Insurance claim ↝ Life insurance

What Is an Insurance Claim?

Definition and Examples of an Insurance Claim A claim is simply a request made to your provider. When you make a claim, your property has been damaged, or you have been injured, or an event specified in the policy contract that would trigger a payout has otherwise occurred. You can only claim something that is caused by one of the named perils listed in your policy. Your policy covers and compensates you for losses or damages. A claim is a request for that compensation after you pay your share of the costs if you have any. For example, if you have collision car insurance and get into an accident with another driver, you'll want to file a claim with your car insurance company to cover...

Insurance claim process: What happens when you file,

What happens when you file an insurance claim? You don’t want to do that, right? Or do you? We give you an in-depth look at what filing an insurance claim – how to file, what you need, and what to expect from your insurance provider. Finally, if you file a claim, will your insurance go up? To help, we reached out to Greg Raymond, CEO at, an insurance brokerage, to gain some insurance claims advice and some real insights about what it looks like on their side. Let’s start with the basics. What is an insurance claim? After a risk becomes a reality, you make a formal request to your insurance provider to cover the costs of a covered loss or policy-related event. A home insurance claim...

South Africa's FSCA issues press release setting out latest stance on business interruption insuranc : Clyde & Co

On 24 July 2020, the Financial Sector Conduct Authority ("FSCA") in South Africa published a press release to delineate the outcome of its recent discussions with insurers that are most affected by business interruption insurance claims. This article provides an overview of the press release and addresses the impact on business insurance cover. The FSCA issued a press release entitled "FSCA's latest stance on Business Interruption insurance cover" ("Press Release") on 24 July, 2020 ( click here to view the Press Release ). The discussions between the FSCA and the Prudential Authority ("the Authorities") with affected non-life insurers, were directed at addressing two primary concerns of...

There will now be a once-off payout for lockdown insurance claims after regulator steps in

Insurance companies will need to make a once-off payment for business interruption claims. The size of the payments have not been announced, but insurance company Hollard says it will cap payments at R200k. The payouts are being forced by the Financial Sector Conduct Authority, which says it is concerned about the damage to the industry's reputaiton. Insurers have just been forced to make a once-off payout for lockdown claims. In a joint statement, the Financial Sector Conduct Authority and the Prudential Authority announced that they had come to an agreement with insurance firms to provide interim relief while the legal battle over lockdown claims rages in the courts. “This interim...

Policy wording around pandemics sees insurers turn backs on tourism claimants - who you gonna call? -

The Tourism Industry in South Africa plays a fundamental role in the wellbeing and stability of our economy. According to the World Travel and Tourism Council, the 2018 contribution of the tourism sector in South Africa, directly accounted for 2.8% of real gross domestic product (GDP), which amounts to R139bn and this was projected to grow to R145.3bn for 2019. The advent of Covid-19 has essentially eliminated all tourism pending the government’s decision to reopen the sector, which as it stands – is only in February 2021. In a desperate bid to stay afloat, tourism and hospitality businesses are on a quest to get insurance companies to honour the Business Interruption policies that...

Insurance claims technology is the “moment of truth” says industry leader

Customer expectations are at the forefront of insurers' minds as they become more about speed, but an Aegon exec believes the claims process is the most important step to get right The claims process is the “moment of truth” for insurance companies, and artifcial intelligence technology can make it a positive experience, according to an industry leader. Insurance firm Aegon’s head of corporate development Marc van Weede said AI could improve the claims process by making it more efficient for customers. “Claims management is an area where AI and powered algorithms are actually helping to make the whole claims process smoother. “Claims really are the moment of truth for an insurer, so...

Dear Jennifer, why would an insurance claim be refused? - Olive Press News Spain

While listening to Javea’s Bay Radio last week, when a guest speaker was in full flood about the effect of the virus on the world’s economy, insurance claims were mentioned as being extraordinarily high. I was extremely cross when the speaker declared: “You know what insurance companies are like, when they have to pay out on claims, they try their hardest to refuse the claim.” The remark was obviously based upon pure ignorance, as the amount of settled claims my company processes can be quite astounding. Liberty Seguros have the reputation of being one of the best regarding their claims and, of course, due to the excellent policies, much more is covered to make a claim on. Additionally I...

The Claim Process – How Insurance Claims Work - Insurance Claim Solutions

The Claim Process – How Insurance Claims Work A Guide To How Insurance Claims Work If a disaster struck in your home or business, would you know how to make an insurance claim? Have you read your policy? Do you understand your policy? For most people, the answer to these questions is: “No!” That’s why we’re providing this guide of “The 10 most important things you need to know about how insurance claims work.” Step 1: Take Photos and Document Everything Before ANY action is taken, be sure to properly document all damage relating to the claim with photos and video if possible. If you don’t have proof that the damage actually occurred and you make temporary repairs, they may be denied or...

Insurance claims processing: customer experience first

The claims process is a key part of the relational and customer experience of Property & Casualty insurance company customers. Yet, at the same time excellent service, follow-up and customer satisfaction regarding the claims process are not enough. What really does matter more: end-to-end customer experience management and digital accessibility to information for an empowered consumer whereby information management excellence matters more than ever. According to research by Accenture a whopping 41% of surveyed P&C insurance customers who said they were satisfied with the way their claim was handled, still reported they are likely to switch to another insurer. Opportunities to...

Lockdown set to prompt insurance claim epidemic, The Independent

With the world and its activities concentrated at home right now, those homes are taking a kicking. As lockdown and social distancing rules leave households powering through the DIY to-do list or entertaining the kids with indoor assault courses and ball games, the insurance world is warning that claims for damage from all this inventiveness and creativity may not be covered by your home insurance. More than one in every ten parents say the kids have damaged their home or its contents during lockdown, often thanks to creative activities, online PE lessons and other indoor activities that would never have been tolerated in normal life. Meanwhile, while binge-watching box sets and movies is...