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TIMELINE FOR SETTLEMENT of Claims vis-a vis timeline for buying a policy -Mr. Manoj Kumar Saraf
23-Oct-2020
The writer of this article intends to highlight a widespread gap and the truth that getting the claim amount from the insurance company is not as easy as buying an insurance policy. It takes minutes to buy insurance, whether it is life insurance, motor, health or property insurance. But for the settlement of the claim the ground realty is that the insured has to run from pillar to post, whether it is to a Surveyor, Third Party Administrator, Insurance Company, Intermediary, ombudsman or to different Insurance Courts. There is a saying that “Buyer Beaware” in insurance business. Insurance companies are buying/underwriting risks at a consideration and the insured are selling/ transferring their risks to insurance companies with a commitment to indemnify in case of loss. Then why as a buyer, insurance companies are not so careful in buying risks as they are extra careful and conservative in settling and making payments of the claims.This is the truth of the Indian insurance sector today, where it has been observed that insured always feels at a mercy of the insurance company at the situation of the claim. This scenario needs to be changed. The regulator and the insurance companies should come forward and play a proactive role at the time of framing the insurance policies, taking those underwriting risks in to consideration. They should be more cautious and take extra time and make it easier for the insured to get their claims. It is only then the purpose of the insurance is met. This will also ensure insurance companies to find more business at their door step. COVID 19 has created an awareness among the masses of getting insurance and the insurance companies should see that more and more people are willing to sell their risks for their life, health and properties. The only thing the insurance companies need to justify is that the risks are in the safe hands, and they always stand beside the insured or its representative in case of loss. This trust of the insured and the insurance companies should be at the highest level because insurance itself means “ Loss of few shared by many”.
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