INSURANCE CLAIMS PROCESS: STEP-BY-STEP GUIDE
WHAT IS THE CLAIMS MANAGEMENT PROCESS?
Claims management comprises all work that an insurance management firm carries out for the companies suffering heavy losses, or damage to properties. We can define the claims management process as a procedure in which the insured’s claim for compensation for an insured financial loss is received, verified, and validated. The motive behind verifying and validating is to reach the conclusion of whether the claim should be approved or not.
The insurance claims process can be divided into five main steps. The five stages mention the tasks performed from the moment you report your loss to the resolution of the claim you made. Here is how you can get handle claims requests:
1. CONNECT WITH YOUR BROKER:
Your broker is the most immediate person of contact for you in such situations. They have complete knowledge of the insurance policy and hence they can easily understand the situation and know how to deal with it. Prepare a detailed list of all the items that were harmed or damaged along with some proof that justifies your statements. Proofs may contain documents, photos, videos, etc. that reflect the circumstances.
2. CLAIM INVESTIGATION STARTS:
The investigation begins where it is thoroughly checked whether the documents or proof presented are authentic or not. The investigation is significant in order to proceed further in the process of settlement. The adjuster will investigate to determine the total amount of loss covered by the insurance policy you purchased.
3. REVIEWING OF POLICIES:
The policies are reviewed after the complete process of investigation is completed. The adjuster will thoroughly look through the policies to come to a conclusion that what your policy exactly covers. The adjuster will inform the clients about the deductibles that are applicable in your case.
4. THE AMOUNT OF DAMAGE OR LOSS IS EVALUATED:
The next step involves the complete evaluation or calculation of the loss. It also measures the depth or extent of the damage caused to the property. Once the adjuster finishes the evaluation part, the adjuster will provide the list of vendors that will help you repair the damaged items.
5. PAYMENT IS ARRANGED:
Once repairs have been completed and the loss has been recovered, the final step is to arrange the payment. The adjuster will ask you about the settlement of your claim and verify it. After proper verification and the submission of the bills, the final payment is done to the clients. It takes a few days to weeks depending upon the complexity of the situation.
THE BOTTOM LINE:
Since every claim is not the same, the processes may also vary slightly. It is the headache of your adjuster to resolve your queries by devoting the required time and attention. Amity Software is dedicated to handling the claims management process effectively. Amity Assure and Amity Insure serve the best for Life Insurance Management Systems and General Insurance Management systems respectively.
To know more about insurance management automation, kindly visit https://amitysoftware.com/solutions/insurance/ or give a call at +91 (120) 4305000.