Insuring claims

It’s a fact that when a claim is made, it usually spells trouble. Trouble in a sense that one has just experienced loss or damage to property or life, and would have to undergo the tedious insurance process. Call it trouble, difficulty, annoyance, hassle, disturbance, nuisance or whatever you want to, but on the bright side, insurance, in general, helps society (which includes us) by contributing to social and business stability through indemnification.

In order for a layman to understand and accept the true essence of insurance as a form of asset protection (not as an investment), one has to know and learn about its technicalities. A lot of consumers do not believe in the insurance system mainly because of horrifying stories about claims, often those rejected for whatever reasons. Sad to say, there is public mistrust in some insurance companies’ integrity to settle claims. This is one of the more difficult obstacles of the insurance industry in promoting insurance to the public. On the other hand, there are also clients who are being avoided because of moral hazards. Some policyholders feel that for them to get their premium expenses’ worth, a claim has to be made. Everything boils down to the most important principle – the principle of utmost good faith. Both the assured and the insurer, including intermediaries (brokers and agents), should be strictly guided by this principle to eliminate qualms.

Now that we have identified the important parameters like trust and confidence, the contribution of insurance, use of insurance, etc., let us focus the rest of this article on claims, and claims alone.

When one procures a policy, obligations are immediately established. A policyholder will be responsible for paying the premium/s on time while the insurer undertakes the compensation of a loss/damage covered or specified in the terms and conditions of the contract within a reasonable period of time. I reckon that everybody would consider this fair and logical. Yapster has been in the insurance business for quite a while now and we do experience the ironic feeling of longing for a claim to occur, just so we can prove our superior level of service, even if it requires more labor from us.

This is a dog-eat-dog industry and although providing competitive premium rates is an initial concern in closing a sale, at the end of the day, it is those who can pay claims promptly and fairly who win the popularity contest. "Claims are the showcase of insurance companies" is a common saying in the industry. I believe it can be reassuring for consumers to know that insurers keep this thought in mind constantly.

Proper preparation of requirements and punctual reporting of occurrence is essential to a claimant. It might be too nitty-gritty, but understanding the necessity of an appropriate documentation can lead to a swift resolution. A claimsman understands the predicament of a claimant because he, too, is not excluded from this task of seeking recovery from reinsurers. Seek the assistance of insurance brokers like us to represent your requirements and in facilitating claims.

Testimonies from clients reveal their satisfaction with how www.2insureall.com guides them in their claims. The procedure is very easy and convenient. Since claims are information-intensive, they must be conducive to automation to minimize the paper intensity of the process, as well as the exhaustion of human resources.

A claim done electronically is a logical progression and an evolution that can well provide convenience and accuracy in achieving claims settlement. Yapster did not invest in artificial intelligence and Web-enabled technology just to be the market leader, but to greatly improve productivity and enhance customer service.

We speak highly of e-insurance because we believe and understand its concept. Worthiness of business transactions is highly guaranteed with the support and guidance of the Insurance Commission. This confidence refers to the strict code of conduct and good business ethics, which most companies in the insurance industry abide by.

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Sherman Yap is CEO of Yapster e-Insurance Brokers Inc. (www.2InsureAll.com), a member of Yapster e-Conglomerate Inc. You may contact him at [email protected].