Insurance Regulatory and Development Authority of India (IRDAI) Chairman Dr. Subhash Chandra Khuntia, even though addressing the 17th Annual Insurance Brokers’ Summit on Friday, asked the insurance coverage intermediaries to give priority to threat prevention to minimise the losses suffered by the insurance coverage policy holders.
During the summit held practically, Dr. Khuntia released the 5th edition of the ‘IBAI General Insurance Claim Insights for Policyholders Handbook’ that covers the claims associated ratios pertaining to Fire, Marine, Motor, Health and Miscellaneous lines of enterprise in addition to the all round claims by all non-life insurance coverage corporations in India with the exception of a couple of specialised insurers.
According to the Handbook, as per the evaluation for the monetary year ended March 31, 2020, the claims settlement ratio for the complete business remained stagnant at 85.18 per cent, on the other hand the claim repudiation ratio has enhanced from 7.47 per cent to 4.09 per cent.
While speaking about the claim settlement ratio, Dr. Khuntia mentioned, “Be with the policyholders throughout the policy lifecycle, including the claim settlement, which is most important.”
Emphasising on threat prevention, the IRDAI Chairman told insurance coverage corporations and distribution channel members, “Another very important activity that I would like you to undertake is to be in constant touch with policyholders, to provide them information about how to prevent risks, because that is most important. Though you have got your policyholders insured, the first preference is not how to get the claim settled, but how to prevent a claim.”
“The risks against they are insured – whether it is a fire for the buildings, for health risks…I would suggest you to devote more energy in training the policyholders on how to prevent a fire accident, what kind of precautions to be taken. Similarly, how to lead a healthy life, what are the wellness programmes they (policyholders) should be part of, so that they don’t fall ill. Because the primary objective of the policyholder is not to get claims settled, but to ensure that the risk doesn’t arise at all. Then they will also feel that whatever premium they have paid – that value for money they get in getting advice on risk prevention or risk mitigation,” he added.
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