Money & Banking

Online insurance aggregators make claims settlement easy

Sangeetha Chengappa Bengaluru | Updated on April 19, 2019 Published on April 19, 2019

ONLINE_INSURANCE

Extend free claims settlement services to customers of other insurance companies, too

Millions of people today buy insurance policies, including term life insurance, health insurance, motor insurance, and travel insurance; however, in many cases, policyholders are let down by the insurance provider at the time of claims settlement, negating the very reason for buying the policies.

Online insurance aggregators and brokers are offering insurance claims settlement services not only to their customers but also to others confronted with multiple issues in getting their claims processed and settled.

Insurance aggregator platform InsureMile says India’s 220-million policyholders can download the free app on their smartphones to update, renew, or cancel policies and, more importantly, file claims and check claims status. InsureMile went live last month, and has partnered with 24 leading insurance companies to offer more than 200 products across general and life insurance sectors.

Similarly, insurance broker IndianMoneyInsurance.com, a subsidiary of Bengaluru-based IndianMoney.com Group, which also went live last month, has opened up its platform to assist policyholders in India with free claims settlement services.

“Once the insurance salesman sells a policy to you, he is not reachable after that. However, if you do manage to reach him after several attempts, he will ask you to contact the insurance firm for assistance.

“Recent data reveal that currently in India ₹11,000 crore of premium is unclaimed due to the complex process of reaching out across multiple touch points. InsureMile is addressing this challenge by providing free policy services for all existing policies issued by insurance firms,” said Mallesh Reddy, co-founder and CEO, InsureMile.

According to the IRDAI, 1.1-crore policies worth ₹15,617 crore are lying unclaimed with 23 life insurers as on March 31, 2018. The amount has remained unclaimed beyond six months from the due date for settlement of the claim amount.

The question one must ask before buying an insurance policy is if the money will reach the nominee if anything goes wrong, said CS Sudheer, founder CEO IndianMoney.com Group.

“In most cases, the nominees are not aware of the policyholder’s insurance plans or whereabouts of the policy documents, resulting in unclaimed amounts piling up with insurers, and family members not receiving the money they badly need,” said Sudheer.

To make beneficiaries aware of policy documents and the claim process, IndianMoneyInsurance ensures that the proposal form is filled by the policyholder. Then a letter is sent to the nominee, telling him/her about the insurance plan, claim amount, and claim settlement process to make sure the money reaches the nominee.

Published on April 19, 2019
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