IRDAI in pursuance to make policyholder's work rather hassle-free who have been running from pillar to post to get their claims settled has now asked insurers to give status updates on the claim settlement process. Until now basic details concerning insurance claim are sent over to customers but the new proposal will introduce a tracking mechanism using which customers can know the current status of their filed claim against an insurance policy.
How IRDAI plans such a move?
As and when the policyholder applies for settlement of a claim, he or she shall be given the unique reference number over the mobile number as well as e-mail. And there on at every stage, an intimation needs to be made by the insurer such as when the need arises for more of the requirement for the claim to be processed or when a survey has to be done.
Also, when the final decision is being taken for the claim such as its acceptance, rejection or repudiation, communication needs to be sent. Further, details of the payment mode i.e. whether it is being through credit in the bank account or cheque have to be detailed.
It is with each of the policy matters ranging from proposal acceptance, policy issuance, lapse or renewal for which customers will be intimated via SMS, e-mail or letter.