People have always liked speed. Whether it’s fast cars, fast food, or quick service, we don’t like to wait.
This also applies to the processing of our insurance claims. Insurance is based on the concept of indemnity and therefore when we suffer damage, we strive to settle the claim quickly in order to financially return to the position we were in before the damage. Sometimes waiting for money can be difficult, just like anything else.
Let’s look at the most common reasons for insurance claim delays, ways to avoid such delays, and streamline the entire process.
1) Failure to present the required documents
The most common and significant challenge faced by an insured is understanding, organizing, and submitting all the documents required for claims processing. Even the Insurance Regulatory and Development Authority of India (IRDAI) states that an insurance company’s TAT only starts on the day of the final submission of all required documents. Due to this, a number of claims are being delayed and the best way to solve this problem is to understand the real needs of the company. There are times when people submit incomplete forms or incomplete documents to make a claim, causing a delay.
2) Confidentiality and provision of incomplete information
Honest facts and complete information are essential for insurance companies. Whether entering into a contract or reporting a claim, the matter ends as soon as the company determines that the information provided is in any way incorrect or incomplete. Be sure not to hide any important information, whether related to the purchase of the policy or the claim.
3) Non-cooperation with the surveyor and the investigator
To substantiate a claim, insurance companies involve an expert or an investigator in a certain number of cases. To avoid delays, the insured must meet with the expert immediately and present all the requested documents. Otherwise, two problems arise. First, it will delay the request. Second, it creates doubts in the adjuster as to why the insured is delaying the process.
To speed up the claim process:
Cases in which the claim is delayed and the reasons are unknown even after having met all the requirements and followed the procedure: In such cases, the insured has the following means to expedite the claim: