Moment of truth: How to settle life insurance claims

Oct 08 2013, 12:08 IST
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Every life insurance company adopts its own philosophy regarding handling of claims. Every life insurance company adopts its own philosophy regarding handling of claims.
SummaryNo activity in life insurance is of higher importance than that leading to settlement of claims.

it is also a business obligation.

* The writer is advisor (Life Re-ins), GIC of India, Former MD & CEO, Star Union Dai-ichi Life

Matter of honour

* The most critical issue in handling any job in a structured organisation is procedure

* It is expected to facilitate the end result within a time-frame while safeguarding the interest of the customers as well as of the company

* The people who hold the key to a successful transaction have to be conscientious enough to understand that claim settlement is the very purpose of the existence of a life insurance company in the society

* Acquiring customers through aggressive sales strategies and brand-building exercise is exciting; but if a company really wants to influence customers and create a future market for itself, it has to concentrate on deliverables like claim settlement to create a relationship of trust with the market

* The real test of claim settlement procedure is speed. In most of the cases, it is observed that the sum assured is finally paid but only after causing acrimony. In such cases, companies lose money as well as credibility

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