Claim handling
This is the process by which policyholders request compensation or benefits from their insurance policy in the event of a covered loss or incident. Insurance companies investigate and process claims to determine the validity of the claim and the appropriate amount to be paid out. Efficient and fair claim handling is vital to maintaining customer satisfaction and trust in the insurance company.
Example
A homeowner experiences significant damage to their property due to a burst water pipe. They file a claim with their home insurance company. The insurance company assigns a claims adjuster to assess the damage and estimate the cost of repairs. After verifying that the policy covers water damage, the company promptly processes the claim and reimburses the homeowner for the repair expenses, minus the deductible.
Expected questions on Claim Handling:
1. How do insurance companies ensure the accuracy and fairness of claim settlements?
2. What steps are involved in the claims investigation process?
3. Can you explain the role of claims adjusters in the claim handling process?
4. How do insurance companies prevent fraudulent claims while maintaining a customer-centric approach?
