If you have been fortunate, then you might have never had to file an insurance claim for you or your family. However, when things go wrong and you or your family member encounters an accident or a disaster, you can make a claim with your insurer. A policy you buy for yourself is a promise to assist you when things go wrong with you, your family member, a vehicle, or your home.
Many customers still do not have the required information about insurance claims and what are the benefits of the same. In this article, we have explained each aspect of insurance claims that you should be knowing about.
What are Insurance Claims?
When you make an insurance claim on a policy, it is considered a formal application which is made to inform the insurer about the damage or loss that has been incurred. The insurer will review the claim along with the proofs and check if the event is covered by the policy. Once the insurer approves the event is under the policy and clears the claim, the payout is processed to the client.
How to File an Insurance Claim?
Every customer needs to understand the insurance claims process and be able to perform the task independently in case of an emergency. The first thing one must do is contact the insurer and make a claim. The insurer will check the Product Disclosure Statement (PDS) of your policy and check if you have a valid claim. In order to have the entire insurance claims process to go smoothly, one must follow a streamlined and systematic process, as mentioned here -
- Before you Claim
- Ensure the safety of you and your family
- Contact the police
- Review the Product Disclosure Statement (PDS)
- Making a Claim
- Contact your insurer
- Minimize the loss with temporary repairs
- Provide proofs and keep a record
- Working Through a Claim
- Work with the insurer assessor
- Quotes and scope of work
- Replacement, repairs, and cash settlement
- Finalizing the Claim
- Paying your claim
- Claims after disasters and catastrophes
How Long does an Insurance Company Have to Settle a Claim?
Filing an insurance claim can be an unnerving task for every client. If can be really cumbersome if it's your first claim and you have no idea what is to be done. Insurance claims are not just dependent on one person, but a whole team. The client needs to be available to answer questions, the claims adjusters need to do their job in the best possible manner, etc. If any one team member is not cooperating then the entire insurance claims process can be delayed. A claim can be really get dragged out without proper teamwork.
You need to know exactly what kind of claims you are filing such as medical, vehicle, home, etc. and the various aspects of each of them. For example, while filing a car insurance claim, you need to understand what kind of claim you are filing like glass claim, roadside assistance claim, physical damage claim, total loss claim, medical claim, etc.
The common things which can delay a claim are -
- Poor communication
- Short on cash
- Unhappy with the coverage
- Unhappy with the inclusions in the coverage
- Natural disaster claims
There are several problems that can occur during the claims process. If any major problems arise, then it is best to contact your insurance agent. They usually do not directly deal with the insurance claim but can be of great help if there are any major problems. Keeping in mind the various parameters that can affect the time taken by the insurance company to settle a claim, a claim can take any time between a few days to several months.
How Are Insurance Claims Calculated?
After the claim has been filed, the insurer will analyze the various parameters and clauses that are written in the policy and then make a final decision. The insurer usually makes use of a formula to calculate the insurance claims. The formula used is listed here -
Claim = Loss Suffered x Insured Value / Total Cost
Choose Outsource2india for an Efficient Insurance Claims Process
Outsource2india has been a pioneer in providing insurance claims processing in India and one of the top insurance companies globally. Our team comprises some of the most qualified, skilled, and talented insurance experts who are well-versed with the industry and can deliver error-free services within a quick time.
We operate through multiple delivery centers spread across the globe and are able to deliver quality services within a quick time. If you are looking for a reliable, efficient, cost-effective, and quick insurance claims processing service provider, then you have come to the right place. Get in touch with us today!
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