investigations of the accident by the assessors and assessment of the potential claims will continue.
There are mainly three classifications of service providers required in the management of the claims. These include assessors, Lawyers/Legal advisors and Garages. The Handling Bureau will decide if to select an assessor to examine the damages and determine the costs of repairs and this is done in light of the extent of damages. For small claims, the Bureau’s in house staff can assess the damages and in case of expansive damages, the assessors are involved. an assessor focuses on the circumstance of the claim (what occurred, where, when and how) and will decide if it fits within the cover scope and what it will cost to fix or repair). The assessor can likewise offer risk management advise post the claim.
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