The Insurance Regulatory and Development Authority has taken concrete steps to protect individuals against the damages of Cyclone Fani. A large chunk of people had to face the adverse effects of this cyclone. This is majorly necessary to settle insurance claims faster and efficiently.
In the directives, the insurance claims must be registered and settled at the earliest possible.
The team of IDRA sat together to figure out which process is the fastest for settling claims, including suitable moderation for faster settlement.
What is the real way to settle insurance claims like?
- When bodies of the dead cannot be found, and the death certificates seem difficult, the process followed in the Chennai floods can be easily referred.
- The loss due to natural calamities is mammoth and careful surveillance for betterment. The insurance companies are attempting their best to get over the nuisance and release claims at the earliest, however, this isn’t easy at all.
- The losses are too huge for a damage control plan to protect it. The situation cannot be checked easy. This is exactly why we need instant resolution by insurance companies. The damages include that of property/assets, medical emergencies, etc. The insurance claim received will be most definitely much lower and delayed.
The best ways to have your insurance claim faster:
- A gigantic amount of work has been done by insurance companies for faster claim disbursal. Numerous camps are getting set up with funds sized 2000 crores. However, individuals with no insurance policies cannot be quickly reimbursed.
- The Insurance Regulatory and Development Authority of India must operate actively and send out immediate directives in the cyclone-affected areas. This further expedites insurance claims for people.
- Individuals must ensure a bigger amount to cover unforeseen circumstances. This is a great technique to damage control losses.
- Insurance companies who received the highest Intimation for long term home insurance and SME policies have set up their special help desks to speed up settlement.
A recent survey revealed that India second tops global underinsurance at 27$ billion.
READ MORE: INSURANCE CLAIMS THAT HAVE NO IDENTITY
The last few significant flood events have triggered insurance companies to go proactive on disbursing claims. Also, it will mainly rely on the cover taken by an individual and the likely assumption of their future events. Our weather experts predict such dangers from time to time. Smart advisors should consider the predictions and strategize the next plan of action.