Insurers have been advised to cut back on some of the claims information they demand from the insured which often time leads to anger and frustration as well as unnecessary delays in claims payment. Claims payment is the reason insurers are in business, they must therefore live to that expectation. Only vital information not given by the insured at the inception of their policy contract should be requested for at the point of claims by the insurers. It is vital for all insurance policyholders to understand their rights and the duties of the insurance companies to enable them identify bad faith practices. Some insurance comes act in bad faith by demanding unnecessary information which delays their claims response and payment.
- BOARDS OF FINANCIAL INSTITUTIONS MUST MONITOR EXECUTIVE BEHAVIOUR TO AVOID PAST MISTAKES.
- INSURANCE REGULATORS SLOW ADOPTION TO DIGITALIZATION COST INSURERS 60% MORE DURING LOCKDOWNS.