Five steps Fin Min, PSU insurers, IRDA have taken to expedite Tamil Nadu flood claims

New Delhi: The Finance Ministry held a review meeting with public sector insurance companies including LIC, and discussed ways for expeditious disposal of claims related to floods in Tamil Nadu.

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The meeting was “held with IRDA, LIC, all Public Sector General Insurance Companies and GIPSA, group of four PSU insurance companies, to review the position in flood affected state of Tamil Naidu,” the ministry said in a statement.

Here are five steps that the Finance Ministry and insurers have taken to ensure speedy redressal of claims.

1) Nodal officers: IRDA has issued instructions for the appointment of Nodal Officers for Private Sector Insurance Companies (PSIC) and expeditious disposal of claims by them, it said.

“Nodal officers in respect of settlement of insurance claims were appointed last week by LIC and all four PSICs and details shared with the government of Tamil Nadu,” it said.

2) Awareness camps: LIC and other companies are organising awareness camps for the facilitation and coordination in settlement of claims.

3) Publicity, data sharing: Joint publicity for these camps will be done by the United India Insurance Company Ltd based at Chennai and also for collecting and sharing the data for all the companies for better coordination.

4) Manpower on ground: The insurance companies have deputed adequate number of surveyors on the ground so as to process the claims speedily and effectively. They are also deputing surveyors from the adjoining states if necessary. The survey formats have been simplified to meet the emergent needs.

5) Funds: The companies have delegated additional financial power to their field functionaries so that claims can be approved in minimum time at the local level