Quick Guide to An Insurance Claim

Before anything else, we first have to understand what an insurance claim is. This way we can better appreciate the whole procedure and it simply becomes easy to go through because we already know what to do step by step, in relation to the whole process.

A claim is when you ask the insurance company to compensate you for damages you have sustained after a car accident, or when you ask the insurance company to represent you or intervene on your behalf when you are liable for damages.

You pay a lot of money for your car insurance, so it makes sense that if you are involved in an accident, you will want to make a claim. Depending on whether the accident is responsible, or not responsible, and the type of damage, your insurance company will be able to provide coverage based on the kind of car insurance coverage you have.

Claims can be paid from the comprehensive coverage, collision coverage, or any of the minimum car insurance requirement sections, such as liability. Claims may also be paid from multiple sections of your policy depending on the circumstances of your car crash.

If you are wondering whether your collision claims process will be more difficult to bear than the accident itself, the good news is that filing a claim is usually fairly simple. By following a systematic approach and carefully recording what has happened, you can gather all of the information you need. The following guidelines will help you ensure the process goes smoothly.

ON THE ACCIDENT SCENE

One of the best ways to speed up the entire claims process is to get off to the right start, and that begins at the accident scene itself. The more good information and evidence you can collect there, the better.

Here’s what to get:

Personal Data: Try to get basic personal information from everyone at the scene. That includes all other drivers, passengers, and bystanders. Get their names, phone numbers, and home and email addresses. Anything that will make it easier to find them later. If you have time, take some notes about what each witness saw and heard. Pass all of this information along to your claims adjuster, but be sure to keep copies for yourself.
Insurance Information: This is particularly important. Make sure to exchange insurance information with the drivers of all vehicles involved in the accident. It’s probably going to be the first thing your adjuster asks you for.
Pictures: Take a bunch of photos of the accident scene. If you can get pictures before the vehicles are moved out of the way, great, but don’t create a dangerous situation just to take them. Definitely take photos of all damages to your car, every other vehicle involved, and anything else. Take a few pictures of the accident location as well. A few different angles are always helpful. Take pictures of the parties involved and all witnesses, if you can. And, finally, take photos of each party’s insurance card.
Law Enforcement: Always call the police after an accident. They may or may not be able to respond, but it’s always worth a try. When they arrive, make sure to get the officers’ names. They will gather their own information and take interviews for their report, and instruct you on how to obtain a copy the report once it is written up. Hold onto whatever paperwork they give you and pass on copies to your adjuster.
Contact Your Insurer ASAP
I’m sure you’ve heard the saying, “most crimes are solved in the first 48 hours after the incident.” That’s because the crime scene remains intact and the details are still fresh in the minds of the witnesses. It’s kind of like that with an auto accident. We’re not talking about a crime here (I hope), but the idea still works. The sooner you contact your insurer, the easier it will be for them to make the inquiries they need to get the most accurate data. It’s not a bad idea to call them from the scene of the accident, if possible.

Be Cooperative and Prompt

Most small accidents are relatively simple for your adjuster to handle. He or she has done them hundreds of times over. That doesn’t mean that a claim can’t be held up by some missing piece of evidence or information.

If your adjuster calls you and leaves a message to call him or her back, do it as soon as you can. Good communication between insurer and claimant is vital. Plus, it’s hard to complain about slow processing if you’re the one holding it up.

Be Honest

This rule seems obvious, but not everyone follows it. It’s human to want to avoid pain, and admitting that you are at fault for your accident can be pretty painful. But if you are at fault, don’t try to get out of it by lying. First of all, insurance adjusters have a lot of experience with accidents and fibbers.

They’re really good about figuring out what actually happened and that can be pretty bad for you if you are less than forthcoming with the facts. Remember “Double Indemnity”? Insurance fraud is frowned upon and could cost you a lot more money than the premium increase you’ll likely get by admitting fault.

And if you’re looking for a speedy conclusion to the claims process, being dishonest will surely slow it down, and sometimes bring it to a crashing halt.

Gain Efficiency Through Claims Investigation Services

Importance of Claims Investigation

Underwriting and claims investigations are the two most imperative perspectives in the working of an insurance company. In the current commercial environment where competitiveness and financial gains stand as vital business cornerstones, claims investigation can serve as a market differentiator that puts insurance agencies at the front line of industry leadership and innovation.

To be effective, insurers need to enhance the operational productivity of their claims processing and assemble a working model that can minimize claims costs and also dispense the unnecessary expense associated with managing real as well as fraudulent claims.

