How insurers’ 60-minute claim settlement will reposition sector

The modern insurance claims process is increasingly complex. More variables and data are constantly coming into play, but carriers must determine appropriate settlements and flag potential fraud faster than ever.

On top of technical challenges, insurers are dealing with their customers during stressful and vulnerable moments- times when the delicate balance of empathy and automation must be struck to give insureds the peace of mind they seek.

The shift to a mostly-automated claims process will likely take a decade, but given that the initial steps in the core claims system transformation process are so long.

Determined to regain the confidence back in the nation’s insurance industry, the Head of Retail Claims, Allianz Nigeria Insurance Plc, Adedoyin Dickson, who spoke to The Guardian, yesterday, said prompt payment of claims in the industry is morale booster. He condemned delay in claims settlement in the sector, describing the new scheme by the company, tagged: “The 60 Minutes Revolution”, as game changer, which ensures that customers experience faster claims resolution within 60 minutes.

“It will no longer be business as usual as customers will now have their motor claims settled within 60minutes given that they send all the required documents,” he said.

The Executive Director, Owolabi Salami, explained that understanding complete customer satisfaction is not solely about giving competitive rates or swift delivery of policy documents, but also how quickly we can have claims resolved and how quickly we can help our customers get back on track added.

“Customers no longer have to worry about how long a claim will take or when they will get paid. It will only take us 60 minutes to have your claim resolved, what we require to enable us achieve this is a filled claim form, picture showing full view of vehicle and estimate of repairs,” he said.

The Chief Marketing and Strategy Officer, Walter Bossman, who also spoke on the development in the industry noted that “in a society as fast-paced as ours, where every aspect of life seems to be competing for attention, a delayed motor claim should not be on the list.“Hence, our resolve to revolutionize the industry by making sure that our customers are not inconvenienced any further by paying their claims within 60 minutes”.