Ramakrishnan Kervsseben: Leveraging His Extensive Experience & Expertise Revolutionizing The Loss Adjustment Sector In Malaysia
Having insurance can help you deal with financial burdens during a crisis. Owing to various factors, such as rising medical costs, chronic health issues, and more, the insurance sector across the world has been experiencing a massive rise in insurance policy sales over the year. A loss adjuster is a professional who is typically appointed by an insurance company or a policyholder to investigate and assess the extent of damage caused by an insured event, such as a fire, flood, or other natural disaster. Their primary role is to determine the value of the loss and help the insurer settle the claim in a fair and efficient manner.
With the rise in insurance claims, there is also a greater risk of fraudulent claims, which can lead to significant losses for insurance companies. This is where the role of loss adjusters becomes crucial, as they help insurance companies investigate and assess claims, and ensure that compensation is only provided for legitimate claims. An accomplished professional with extensive experience in the loss adjustment sector, Ramakrishnan Kervsseben started his career in 1997 and has worked with many organizations before taking over the reins at Malayan Adjustment Company (MAC) in 2013. A well-known figure in the Malaysian loss adjustment industry for his expertise in a wide range of claims and fraud detection capability, Ramakrishnan, under his inspiring leadership has helped the firm grow tremendously, both financially as well as infrastructure-wise, to become one of the top loss adjustment companies in Malaysia.
In an in-depth interview with CEO Insights ASIA, Ramakrishnan discusses MAC and its position in the market, different shades of his leadership traits, and much more.
Give a brief account of your professional journey. What motivation fuels your daily routine?
I started my career in the Insurance Loss Adjustment Industry in 1997. Over the years, I worked for various organizations, both local and international companies, till 2013. Together with Zulkefli Ahmat and Abdul Salem Mohd Ali, I took over MAC in 2013 as the major shareholder, where the latter who was an excellent Manager selected to become the latest Director/Shareholder in 2022. Before I took over, the employee strength of the firm was around 18. Since then, the firm has experienced massive growth over the years, with the employee strength of the firm reaching 160 in December 2022 and the business turnover growth being around 1800 percent.
Nowadays, everyone across the globe is well aware of the importance of insurance coverage. There also has been a spike in the number of insurance claims over the years owing to the rise in catastrophes and calamities across the world. Insurance companies need loss adjusters to assess the claims and provide good recommendations to their clients. As one of the youngest CEOs in the insurance loss adjustment industry, the growing demand for loss adjusters across the world motivates me and fuels my daily routine.
A designation is just a position without any purpose if there is no action
A designation is just a position without any purpose if there is no action
Define Malayan Adjustment Company as an organization and its position in the market.
Established in 1959 by American International Group (AIG), MAC was the first-ever Insurance Loss Adjusting firm to be incorporated in Malaysia. The firm is considered one of the top loss adjustment firms in Malaysia. Today, we have seven branches across Malaysia and are going to open up offices in Cambodia and the Philippines. MAC offers claim adjustment and surveyance services in various claim classes including property, pecuniary, construction, engineering, liability, accident & health, motor, dilapidation, risk survey, risk management, jeweler’s block, investigation, surveillance and marine surveys under Malayan International Marine Consultants which is wholly owned by Malayan Adjustment Company.
What makes MAC stand out from the rest of its peers in the market is its highly qualified staff force. We ensure that our resources have the required expertise and experience in the corresponding domain that they work in. For instance, our staff consist of highly qualified engineers for engineering losses, experienced lawyers for liability claims, and qualified doctors with MBBS degrees working with us for Accident & Health-related claims together with actuaries, master mariners, mathematician, and chartered loss adjusters with intensive experience and knowledge. Having the perfect expertise to handle the relevant loss types is what makes us unique.
What are the factors you look into when developing effective corporate growth strategies?
We prioritize continuous training and development for our employees and encourage them to obtain professional qualifications in the loss adjustment sector. This approach not only helps enhance their knowledge and skillset but also improves the quality of service provided to clients. Being a member of professional organizations such as the Australian Institute of Chartered Loss Adjusters and the New Zealand Institute of Insurance and Finance also shows a commitment to staying informed and up-to-date on industry trends and best practices.
Our focus on treating our employees well and providing a range of employee benefits is also given utmost priority and likely contributes to our high retention rate. Providing benefits, such as covering maternity expenses, wedding and honeymoon expenses, pilgrimage, funeral expenses, and education sponsorship, can help attract and retain talented employees and demonstrate a commitment to supporting the well-being and growth of your staff.
Overall, our commitment to employee training and development, as well as our focus on employee well-being and benefits, are likely contributing factors to the success and growth of our business.
How do you foster a learning culture in your team to enable them to draw valuable insights from the market? Tell us about your leadership approach.
We recognize the importance of continuous learning and staying updated in the dynamic Insurance Loss Adjustment industry. Providing training and sponsoring certifications for our qualified employees shows a commitment to their professional development and ultimately benefits our organization in the long run.
Our leadership approach is also commendable, as we prioritize action and results over simply holding a high position. Being hardworking, responsible, and proud of one's role or designation is essential for any leader, as it sets a positive example for the rest of the team and encourages a strong work ethic. As the old saying goes, 'leadership is an action, not a position'.
In addition to these qualities, it is also important for leaders to communicate effectively, build strong relationships with their team members, and lead by example. By fostering a positive work environment and empowering your employees, you can help them reach their full potential and contribute to the success of your organization.
What is the success mantra that constantly helps you arrive at positive outcomes? What is the future destination you are heading towards?
My success mantra is never to underestimate anybody. It shows that I value people regardless of their current status or position and recognize that everyone has the potential to achieve great things. Today, my ex-bosses and I are on the same level position-wise. So never underestimate anybody as all of us are special in our own way. No one knows what they will become tomorrow.
MAC is working on digitalizing its processes to improve efficiency and speed up the claiming processes. Adopting technology can help streamline operations, reduce errors, and improve customer satisfaction. Additionally, expanding across the Asia- Pacific region is our next move as it can help increase our customer base and reach new markets. Having a clear goal of achieving a targeted turnover and becoming the top regionally and in Asia in the next five years is our objective.
Ramakrishnan Kervsseben, CEO, Malayan Adjustment Company
Ramakrishnan is an accomplished leader with more than 25 years of extensive experience in the Insurance Loss Adjustment Industry. A well-known figure in the Malaysian loss adjustment sector, he took over Malayan Adjustment Company as its largest shareholder in 2013 and since then has been appointed as the CEO of the firm, helping the firm grow tremendously over the years. Even the Jewelers’ block market recognizes his sharp fraud detection and evidence establishment capabilities and works with him for claim adjustments regularly.
Favorite Cuisine: Japanese
Favorite Book: As a Man Thinketh by James Allen
Favorite Travel Destination: Rome
Awards & Recognition:
Featured in the book named “Successful people in Malaysia” in 2022
Featured in Top 10 Loss Adjustment Companies by Business Outlook magazine