Mataracy
VIP Contributor
Under insurance policy when all the information necessary is obtained during the loss of property and the investigation carried out by the insurer reaceals that there is a liability on the insurers, payment should be made immediately. Once the claim is discovered to be valid , it is useless delaying settlement . such delay will only result yo loss of goodwill and possible future loss of business which will affect the company adversely. Prompt claims settlement serves as a good advertisementof the reputation and good image of the insurer.
Where a claim is admitted. Settlement might be made by cash, replacement, repair or reinstatement. However , where a claim is not admitted, the insurer has to inform the insured or claimant of their inyention instead of undue delays which might as well earn them bad image.
For a proper insight into the fiels s of claims management by the insurer, itvis expedient yo look into the procedure or processes involved in the handling of claims in the major classes of insurance business.
Where a claim is admitted. Settlement might be made by cash, replacement, repair or reinstatement. However , where a claim is not admitted, the insurer has to inform the insured or claimant of their inyention instead of undue delays which might as well earn them bad image.
For a proper insight into the fiels s of claims management by the insurer, itvis expedient yo look into the procedure or processes involved in the handling of claims in the major classes of insurance business.