ICICI Lombard Brings Relief for Cyclone-Affected People, Fast Tracks Claim Procedure

The company has initiated the settlement of the high frequency-low severity claims in express settlement mode

ICICI Lombard Brings Relief for Cyclone-Affected People, Fast Tracks Claim Procedure
ICICI Lombard Brings Relief for Cyclone-Affected People, Fast Tracks Claim Proce
OLM Desk - 20 May 2021

The cyclone storm Tauktae has left behind a trail of death and desolation. As the impacted states are trying to limp back to normal, ICICI Lombard General Insurance has come up with vital measures to accelerate the process of property-related claims settlement arising from the aftermath of the cyclone.

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.

The surveyors act as a link between the insurer and insured by timely assessing the actual loss or damages. ICICI Lombard has directed the survey firms to conduct virtual surveys for small value losses of up to Rs 5 lakh, which makes the claim settlement process a hassle-free one.

The storm has completely battered the states, damaging roadways and electricity supplies. Due to such breakdowns, connectivity issues might crop up, in such situations the on-ground survey team will assist customers in the quick redressal of the claim.

When customers are short of documentation, surveyors will use their best judgement to assess the losses sustained.

The general insurance company has already initiated the settlement of the high frequency-low severity claims in express settlement mode which is aided by the introduction of video surveys, paperless settlement by accepting 100 per cent 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, 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 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. They are also guided by a team of customer service managers from both regional and corporate claims teams to ensure efficacious coordination.

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