When the time comes to pay the claim, the insurance company
experiences the moment of truth. That is
the single most (or some would say the only) criteria that insurance companies
are judged on. The customers have paid their premium for years and now had an
unfortunate event in their life. They expect the insurer to help them. Treat a
customer well during this time and you have him/her for life. What’s more, the
customer will spread the good word. Treat them badly and you not only have an
irate customer but also a negative amplifier for your business.
All insurers do want to pay legitimate claims. The
difficulty for claims evaluators is that the moment of claims also presents the
best opportunity for fraudsters to strike.
If you are too lax you are frittering away the premium of your customers.
The claims evaluator faces a really difficult task. They typically look for
patterns that seem to indicate a dodgy claim. The best thing you can do is not
to get caught in that unintentionally. Here are some tips that will help you.
Declare
all information truthfully
Insurance forms are lengthy and we often tend to skip or
overlook sections. We fail to declare our previous claims history, pre-existing
diseases, smoking habits etc. While insurers may accept these declarations at
face value at the time of buying a policy, the claims adjustor would scrutinize
these a lot more carefully. So make sure you declare everything and not hide
anything.
Better
to undergo tests.
Lots of people try to avoid medical tests while buying life
or health
insurance policies. Medical tests are a hassle, you need to fast, probably
take a day off from work and it is not the easiest thing to do. But I would
advise you that it is well worth the hassle to go thru a medical test. Medical tests allow the insurer to be sure of
what he is insuring and gives the insurer and more importantly the claims
evaluator more certainty. Do not avoid medical tests and repent later.
Keep
your documentation in proper order.
This is especially important for claims related to car and
property. Ensure that you keep the ownership documents and purchase documents
with you. In case of a car under insurance, ensure that you have the
registration in your name and have a valid driving license. Lack of proper
documentation is a big red flag for the insurer.
Take these three simple steps and ensure that your claims
never get rejected. Remember again that most insurers do want to service you
well at the time of claims. Make their job easy by declaring all information,
undergoing a pre-policy test if needed and keep your documentation in order.
If you are still worried that an insurer may not pay your
claim, check out the claims payment
record of all the insurers in India before buying a policy.
