Competition in General Insurance Industry

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Competition in General Insurance Industry
DAMBOLACHEPA, Manager, Malawi


Competition in the General Insurance Industry is generally influenced by cost of insurance. premiums. Most companies go through competitive tendering which favors those who offer lower premiums. Competition on differentiation is rare resulting in many companies offering lower premiums but struggle to settle insurance claims due to cashflow problems. It is imperative that players in the insurance industry should change their mind set and approach competition differently. The offering of services with different attributes that are different from those provided by competitors would make insurance attractive to buyers. Attributes such as timely response to client's claims, Lower payable excesses. Visiting client's when they are involved in losses, Giving them feedback regarding the position of theirb claims, giving them renewal notices when their insurances fall due for renewal.

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