Understanding an insurance policy is the key to successful claims survey on chalk board By Edward Gibbens October 30, 2014 0 comments, be the first! Policyholders understand the need to be ‘in the know’ According to the latest consumer insight survey conducted by Santam, policyholders (93%) indicate that having an understanding of their insurance policy plays a key role in the claims process. Policyholders comprehend the link between the claims process and the terms and conditions applied in their policy – contrary to a survey run last year which showed that 46% of respondents did not attempt to use their policy document to lodge a claim. The latest results indicate that policyholders have improved their awareness and are taking a more proactive role in handling their claims. It is important for policyholders to understand the insurance cover they have purchased and the steps involved when having to claim. Although policyholders’ understanding of their cover is improving, we have noted that there is still a need for more consumer-friendly documentation and processes. Between 2013 and 2014 Santam has invested significantly into updating and reconfiguring systems in its Commercial and Personal businesses in order to improve efficiencies and create automation. Santam launched the client information and education portal: insurancegoodandproper.co.za Rejection of claims Close to 90% of the survey respondents have never had any of their claims rejected. Policyholders have an important role to play in enabling Santam to continue paying as many claims as possible. Policyholders need to understand their policy and ensure that all crucial details are updated in order to avoid repudiation. According to Santam the following are the most common reasons for claims to be repudiated: •The item is not on the existing insurance policy. •The right policy option is not selected. •It’s not an insured risk due to uncertainty, for example, “wear and tear” on machinery. •The cover for a newly acquired item is not activated. •The policy conditions are not met. The intermediary remains indispensable Moreover, and despite many respondents indicating that they have a better understanding of their insurance policies, an overwhelming majority admits that they still rely heavily on their intermediary to decipher the finer details of their policies and to help them through the claims process. An intermediary’s role is invaluable. Although we encourage policyholders to take more responsibility and educate themselves about their insurance policy, the intermediary still proves to be the safest and most reliable option, providing convenience and unrivalled expertise prior, during and after the claims process.
Posted on: Thu, 30 Oct 2014 12:14:36 +0000
Trending Topics
Recently Viewed Topics
© 2015