What Insurance Agents Should Know About their clients’ insurance claims?

Insurance agent helping his client with an insurance claim

Your clients’ insurance claim is one of the essential parts of their insurance policy. Investopedia defines an insurance claim as a formal request by an insurance policyholder, which is made to an insurance company to compensate for a covered loss or policy event. The insurance carrier then validates the clients’ insurance claims. The claim, once approved, will lead to the compensation benefits paid to the insurance policyholder.

An insurance agent must understand the various aspects of their clients’ insurance claims. Filing an insurance claim is a process your client goes through to get compensation from the insurance company when facing damage. Some of the things that the insurance agents ought to know about your clients’ insurance claim are as follows:

Informing insurance carriers about the damage

You must make sure your insurance clients get in touch with the police and insurance company immediately after facing damage. Delaying in informing the insurer about the harm of injury can lead to the carrier denying the clients’ insurance claim. The faster your clients get into touch with the insurance company, the sooner they will receive the compensation benefit.

Paperwork and filling out of forms

The next step after informing your client’s insurance company is filling out forms. The insurance company would send over the paperwork necessary to process the clients’ insurance claims made by your client. Some insurance companies also offer filling out of these forms online, making the claim process quicker and smoother. The claim forms are received and sent electronically. This paperwork process might also require your clients to provide photos of the incident or damage.

Assessment of the damage or injury

Most of the insurance companies need to get the damage assessed by an approved third party. For example, in auto insurance, the insurance company might require your clients to take their vehicle to an accepted auto body shop. Similarly, in the case of damage to the house by a peril mentioned in the homeowners’ insurance policy, the insurance company will send an insurance adjuster to assess the clients’ home after the damage.

Deductibles

Almost all clients’ insurance claims require a deductible payment. Find law defines deductibles as a clause in an insurance policy that reduces the insurer’s responsibility for an initial specified loss for the peril that is insured against by the insurance policy. Your insurance client must cover the deductible in full before the insurance carrier provides the compensation benefits.

Amount of time required to settle the claim

The time needed for a clients’ insurance claim to be settled on a lot of different factors. These factors include the complexity of damage, severity of the injury, paperwork process, availability of an insurance adjuster, and so on. With all these factors playing an important role, it is difficult to determine the period for payment of compensation benefits. You can help your clients reduce this time required for a claim to be settled by assisting them in handling the claim process promptly and being aware of staying in constant communication with the insurance company.

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