Insurers brace for Odisha train accident claims, ease settlement processes

after Insurance Regulatory and Development Authority of India (IRDAI) to prioritize and expedite the processing of claims for victims Odisha train accidentMany insurance companies have announced measures to reach out to policyholders and streamline the process.

“Claims processing is a document intensive process. When disasters happen, insurance companies process claims expeditiously to provide some relief to families. This could be by deploying more people and even Waiver of some documents.

Many insurance companies such as LICICICI Prudential Life, Bajaj Allianz Life, IndiaFirst Life, SBI Life, Liberty General and Bajaj Allianz General Insurance have announced measures such as minimal documentation, dedicated helplines for claims inquiries and the creation of a special task force. Most said they would rely on a list of deceased passengers issued by hospitals, government authorities or the police rather than insisting on a death certificate.

Claims processing

Although claims alerts have not yet begun to appear, insurance companies have begun mapping the passenger list of their own database against rail ticket information such as name, age, gender and contact details. The companies said that upon receiving confirmation from the relevant authorities, they will start communicating with the candidates and family members.

“The average alert period for death claims is usually 4 to 5 months for individual insurance policies. It should be earlier, on government notice or because of our proactive approach, and therefore We think it should be anywhere from one to two months.”

There are several policies in relation to government schemes (PMJJBY), individual retail policies, and people covered by group policies. So, identification may take some time, but we are working to expedite as much as possible.”

Moreover, since the accident concerned policyholders from different countries, the insurance companies have appointed multiple investigators in different states, and deployed special resources at the accident site for immediate settlement and assistance, they said.

Regulatory payment

“As an industry, we have created a dedicated helpline and digital capabilities so that it is easier for clients or their family members. Insurers have dedicated dedicated teams to expedite such claims and ensure a smooth claim process,” said Taban Singhel, Chairman of the General Insurance Council, and Managing Director of Bajaj Allianz General. .

In a memo to company bosses, IRDAI asked insurers to immediately contact the railway authorities to manage the area, start the “suo moto” claims process and speed up and streamline the claims process.

In a separate circular on Monday, insurers were authorized to set up a dedicated helpline, publish details of offices or private camps, proactively process and disburse claims, and publish all such information and data related to claims on their website.