A strong claim processing system is the foundation of a genuine car insurance company
Studying the consumer satisfaction stats of a recent research has shown that car insurance company that houses a reliable claim processing system has succeeded to score high. Normally motorists claim that companies offering cheap insurance rates, greater discounts, add-on features will top their preference list. But this check list will completely change after actually purchasing a car insurance policy and going through the claim processing cycle.
Claim rejection or payment delays are some of the most common problems motorists face with their so-called best car insurance companies. And this is even more devastating because this is the actual time when they need their vendor to help them.
Claim processing system is a chain of processes that encompasses all the small and big formalities from claim submission to actual pay out done to the policy holder. Some important terms of this system are adjudication, satisfying claim pre-cursors and pre-existing conditions, etc. Manual claim processing systems have longer turn-around time and are more prone to errors or processing mistakes. In such a system, claim processor will receive the claim; he/she will examine it and determine the coverage and whether or not the claim is covered by the customer’s policy. This forms the core of the processing and is often called claim adjudication. In this procedure, processor actually checks some minute criterions like whether the incident date coincides within the coverage date of the policy, or has the claim been filed on time. These terms vary from company to company, but on overall remains the same. Once the claim has been adjudicated, a benefit amount is determined, which is then paid out to the beneficiary.
Nowadays, paperless claim processing systems are the latest trend in car insurance sector which has significantly brought down the turn-around time of claim processing. Claims can now be submitted online, claim processors perform the required steps and the explanation of the benefit comes straight away in your inbox. It definitely deserves high customer satisfaction scores. Isn’t it!
So, if you are comparing car insurance quotes to buy a car insurance policy, also ensure that the company you choose has a fool-proof claim processing time, because you definitely don’t want to get disappointed in the end.
Article written by the marketing division of Car Insurance Wizard