Pune: Bajaj Allianz Life Insurance Co Ltd, a leading private life insurer, settled 98.07 % claims in the financial year 2015-2016, as total 165244 claims paid out of the 168501 payable claims (including claims intimated this year and outstanding claims). With this, the Company has witnessed the highest claim settlement ratio since its inception.
Bajaj Allianz Life Insurance paid total claims worth Rs 839 crore in the last fiscal, put together both individual and group claims, as against Rs. 737 crore in the corresponding year.
The company achieved an average turnaround time of just 8 days from the date of notification. About 97.90% of the total claims were settled through electronic mode.
In order to achieve higher claim settlement, the Company took several initiatives. The claim notification process and documentation were digitalized. The Company engaged with customers directly through personal calls during the settlement process and physical collection of relevant documents by company representatives wherever necessary.
Commenting on the higher claim settlement ratio, Anuj Agarwal, MD & CEO, Bajaj Allianz Life Insurance said: “One of the key factors in determining your preferred life insurer is the Claim Settlement ratio. It is the most important aspect of customer service in our relationship with a customer when his or her loved ones need it the most and our target is to achieve an even higher claim settlement ratio in the near future. While we continue to improve our claims settlement processes, customers too should be aware of facts pertaining to their policy and ensure the following points while purchasing a policy.”
1. The customer or policyholder should disclose all information – If a policy buyer neglects or forgets to mention crucial information such as smoking habits or a previous medical condition, it could affect the risk assessment. If this information comes to the notice of the insurer later, the claim could be rejected.
2. The policyholder should fill out the form on their own – Many people allow the insurance agent or sales personnel to fill out their insurance form. Such a third party may not be aware of the prospective policy buyer’s personal details and they could end up not mentioning crucial information.
3. Nominees should follow the required claim filing process – The policyholder should also inform nominees about the procedure and documentation involved in filing a claim and notifying about it. When the filing process is followed correctly, claim settlement is quicker.”
4. The policyholder should use the free-look period – Once the policy contract is signed, the policy buyer has a 15-day period during which to scrutinize the policy bond for errors, omissions and unsatisfactory terms. The dissatisfied policyholder thus has a 15-day window during which he or she can return the policy.
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