In 2017, the gross written premiums in the portfolio of Gothaer Asigurari Reasigurari, for the agricultural insurance segment, including both crops and livestock and poultry, reported a 14.7% growth v. last year. Furthermore, the claims paid by the company last year under agricultural and livestock insurance policies amounted to a total of RON 13.3 million, of a total amount of close to RON 51 million paid over the last 5 years.
The risks that caused most claims in the agricultural insurance segment were hail and heavy rains, and sunflower crops were most affected. As to the regional breakdown of the damages, three regions/counties account for the largest shares out of the total claims paid by the company in 2017: Arad, Teleorman and Constanța.
The average payment term under the claim files opened with Gothaer further to the damages incurred was the same as in 2016, meaning maximum 4 days (from submission of the last document and until actual payment); for management purposes, Gothaer applies an automated electronic flow which supports monitoring, as well as observance of the agreed processing and payment terms.
“The way we manage at Gothaer the claim files settlement is highly important to us. We are constantly investing in operational flows that can render even more efficient our processing of the claims, most of the time based on minimal documentation. For instance, we do not request a weather certificate to confirm the events reported by our policyholders and, if necessary, we arrange ourselves for this to be issued. Similarly, we do not request supporting documents for the policies executed at predefined costs, with an insured amount of maximum RON 3,000/ha. We are constantly brainstorming to find new ways to meet the needs of our policyholders, and assume as many of the procedures involved in the claim process. We have available all the logistics we need to assess the claims (for instance, 4-wheel drive vehicles for areas which are difficult to access, photo cameras with embedded GPS coordinates, accurate scales, metric frames, drones, software for instant uploading and submission of the field data directly to the company’s document management system). Such details do make the difference for our policyholders”, says Alin Enescu, Director of Claims Department, Gothaer Asigurari Reasigurari.
Out of the same desire to streamline agricultural insurance products and be one step closer to clients, last year, Gothaer launched the MicroFERMIER insurance that comes to support small farmers that hold and work arable land of up to 50 hectares. With a fixed insured sum, this product guarantees farmers, in case of an insured event, the necessary amount of money for the continuation of their activity and it is not related to the justification of the expenses or production capitalization.
For the innovation brought in the agricultural insurance field, Gothaer’s MicroFERMIER insurance product was awarded the “Product of 2017” Prize in the Insurance Market Awards Gala by PRIMM – Asigurari & Pensii Magazine.