Mumbai, May 20, 2021: ICICI Lombard General Insurance, India’s leading private general insurance company has rolled out critical measures to accelerate the process of property- related claims settlement arising from the aftermath of the recent cyclone Tauktae.
In this situation of dual damage with the cyclone and complications due to the pandemic wreaking havoc, time is of the essence here for many. In an attempt to expedite the claims redressal procedure, the insurer has formed a panel of 15 survey firms from among their empanelled surveyors who will assist in servicing claims arising out of this cyclone. This nomination is basis consideration of their performance in past catastrophic events, like Cyclone Amphan, the floods in India of August-September 2020, etc. The survey firms have been mobilized and are already at the affected sites.
The surveyors assess the actual loss or damages and act as a link between the insurer and insured. They play a key role in the timely assessment of the claim amount and consequent settlement of the same. To ensure that customers have a hassle-free claims settlement process, ICICI Lombard has advised the survey firms to conduct virtual surveys for small value losses of up to Rs. 5 lakhs. However, in case of connectivity issues due to the breakdown of telecommunication lines, the on-ground survey team will assist customers in the quick redressal of the claim. In the event customers are short of documentation on their claims, surveyors have been advised to use their best judgement to assess the losses sustained. The aim is to go in for spot settlements on the date of the first survey itself, so as to ensure quicker disbursement of the claim proceeds to the customers.
ICICI Lombard has already initiated settlement of the high frequency-low severity claims in express settlement mode. The quicker settlement has been aided by introduction of video surveys instead of physical surveys, paperless settlement by accepting 100% documentation in online mode and reduction in claims documentation by soliciting only bare minimum documentation.
Customers with larger value claims have been assigned specific survey firms conversant in handling such claims, who will be conducting physical surveys to accelerate the process. Only in extreme cases where the loss sites are inaccessible due to damage/ danger, surveyors will be resorting to virtual modes. The surveyors have also been advised to recommend on account payments so as to assist the customers by providing the necessary cash flow to initiate the repairs and / or replacement of the damaged assets.
In case of claims for customers for whom the agent acts as the intermediary and hence is the only point of contact, the insurer has appointed a maximum of two different survey firms to assist the agent. To further increase the efficiency of the processes, ICICI Lombard has also ICICI Lombard General Insurance Co., 414, P. Balu Marg, Near Siddhivinayak Temple, Swatantra Veer Sawarkar Marg, Prabhadevi, Mumbai 400025 www.icicilombard.com formed a dedicated team of customer service managers (CSMs) from both the Regional and Corporate Claims team for handling these claims to ensure effective coordination & updates.
Additionally, ICICI Lombard encourages all their customers to take advantage of digital solutions through IL Take Care App for prompt intimation of claims. The insurer has apprised all its customers of the claim reporting link on the website of the company by way of a SMS that was sent to individual customers prior to the Cyclone. Alternately, customers can also connect on the toll-free number + 91 1800 2666 for any assistance.
ICICI Lombard General Insurance Company Ltd.
We are one of the leading private sector non- life insurers in India. We offer our customers a comprehensive and well-diversified range of products, including motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels. More details are available at www.icicilombard.com.