Mataracy
VIP Contributor
The time the insurer is called upon to honour its obligation for which he has accepted premium under an insurance contract is at the time of claim.
Handling of claims is very vital in the insurance industry. The insurance contract guarantees the compensation of the insured at happening of the event insured against. To satisfy this promise (having received the premium, the consideration), the insurer must thus compensate by monetary payment or otherwise to the insured who makes a genuine claim on the insurer.
The reputation of any insurance company depends to a large extent on the sort of claims service provided by that insurance company to its policy holders . A company may be delivered promptly and soundly in every respect, its policies may be delivered bpromptly and renewals handled efficiently, but an unreliable and inefficient claims department could ruin the reputation of the company.
Policyholders would naturally lose confidence in the insurance company the moment they discover that the company is either reluctant to pay, or delays without good reasons the settlement of genuine claims. Only genuine claims covered by the terms of the policy should be settled and this must be done promptly and equitably.
In fact, claims service is the major source of problem which has given the insurance industry a bad name amongst public. They have been accuses of repudiating genuine claims and long delays in settling claims.
Handling of claims is very vital in the insurance industry. The insurance contract guarantees the compensation of the insured at happening of the event insured against. To satisfy this promise (having received the premium, the consideration), the insurer must thus compensate by monetary payment or otherwise to the insured who makes a genuine claim on the insurer.
The reputation of any insurance company depends to a large extent on the sort of claims service provided by that insurance company to its policy holders . A company may be delivered promptly and soundly in every respect, its policies may be delivered bpromptly and renewals handled efficiently, but an unreliable and inefficient claims department could ruin the reputation of the company.
Policyholders would naturally lose confidence in the insurance company the moment they discover that the company is either reluctant to pay, or delays without good reasons the settlement of genuine claims. Only genuine claims covered by the terms of the policy should be settled and this must be done promptly and equitably.
In fact, claims service is the major source of problem which has given the insurance industry a bad name amongst public. They have been accuses of repudiating genuine claims and long delays in settling claims.
