Oped Template II Herminia Jacinto
THE insurance industry is at the top among the business organizations that use much paper. From the proposal to offer the coverage, the issuance of the policy and forms of acknowledgment up to the payment of claims — paper is the main ingredient. Then came computerization, a welcome solution to the paper-intensive insurance business. Companies built their own computer systems to mechanize the issuance of insurance contracts, which come in several pages, including the additional pages called endorsements. The insurance policies are personalized with the companies’ logo and in several colors, too! Copies can be reproduced as needed and sent electronically as well. A lot of efficiency was therefore achieved by computerization. We thought that was already an achievement until more technical and sophisticated systems were developed. The need to catch up and be aligned with the present way of doing business has become urgent. Just push back to five years ago, say, before the pandemic. The change in the accounting system under the IFRS 17 standard has not yet been discussed. The existing system was doing its job perfectly well. Fast forward to 2024. The financial statements of insurance companies will now be prepared in the IFRS 17 format to serve as preparation for or comparison with the 2025 financial statements. The industry associations, both for life and non-life, are doing a fantastic job of getting the new accounting and reporting system in place and being implemented as required in 2025. Consultants like the auditing and actuarial firms have teamed up to provide the much needed assistance for its implementation.
Are we ready then to switch to the new accounting system? I believe the companies are ready. But not all employees are. Understandably, training can only be done for a group of employees. Others have their own assignments to do in the everyday operations of their companies. But it is imperative that they should also be trained to use the new system. Companies see that need, but how to do it is still something to figure out at this time. Should they continue to hire consultants to train everybody? That may be expensive. Should the first trainees handle the training? They may not have the skills to pass on the knowledge effectively. But there should be no compromises with regard to this project — to upskill all the employees in the organization.
We go back now to the issue that has been written about in past columns here — the importance of training employees. In the past, it was enough to take courses in the various aspects of the insurance business. As the employees were trained about policy conditions, they learned a lot, too, about important matters like insurance law. The Insurance Code became their second Bible! The so-called underwriting experts were happy they had issued a policy contract with all the provisions beneficial to the companies and the insureds. Now, they also have to understand how those policies were taken up in the books and how the resulting losses will affect their future decisions.
There is so much more to learn now. Corporate governance, sustainability, climate change, and the Anti-Money Laundering Law are just some non-insurance topics one should learn now. Training should be a major concern and activity for which the companies should plan and provide a budget. Training should be for everybody. Easier said than done. But it can be done. One of the reasons why companies hesitate to train everybody is the fast turnover. We have observed this in the last few years, especially after the pandemic. Companies should revisit their attendance styles. Many employees found the work-from-home mode, even for 2 or 3 days a week only, a more convenient way of going to the office. They move from one company to the other, which can satisfy their personal needs. We should continue to look for ways to keep our well-trained employees.
News Related
-
Anyone who’s purchased gift baskets to hand out to loved ones this holiday season might need to find a backup present after the latest food recall that involves festive cookies. Gift basket company Wine Country Gift Baskets just announced that it is voluntarily recalling all gift baskets that feature Acorn Baking ...
See Details:
Recall Just Announced For Popular Cookies Featured In Holiday Gift Baskets
-
LOS ANGELES: Quarterback Jalen Hurts ran in an overtime touchdown to give the Philadelphia Eagles a 37-34 NFL win over the Buffalo Bills Sunday (Monday in Manila) and move them to 10-1 on the season. The Eagles, who lost the Super Bowl to Kansas City last season, trailed at half-time ...
See Details:
Eagles rally past Bills in overtime as Chiefs win
-
Yen Makabenta First word WHILE UN Secretary-General Antonio Guterres and other promoters of the climate emergency are preparing to convene the 28th conference of the parties (COP28) of the UN Framework Convention on Climate Change (UNFCCC) in the United Arab Emirates, starting on November 30 and stretching to December 12, ...
See Details:
Reality bites the green energy agenda
-
Sandigan orders Marcos Sr. pal to pay workers The Sandiganbayan has ordered the enforcement of a July 2023 ruling ordering a Marcos Sr. associate to pay a lumber company’s workers P2.1 million in damages as well as return 60 percent of their company’s shares and pay all unpaid benefits. The ...
See Details:
Sandigan orders Marcos Sr. pal to pay workers
-
DSWD: Shear line, LPA affect 1.2 million people; over 18,000 families evacuated MANILA, Philippines – More than 18,000 families have fled to evacuation centers across flood-affected regions in the country due to the impact of the shear line and low pressure area. Department of Social Welfare and Development (DSWD) gave ...
See Details:
DSWD: Shear line, LPA affect 1.2 million people; over 18,000 families evacuated
-
-
MANILA, Philippines: The entire Luzon, including Metro Manila, is expected to experience isolated rain showers and thunderstorms as the northeast monsoon (“amihan”) and easterlies will be affecting the country over the next 24 hours, the state-run weather agency said on Tuesday. Weather specialist Patrick del Mundo of the Philippine Atmospheric ...
See Details:
Rain showers, thunderstorms over Luzon, including Metro Manila — Pagasa
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
'Naruto' live-action film adaptation is in the works
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
NASA Highlights Stingray Nebula
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Manila's Lagusnilad underpass opens
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
China probes debt-ridden financial giant
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
China's VUCA situation
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Unraveling the mystery that is diabetes
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Bangladesh's nuke plant is not going to steal PH investments
OTHER NEWS
ALIW Awards Foundation Inc. President Alice H. Reyes has released the names of finalists for the 2023 Aliw Awards to be presented on Dec. 11, 2023, at the Manila Hotel ...
Read more »
WhatsApp Web gains the feature of single-view photos and videos (Photo: Unsplash) The WhatsApp Web, the desktop version of the popular messaging app from Meta, has received an update allowing ...
Read more »
Young athletes’ time to shine in Siklab Awards MANILA, Philippines — The future heroes of Philippine sports will be honored during the third Siklab Youth Sports Awards on Dec. 4 ...
Read more »
Graphics by Jannielyn Ann Bigtas A local government official said Monday that five to 10 barangays in Northern Samar are still isolated following the massive flooding in the area last ...
Read more »
DyipPay app lets you pay jeepney fare, book tricycles “Barya lang po sa umaga.” Everyone who rides jeepneys knows this rule: it may not be an actual law, but it’s ...
Read more »
Updated In-Season Tournament Bracket ahead of pool play finale Tuesday will mark the last day of pool play for the inaugural NBA In-Season Tournament. From there, six first-place teams and ...
Read more »
PCG forms teams for maritime emergency response MANILA, Philippines — Recent incidents of fishermen lost in the waters off Southern Tagalog have prompted the Philippine Coast Guard (PCG) to form ...
Read more »