Claim Settlement in Insurance Explaining the Complete Process-ppt

1. Claim Settlement in Insurance: Explainingthe Complete Process

2. It is likely that when an insurance policy is purchased,someday,theclaimforitwillbemade. Settling the claim is a crucial service rendered by insurance companies. For getting it settled, the claimant and the insurance policy company need toexecuteaprocess.Thefastestclaimsettlement companiessuchasHelloPolicysharethatasapart ofthisprocess,first,anintimationfortheclaimhas to be made by the claimant. Then certain documentsinsupportoftheclaimandrelatingto thepolicyhavetobecollected.Whenthecomplete documents have been given, the insurance company will start working on certain processes togettheclaimsettled.

3. Beginning withthe Intimation of Claim To make a claim, the policyholder needs to actively send an intimationthemomentitsneedarises.Theintimationhastobe sentinwriting.Thesoonertheintimationfortheclaimismade, the faster the insurance policy company will start with the process. When the intimation or notification is sent, the basic details of the claimant have to be sent. These details can include the insured person's name, the number of the policy, any datesinvolved, etc. Certain insurance companies can provide a notification or an intimation form. The form can be obtained by visiting the nearest office of the company from which the insurance policy has been purchased. Thus, instead of sending the intimation in writing, the formforitcanbefilledandsubmittedtotheinsurancecompany.It shouldalsobeknownthatthecompanyyouhavechosenforgetting insuredmaybeprovidingthisformonline.Youmayhavetheoption ofdownloadingandsubmittingitthroughyourbrowser.

4. Knowing the Documents Needed for ClaimSettlement As a part of the claim settlement process, the claimant will have to submitcertaindocuments.These documents will be the ones that will relate to the basic details of the claimant. In addition, the documents willworkinsupportofthereasondue towhichtheclaimisbeingmade. These documents can comprise the originalpapersoftheinsurancepolicy, acopyofanFIR(ifneeded),andany certificatesrelatingtotheclaimant. In cases wherein the claim is beingmadeandalsoanyhospital billsordoctorfeesarebeingpaid, the medical records of the same will have to be submitted, as has been said by the fastest claim settlement companies like Hello Policy. In certain instances, the insurance policy companies askedforextradocuments.These documents were asked depending upon the reason for whichtheclaimwasbeingmade.

5. Getting the Insurance ClaimSettled Once the intimation has been sent, the documentshavebeencollected,andthefinal submissionofthedocumentshasbeenmade, the claim can be finally settled. Now, the insurancecompanywillstartperformingthe proceduresonitspart.Theseprocedurescan be inclusive of verifying the documents, papers, records, and certificates that have beensubmittedtotheinsurancecompany.

6. Asapartoftheclaimsettlement procedures,theinsurancepolicy companymayalsocheckwhetherthe reasonfortheclaimiscorrect. When such procedures have been completed by the insurancecompany,gettingthe claim settled will not take much time. Soon, the claimant will be able to receive the expected amount provided thatthedocumentsarecorrect and the procedures have been successful. Sometimes, the claim may be made when an accident has taken place or an injury has occurred. The fastest claim settlement companies explain thatapersonmayhaveoptedforacar insurance policy or a life insurance plan. When an accident has occurred, that person may want to claim the policy.Dependinguponthetypeofthe policy, the reason for claiming it may have to be verified by the insurance company.

7. Whenshould the Claim be Filed? Prior to getting the claim settled for an insurance policy, it is important to know when it has to be made.Theclaimshouldbemadewithinaperiodof 30daysofthereceiptofcertaindocuments.These documentsshouldbetheonesthatwillberequired bytheinsurancecompanyoftheclaimant.Itshould also be understood that the duration may not necessarily be the same for all the insurance companies. So, when you purchase a policy, you shouldalwaysaskthecompanyabouttheduration withinwhichtheclaimhastobemade.