There are many aspects of insurance that need to be brought to the forefront to aid consumers in making better choices and decisions. Some of these are the procedures and processes involved in insurance claims payment.
The better a consumer knows about a certain financial product or process, the more likely they are to make informed decisions about it and adopt such products and processes in their everyday lives.
What is an Insurance claim and what are the types of insurance claims?
An insurance claim is an insured’s formal request to the insurance provider for compensation against losses covered under their insurance policy. It is an application for payment made by an insurance policyholder to his or her insurance company at the advent of a loss to be paid in accordance with the details of his or her policy.
Insurance Claims processes
In general, there are some procedures that are standard when it comes to insurance claims. One of which is that the insured must notify the insurance company of any incident as soon as possible and within the stipulated time agreed upon by both parties. Upon receipt of this notification, the insurer will clearly communicate to the insured the next steps he or she will take.
Secondly, in cases where there is a need to appoint a surveyor to assess a loss or claim, it shall be done as soon as possible. Some can be done within 48 hours, while others may take more than that. All required documents should be available to the surveyor upon request, and findings shall be communicated within 30 days. Upon receipt of the surveyor’s report, the insurer will make a settlement offer to the insured and make payment within 7 days of the acceptance of the offer.
It is also to be noted that some cases may take longer periods to settle; however, in no case shall a surveyor take more than six months from the date of his appointment to provide findings.
As earlier stated, claims procedures may differ depending on the type of policy in question and the type of claim being treated, as in the cases below.
Third-Party Claim
If the insured’s vehicle is primarily involved, it is important that the accident be reported immediately to the police as well as to the insurance company. On the other hand, if the insured is a victim of the accident, they must obtain the insurance details of that vehicle and notify the insurer of that vehicle.
Theft Claim
If the policyholder must make a claim for a stolen vehicle, they must ensure that they collect all the required documents and submit them, along with the requisite claim form duly filled out, to the insurance company. They must also fill out certain specific forms required for these types of claims.
Property Insurance Claim
There are usually many types of policies around property; however, in the case of losses and damages, including those due to theft, fire, and flood, the policyholder needs to notify the relevant authorities, such as the police, the fire service, and so on. For such claims, the insurance company sends a surveyor to survey and assess the loss after receiving notification from the policyholder.
NEM Insurance Plc., as a leading insurance provider in Nigeria, takes pride in its efficient claims payment processes. The Group Managing Director and Chief Executive Officer of NEM Insurance Plc., Mr. Tope Smart, said, “We are in the business of making sure our customers are given the best quality service available by ensuring that our process and procedure of operations are simplified for our esteemed customers. We do not only promise efficiency, but we also strengthen the mutual trust existing between us.”
“We have taken it upon ourselves to lead by educating our customers and intending customers about our processes. For us, that gives us the edge, as transparency contributes to the trust that our customers have in us,” Smart remarked.
No one wishes for the emergence of unforeseen circumstances; however, it is wise to prepare and plan against such an emergence, and having the right insurance partner with proper and efficient claims payment processes will make your insurance experience a lot better. for more information about NEM Insurance visit: nem-insurance.com
