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What are the Steps of General Insurance Claim Processing?

By Insurance CIO Outlook | Wednesday, September 09, 2020

Individuals purchase general insurance to secure themselves from going into a financial crisis if there is any occurrence of disastrous incidents such as accidents or any other misfortune.

FREMONT, CA: General insurance claim processing refers to a policyholder's formal request to an insurance agency for remuneration or inclusion for an arrangement occasion or secured misfortune. Individuals purchase general insurance to secure themselves from going into a financial crisis if there is any occurrence of disastrous incidents such as accidents or any other misfortune. Insurance companies usually opt to outsource general insurance claim processing. There are many types of processing for general insurance, like auto insurance claim process, health insurance claim process, home insurance claim process, and more. Insurance agencies need to settle claims faster as it would bolster or improve their brand image and reputation. These insurance companies invest a lot of their effort and resources in training and managing their employees for the perfect claim processing.

Let us look at the steps of general insurance claim processing:

Reaching the Agent

Top 10 Insurtech Startups - 2019An agent is a very important person for insurance policies. They are the ones to know how to forward the initial step of the claim process by comprehending the detailed list of valuables that have been damaged or lost and the circumstances that caused it with the help of videos or photos of the same. When all of these is obtained, another official will contact the individual to move to the next process.

Claim Inquiry

Once the claim report is submitted, it goes under investigation by another official to determine the measure of damage or loss secured in an insurance policy. The agent also identifies any liable parties, and the insurance holder can help the procedure by providing any witness statement or contact details of other involved parties.

Verification

When the inquiries are made, the official would review the policy carefully to understand what is and is not included in the policy, and explain about probable material deductibles that may apply to the case.

Damage Evaluation

n order to precisely evaluate the intensity of the damage or loss, the insurance agent may employ specialists, appraisers, or temporary workers to give their professional guidance. When the estimate is completed, the agent will give the policyholder a review of favored vendors to help with the repairs, which saves them a decent amount of time and research.

Payment

This is the last step of general insurance claim processing. One everything is restored, or the valuables have been replaced with new ones, the agent would reach the policyholder in regards to the settlement of the case and payment.

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