Numerous insurance providers have varied claims operations, personnel and units that concentrate on the products and services (non-life and life) they offer to people or on various business sectors. This model frequently brings about gigantic claims operations with notable unit designs, system infrastructure and procedures for every market or line of business. In addition, in high-volume or exceptionally complex operations, fraud, waste and abuse claims are the ones that distress the insurance companies the most. It is here that the process of claims investigation works wonders, and helps insurers gain efficiency in their day-to-day operations.

Understanding Claims Investigation

The Claims Investigations process is one in which Insurance Companies, Insurance Examiners, or Investigators get data to assess a claim. Thus, it might require examining documents, finding witnesses, going talking with individuals, assessing property, for example, vehicles, accident sites to give some examples. Further, these investigations may lead to taking photographs, video, finding witnesses, talking with the victims, claims managers and much more. In doing so, insurance companies are looking for able partners that can deliver all the services of the claims investigation process, and this leads to the need of a Third Party Administrator who can work in tandem with the insurance providers to settle the claims and give valuable suggestions.

Various Forms Of A Potentially Fraud Claim

Fraud is a general term used to portray an act of deceit by an individual or group. This act of deceit can come in various configurations. For instance, insurance investigators attempt to uncover the individuals who make false claims with a specific end goal to get insurance money. Likewise, intellectual fraud occurs when fake items are passed off or sold as originals. Mortgage fraud happens when some person has adulterated the paperwork to ensure a loan goes through. Since each of the aforementioned claims fall in the fraudulent claims category, then having a certified claims investigation agency can only gain efficiency in each and every step of claims adjudication.

As you must be aware of the fact that fraud is a gigantic issue that costs insurance companies billions of dollars each year. In such a scenario having a trusted insurance claims investigation partner can very well leverage the workload of in-house working staff of an insurance company. And with integrated platforms and digitized reports can present you with real-time information on every claim investigated.

Following these points can help evaluate the claims investigation service quality parameters, and check how well it suits your business.

Inniti Alliance provides professional Claims management services focusing on policy administrations, claims analytics and management which timely investigates, comprehensive evaluations & fair determinations. Our team is adept at it’s work, allowing a quick turnaround time with no compromise on quality of service.

The Reasons Which Trigger Liability Insurance Extensively

The age that we live in is becoming cognizant enough of their liabilities. Much before the results are out all acts of defence are kept ready. Doctors make it a point to pay huge amounts of money to get them insured as patients can try to make them accountable for careless or malpractice issues. This is very common in case of a liability insurance, patients are ready to file suits against anyone mistake done by them and demand a compensation. It is not only common for doctors but also for the education sector. Many schools adopt safer means to avoid any sort of litigation.

So what is Liability Insurance? The Liability insurance is vital for all the people who can be held legally accountable for the damage to others, especially the doctors and business holders. All these people procure the liability insurance for a coverage in case of a faulty product and cause damage to the buyers or any third party. This covers even if the employee gets injured while carrying out the business procedures.

Liability insurance is of various types and some of them are stated as below:

• Public Liability – It covers an individual, business unit, any incident, a worker- and even the infrastructure for overheads from legal proceedings if one is found accountable for the injury, death, damage…

• Insurance for product liability- This is specifically for businesses units that build the products for sale purpose taking place at the general market. It protects against any litigations which are the result of any sort of injuries or death which are due to the products.

• Indemnity insurance- This offers a protection for a business against any sort of carelessness of claims due to any finances which are the results of a lapse to accomplish.

• Director and officer liability coverage- This is for the business house that comprises of the board of directors to protect them in case the company gets litigated.

• An umbrella liability policy- This policy protects against any disastrous or ruinous loss.

As stated above, we have seen some forms of liability insurance, in brief, now is the time to see what makes them being used so extensively by going through their importance.

Importance

• Having a liability insurance, one gets a cover against a magnitude of litigations which could be in connection with their products and services, harm or damage done to employees, workers any sort of neglect etc. One advantage of having this is an exemption from legal fees and medical expenses as well since it is already taken care of once you buy the insurance policy.

• This kind of cover even protects the expert and skilled people during their business transactions. This policy covers professionals like lawyers, consultants and doctors. This covers also shields as against the heavy losses which are related to damage done to a property, investigation expenses, medical expenses etc.

• This policy even ensures all risks that are related to the employees during their course of employment. In case they suffer from any damages, any sickness due to work, loss of their income while serving, they get a proper disbursement and restoring them in the former state.

So we can state that Liability insurance is a segment of the general insurance related to the risk financing and bought in order to provide protection to the purchaser against any liability risks which are levied by litigations and so it is of utmost importance to be used by all business houses and professionals for a smoother work life.