Insurance Companies have been given a 30-day deadline to settle insurance claims, experts came together to discuss how settlement of claims could be made a smooth affair for both the insured and the surveyor.

With the Insurance Regulatory and Development Authority making it clear that insurance companies have to settle claims within 30 days of the receipt of documents from the insured, officials of Insurance Companies and Surveyors put their heads together to work out ways and means of doing it in a seminar organized jointly by Embee Insurance Brokers Limited and Punjab Chapter of Indian Institute of Insurance Surveyors and Loss Assessors.

Experts opined that if the insured were well aware of the terms of the policy and surveyors also knew their subjects well, insurance claims could be settled faster. Keynote speakers also spoke about the different types of insurance policies and terms and conditions thereof.

Vijay Sharma, Regional Manager, United India Insurance Company, New Delhi said claims should be settled within a week.

The need for the insured to have an in depth understanding of the policy they would buy was also highlighted.

Vijay Sharma suggested training the sales force to prevent glitches in sales.
It is natural for the insured to expect smooth claim settlement. The initiative by insurance companies to implement IRDA guidelines could prove to be a step in that direction.

Rule gives insurers 30 days to settle claims | Day & Night News
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