5 Minutes Read
Simplifying your insurance claim settlement: What you need to know?
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The ultimate aim of any insurance policy is to help consumers with a smooth claim settlement process. No insurance policy can serve its purpose, until and unless it provides proper claim settlement to consumers. Though the industry has been progressing with the integration of technology, claim settlement still remains a key challenge, both for insurance …
Continue reading “Simplifying your insurance claim settlement: What you need to know?”
The ultimate aim of any insurance policy is to help consumers with a smooth claim settlement process. No insurance policy can serve its purpose, until and unless it provides proper claim settlement to consumers. Though the industry has been progressing with the integration of technology, claim settlement still remains a key challenge, both for insurance companies as well as for Insurtech integrators. The traditional branch led model, even today poses a serious question around claim settlement.
Claim settlement is one of the key reasons which pushes consumers back from buying insurance. The Covid scenario has specifically highlighted the importance of claim settlements for consumers. While the industry is working collaboratively to solve the issues related to claim settlements and make it a faster and smoother process; consumers should also be aware of a few tips and tricks, so that they can make claim settlements hassle free for themselves.
All documents and information should be submitted properly
All necessary information like past medical history, family history, details of important assets, necessary bills, copies of insurance cards and other relevant documents should be submitted while filing for claims. Without proper support of documents, claims cannot be validated. Majority of the challenges are faced by consumers, due to non-clarity on the documents that are submitted.
Consumers should gather all the requisite documents in a proper file, so that everything can be submitted in one go, when there is the need. It is more important that consumers are aware of what kind of documents need to be submitted, they should get a clarity from the TPA department or their respective insurance companies. Insurance advisors can be a perfect guide to help consumers understand the dos and don’ts of document submission.
Understanding all the policy terms and conditions
Insurance policy documents are lengthy and detailed, whether one purchases a policy online or offline. Many consumers choose to read the terms and conditions superficially; and realise their mistake during the claim settlement process. It is during claim settlements, when they get to know that they have missed out on certain valid points.
Knowing the claim settlement ratio
Claim settlement ratio is the amount of claims that an insurance provider settles in a year, out of the total claims. It acts as a credibility parameter, crucial for consumers to understand if the company is financially stable enough to settle their claims. Higher the claim settlement ratio, the insurance company is considered to be more credible.
Opting for cashless service
People often get involved in numerous formalities like fee payment, deposits and managing lengthy paperwork during hospitalization. The best way is to opt for cashless claim settlement during those times. This makes the overall claim settlement process easier, quicker, and seamless. It is important that consumers keep proper records of all treatment related documents during the hospital stay, which are to be provided to the TPA department/s of hospitals. Proper documentation makes the cashless claim settlement process even more seamless.
Settling claims has never been an easy process; however, technology today is helping make claim settlement seamless and quicker for consumers. Thus, taking the route of InsurTech aggregators or distributors can be one of the best ways for smoother claim settlement process. The digitally enabled insurance advisors, in InsurTech companies, help consumers with the best suitable insurance policy, as they are not biased towards one insurance company. They not only help consumers with the choice of multiple insurance policies but guide them through the best policy as per their needs and requirements and financial capabilities.
The author, Indraneel Chatterjee, is Co-founder at RenewBuy
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