Do you have any Insurance Claims that are Pending? Find Out How You Can Accelerate the Process!
Why are my insurance claims taking so long to process? This article looks at the reasons behind why your application might be delayed and how you can speed up the process.
Humans are usually attracted to fast things. We become impatient if we have to wait for something, and are often looking for quick solutions.
That’s true when we deal with claims too. Insurance is based on the concept of indemnity and thus, when we suffer a loss, we object to ensuring an expeditious settlement of the claim in order to be restored with the funds necessary for financial stability. It’s never easy waiting for things and money is no different. Let’s go through the most common reasons for delays on insurance claims and find out what you can do in order to avoid these delays.
You must submit ALL of the required documents for your application to be considered:
One of the most common challenges for an insurance customer is understanding, arranging, and submitting their documents for verification. On the other hand, IRDAI claims that the TAT of an insurance company starts from the day when all necessary documents are submitted. In order to solve delayed claims, it’s important to know the company’s requirements well. Some customers try to get a claim without providing all of the necessary documentation, which can lead to unnecessary delays.
- Always keep copies of your original policy documents on hand to avoid any confusion.
- To submit your documents, contact the company or your agent first. They can then help you create a list of the necessary documents.
- Be sure to submit them all at once rather than in separate batches so there is less risk of further queries. This can delay your application being approval.
Information withheld or incompletely disclosed
For insurance firms, accurate data and comprehensive information are crucial. As soon as the firm learns if the information supplied is fraudulent or inadequate in any way, both at the time of purchasing the insurance and when making a claim, things are stopped. Make sure you don’t withhold any crucial information, whether it has to do with the purchase of the insurance or the claim.
Refusal to assist the surveyor and investigator
Insurance companies frequently appoint a survey expert or an investigator to help substantiate a claim. The insured should see the surveyor right away and deliver all requested documentation to prevent delays. Otherwise, two problems will arise. First, the claim will be delayed. Additionally, it will make the surveyor wonder why the insured is prolonging the procedure.
How to quicken the claims procedure?
Cases, where claims are delayed for unexplained reasons even after all conditions, have been satisfied and the procedure has been completed: In these circumstances, an insured has the following options for expediting the claim:
- To determine precisely where the claim is blocked, you might consult your agent. As the agents bring in business for the insurance firms, they would develop a relationship with them and be able to learn the progress of the claim in real-time.
- The majority of businesses and TPAs provide their clients with login access. Therefore, by accessing their web portals, you may learn the status of your claim, the cause of the delay, and how to resolve it.
- Sending frequent emails to the concerned team for updates.
- Remaining in close contact with all stakeholders engaged in the claim process, such as the firm, the investigator, the surveyor, the TPA, etc.
- The interests of the policyholders are constantly protected by IRDA. As a result, an insured party can always file a grievance over excessive claim delay on the Integrated Grievance Management System (IGMS) platform.
