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Business News of Tuesday, 28 July 2020

Source: thebftonline.com

Insurance policyholders urged to report insurance claims on time


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Mr. Ernest Frimpong, the Managing Director of Loyalty Insurance Company Limited, has made a call to insurance policyholders/insureds/claimants to report accidents or insurance claims to insurance companies on time to speed up investigations, processing, settlement and payment of insurance claims in a fair and prompt manner.

Mr. Frimpong indicated that the delay in reporting insured incidents to insurance companies is one of the reasons payment of insurance claims sometimes delay. He indicated that in recent times, some insurance companies, including Loyalty Insurance, have made claims payment a marketing tool and therefore would do whatever is within their capacity to pay claims in a swift manner.

Mr. Frimpong pointed out that as part of the general conditions of insurance policies, insureds or claimants are required to give notice in writing to the insurance company immediately an event giving rise to a claim occurs. Even before a formal written communication to the insurance company, a notice of the unfortunate insured incident can be reported to the insurance by either a phone call or email.

Regarding Motor Insurance, in the event of an accident, the insured must immediately forward to the insurance company full details of the accident in writing and any communication or court documents received by the insured. Insureds should desist from taking unilateral decisions on fixing their vehicles or engaging negligent third parties without the involvement of their insurance company.

Insureds may present an estimate(s) from their preferred garage(s) but, they should allow their insurance companies to seek a second opinion on the estimate(s). This speeds up the claims settlement and payment process.

Insureds should, therefore, desist from authorizing repairs without the involvement and approval of their insurance company. Insureds should also endeavour to make the accident vehicle available for inspection by the insurance company.

Claimants are also required to notify the Police as soon as possible of all accidents, including thefts of or malicious damage to their insured vehicle.

Mr. Frimpong disclosed to the B&FT that Loyalty Insurance, for example, will do whatever is within its power to delight its clients and remain a loyal partner at all times, bearing in mind that each contact with an insured is an opportunity to improve the confidence and trust in Loyalty Insurance and the Insurance Industry as a whole.

He further stated that the settlement and payment of claims is one of the ways to meet and even exceed the expectations of the clients of insurance companies.

This posture by insurance companies is very important because the ability of an insurance company to meet its financial obligations as and when they fall due speaks volumes of its financial strength, solvency, and operational efficiency and viability.

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