An insurance claim is a formal request to an insurance company asking for a payment based on the terms of the insurance policy. The insurance company reviews the claim for its validity and then pays out to the insured or requesting party (on behalf of the insured) once approved.
The non-life insurance industry is witnessing shifting trends across policy administration, and claims—the two core functions in insurance.
The claims process is the defining moment in a non-life insurance customer relationship. To retain and grow market share and improve customer acquisition and retention rates, insurers are focused on enhancing customers’ claims experience.
There may be a dispute over the scope of coverage, the amount of payment owed, and/or missed or late payments on the part of the insured. Disputes may also occur over misrepresentations made at the time of the policy’s sale, and/or the amount of coverage provided by the insurer.