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Representing Corporate Governance in the Third Responsible Business Summit

Sagarmatha Insurance Company Limited
Bhagwati Marg, Naxal, Kathmandu

Representing Corporate Governance in the Third Responsible Business Summit

Posted on 2019-09-05

The CEO of our Company Mr. Chunky Chhetri represented Corporate Governance in the 3rd Responsible Business Summit with the theme of Prosperity which was hosted by Nepal Business Initiative in Hotel Yak & Yeti at 5th Sep, 2019.


Overview of Good Governance

In past, the Insurance Act 2049 governed the working procedure only for the Directors and CEO.

Whereas, in the present Beema Samiti has introduced Corporate Governance Directive 2075 in order to supervise overall company including BOD, Shareholders, Management and other stakeholders.


Good Governance and Financial Sector

As we know that the reason behind the success of the Banks are its regulatory Body Central Bank. Similarly, Insurance Board i.e. Beema Samiti is responsible for the regulations of all the Insurance Industries.

On the other hand, private companies regulate on the basis of their implementation of Company Act & Labour Act.


Strength

During the last disastrous earthquake Sagarmatha Insurance Company had approximately 3015 claims which was the highest number of claims during earthquake in comparison to other insurance industry. Although, having a high return to stake holders with Bonus Share, we successfully managed to settle the claim and gain the trust of our customers. By this we maximized the customer network as well.

Similarly, we also achieved General Insurance Company of the Year 2019 and have been awarded with Special Recognition for the Product Innovation, 2018 for the VIP on the Spot by Indian Chamber of Commerce at Emerging Asia Insurance Awards in Bangkok.

Furthermore, as per the instruction of Beema Samiti for target premium collection, we’ve always succeeded to achieve that goal and secured the 2nd highest premium collecting company this year.


Problem Encountered

Earthquake was a catastrophe that no one expected. At that time having highest number of claims simultaneously greater returns to the stakeholders, rumors spread quick in the market that insufficiency of CAT Re-insurance backup would lead to bankruptcy of Sagarmatha Insurance.

However, we took the moment of despair as an opportunity and proved the rumors wrong by quick settlement of all the earthquake claims.

Traditional Financial Reporting System (NAS) was useful only for businesses with limited number of products and services but as the products of our company increased it was not sufficient to provide accurate as NFRS.

As our company is rapidly progressing towards the digitalization of Insurance Industry we are in need of Good Governance for the Cyber Security Risk as well.


Response

At the time of all the problems that our company has encountered we’ve managed to solve them all because of the transparency and coordinal understanding between the BOD and Management.

Similarly, CAT Re-insurance Modelling advocated us to settle the huge number of claims during such devastating events.

For the strict analysis of all the financial sector implementation of NFRS began, in order to strengthen corporate governance.


Result

As a result Hassle-free claim settlement helped us triumph customer satisfaction and retained customers trust and satisfaction.

Similarly, in the following year we also launched VIP on the Spot for instant claim settlement which increased the reach of customer network.

Eventually, by this we gained more brand loyal customer and recruited skilled manpower to achieve our organizational goal that advocated us for the growth of our Business and maximized the return to our stake holder as well.


Observation

After all of our observation from the past experiences, we acknowledged that proper observation and supervision of Insurance Board is required on regular basis, by this un-ethical practices prevailing in the financial market are eliminated and corporate world are strengthened.

As Nepal is continuously advancing towards the modern technology, implementation of cyber policy is essential for its governance. For instance, the recent affairs

Similarly, Good governance is the reason why proper implementation of Third Party Administration is possible, Brokerage is minimized and CAT Modelling is utilized by the Insurance Companies for the future disastrous events.


3rd Responsible Business Summit

The Third Responsible Business Summit held with the main theme of “Responsible Business for Sustainable Development. The event focusing on Nepalese Private Sector and Sustainable Development Goals.

Participants of this summit will be engaged in four parallel tracks under the main theme and four separate topics under the individual tracks, which are:

  • Track 1: Prosperity
  • Track 2: People
  • Track 3: Planet
  • Track 4: Partnership

A total of 16 parallel sessions will be held over the course of two days. The sessions will

be moderated by 64 professional speakers and will be actively participated by more than 500 participants from business houses, government organizations, and civil society.


National Business Initiative (NBI) Nepal
Adhering to this norm, National Business Initiative (NBI) was formed by fourteen major nepalese business associations and individual companies as an apolitical and non-profit-making organization in 2005.

NBI seeks to strengthen the role and capacity of the Nepalese Private Sector to contribute in sustainable peace in Nepal. We do so by mobilizing the existing private sector bodies at local and higher levels, generating new knowledge relating to private sector on softer issues around peace, conflict & development and creating demand as well as support for positive change in the society.


Last Updated on 2019-11-12