The Insurance Regulatory and Development Authority of India (IRDAI) has advised general insurers and standalone health insurers to mobilise all resources to ensure immediate service response to those affected by the floods in north India.
Noting that the floods are expected to cause widespread loss to property (homes and businesses) and infrastructure in various States, it asked the companies to respond/assist the claimants through 24/7 helplines as well as by setting up special claims desks at district level. The insurers should mobilise all resources, including outsourced functions, for quick settlement of claims arising out of the havoc created by the floods, the regulator said.
“Special claims desks at district level with adequate delegated claims settlement teams are recommended to be set up in affected areas to facilitate claims speedy processing and settlements including release of on-account interim payments to assist early reinstatement of property/ businesses,” IRDAI Executive Director (Non-Life) Randip Singh Jagpal said in a circular to CEOs/CMDs of the insurance companies.
IRDAI wanted the insurers to ensure all claims are surveyed immediately and claim payments/ on account payments are disbursed at the earliest and in any case not exceeding the stipulated timeline. It also wanted the insurance companies to encourage policyholders to use electronic communication wherever possible for correspondence.
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