3 SIMPLE STEPS TO GET YOUR INSURANCE CLAIMS

For a long time, the insuring public has carried on with an erroneous perception of claims processing in the insurance industry. Anytime an insured has a claim to process from the insurance company, will the insurance company pay the claim??is?the first question that comes to mind.

In this article, you will discover three simple steps everyone needs to take when next you suffer a loss from an insured peril that could lead to a claim. These three simple steps are:

1. Notification
2. Documentation
3. Compensation

NOTIFICATION: We refer to this as a claim notification. An insured is a client of an insurance company. For example, if?you insured your vehicle with XY insurance company, you are the insured. Now?if?your insured vehicle is involved in an accident or got stolen, the insurance company will need to get your?vehicle?back for you. Insurance companies will not know that your?vehicle?has been involved in an accident or?stolen?as the case may?be?unless you inform them of the incident. This process of getting the insurance company to know that an insured has suffered a loss on the insured risk is known as claim notification.?Most of the time?when?a loss occurs, the insured does not know how to relate the incident to the insurance company.?This?is why it is?very important?to engage the service of an insurance broker when next you want to take up an insurance cover. Claim notification is as simple as just picking up your mobile phone and reaching out to your insurance broker on the loss experience you have just suffered. Once your insurance broker has?been informed, your insurance broker continues the claim processing on behalf of the insured. Your insurance broker will help to make a formal claim notification on behalf of the insured to the underwriter (i.e.?The insurance company)

DOCUMENTATION:?This?is the stage that?gets the insured agitated when processing an insurance claim. Let us look at a scenario of a defendant in a court of law trying to defend the count charges levied against him all by himself, this?can be very tasking. Imagine how refreshing it could be to have?a very good?lawyer to present his case before the judge. In like manner?if?you have your insurance broker to sort your claim documentation with the insurance company while you go to sleep, how refreshing could this be?

The insurance industry is a service provider industry,?there?are?no physical products on sale. It is an industry that offers a “promise to compensate” when a loss occurs.?This?is why material information is usually required to substantiate every claim you?are requesting?from the industry. To the client of the insurance company?being asked?for one supporting document or the other, it might be very demanding, but to?your insurance broker, it is a professional obligation. Your broker will guide and advise on the appropriate documents required at every stage of the claim?processing without any?apprehension. You will not have any reason to visit your insurance company to present documents. Your broker takes such a burden away from you.?

COMPENSATION:?This is the final stage of the claim processing. At this stage, an insured asset is either repaired, replaced, or reinstated for?him. Every insured who has experienced these benefits through an insurance broker is usually a great ambassador of the insurance industry.?This?is?when an insured?is physically convinced?that it?pays to take up an insurance policy.?Insurance becomes a reality to the insured who has enjoyed the benefit of insurance?through claims as compensation for the loss suffered.

The insurance business is a business of underwriting and claim settlement. Every client of an insurance company enjoys this cycle either in the form of compensation when the loss occurs or in the form of peace of mind when the loss does not occur during the insurance period, but the?assurance that should a loss occur, the insurance will compensate is a testament of the peace of mind every insured enjoys.

These?3?simple steps described in this article are achievable only if you engage the services of your insurance broker right from the time you are taking up an insurance policy. ?Your?broker stands in your place to relate with the insurance companies on your behalf. When next you are thinking of taking an insurance policy, consult your insurance broker for professional advice and?services.