How to choose the right insurer in the midst of the introduction of a standardized insurance plan

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Sometimes choosing the right font for you can be a difficult task, given the multiplicity of products available on the market. However, in the case of standardized insurance plans – where the definitions, conditions, coverages, exclusions, endorsements and wordings are the same for all policies offered by all insurers – policy buyers can still have a lot of doubts. when they choose the right insurer for themselves.

For example, policy pricing plays an important role. This is because the prices generally vary from one insurance company to another. Where a lower premium may simply mean lower coverage provided by the insurer, it may also go through the underwriting process, where your insurer may provide you with better coverage than others at a lower cost.

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Therefore, to eliminate any confusion, buyers should perform the following background checks before choosing the insurer.

“Buyers should keep three things in mind before purchasing a standardized insurance plan: first, the ease of the onboarding and claims settlement processes; second, the amount of the premium; and finally the insurer’s support and after-sales service, including renewals, ”said Mohit. Garg, product manager for PNB MetLife.

By checking the claims-to-claims ratio, we know if the insurer is paying claims quickly. The claims settlement ratio is a measure of the cumulative number of death claims paid by a life insurer. In other words, it is useful to know the percentage of life insurance claims an insurer paid during a fiscal year compared to the number of claims it received during the period. It also includes outstanding claims from last year.

Sanjay Datta, Head of Underwriting, Claims and Reinsurance, ICICI Lombard General Insurance said there are some key parameters that policy buyers should check when choosing the right insurer. The parameters are: the financial strength of the company, the reputation of the company, the accuracy of claims payments and the ease of doing business, such as 24/7 customer service and reporting. online claim. In addition, if the price offered is a key aspect to consider, the choice of an insurance partner must be based on the quality and strength of the underlying promise and the consistency of its performance. “It is always prudent to go with insurers that have a good long-term product line such as health insurance, auto insurance, etc.,” Datta said.

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