Let’s have a look at some key tips to have a smoother claims settlement experience.
So you have filed a claim to your insurance carrier. You have either suffered from medical emergencies or have been afflicted with damages to your property. Claims are a sensitive business and any obstacle during the entire process can delay your claim and cause a major setback in recovering from loss. However, if you are wise and careful about some of the essentials during the process you can have a much smoother experience than anyone else.
Let’s see how we can do that by observing these tips:
1. Don’t Be Vague During FNOL:
Right from the beginning when you first establish contact with your insurance carrier, the most important thing to do is to give a completely accurate and honest account of the damage. It is crucial that you do miss out on any important detail or withhold any information. Doing this will not only affect your settlement but will also cost you your credibility for future settlements. In case of a life insurance policy, it is essential for your insurer to know your complete medical history. The smallest error or incorrect information during this exchange can hinder your settlement drastically.
2. Always Be Aware of Your Policy And Its Clauses:
One of the most important things is knowing your policy inside out. Whether it is life insurance, medical insurance, auto or even property insurance, knowing every detail of your policy from what it covers to what it does not is a requirement that will only benefit you. Always remember to be aware of your rights and the scope of compensation you will receive in case of an accident. This will help especially during negotiations and will make the process of claim settlement a smooth one.
3. Regular Updation Of Policy:
Being aware of the policy you buy is definitely important but what is also necessary is to keep it updated with all the important details. From your contact number to your addresses, to changes in names, you must inform your insurance carrier in case of any changes. Another important factor is to keep a record of all the changes you make so that it can be used for future references.
4. Be Aware Of Every Step Of The Way:
As a policyholder, you must be aware of all the formalities associated with the entire claims settlement process. Whether it is a negotiation with your insurance carrier or documentation of any of the transactions involved, all the associated requirements should be met with careful consideration. This will help in bridging the gap between you and your insurance carrier and will lead to a smoother claims settlement process.
Maintaining these habits will ensure that no matter how complex a claim is, you will be able to settle it with the utmost ease. Having a sound and practical approach and having a better understanding of your insurance carrier as well your policies will lead to smoother claims settlements.