IRDAI has asked insurance companies to expedite claim settlement related to coronavirus. In fact, the insurance regulator has asked insurers to set up a mechanism to ensure quick claim settlement process to deal with rising cases of coronavirus.
IRDAI has further asked the companies to provide information related to coronavirus on their respective websites and disclose details related to death claims arising out of the disease.
Among other key decisions are:
- IRDAI has asked insurers to ensure safety and wellbeing of their employees and policyholders
- Insurance companies will have to intimate policyholders about nonfunctioning of branches through SMSs and emails
- Insurers will have to offer alternate channel like online premium payment facility to ensure renewal of policies
- IRDAI has also asked insurers to equip their call centres with all the information related to online policy renewal
- Insurers should update their website with the list of offices not functioning
- Insurers will have to send a report every fortnight on status of covid-19 claims