The COVID-19 pandemic has changed the functioning of life insurance claims departments, as it has so many other facets of modern life. The life insurance industry paid out nearly 97% of the COVID-19 death claims it received during the financial year 2020-21.
WHO (World Health Organization) has declared the Coronavirus (COVID-19), which has infected over 175 nations, is an International Health Emergency. Families desire simple settlements and death claims management when a loved one passes away.
As a consequence of a sudden transition to remote working and stay-at-home norms, claims examiners are dealing with an overflow of COVID-19 cases.
This has resulted in slower communication with clients and partners. It was never more challenging to ensure that policyholder claims are processed promptly and, more importantly, that fraud is detected and prevented efficiently.
Scammers have taken full advantage of the quick embrace of new ideas and solutions that have transpired during these unprecedented times.
Documents for death claim management:
Claim professionals work under difficult conditions in these times of crisis to settle all eligible claims on time and precisely within state rules and policy requirements, all while keeping a lookout for rising fraudulent claims.
Documents required for death claims management
- Claim Form filled in by the Nominee
- Medical Attendant Certificate
- Original Death Certificate
- All medical and hospital records
- Medico-Legal Cause of Death Certificate
- Original Policy Document
- Nominee‘s KYC Document
Death claims management, when implemented correctly, offers a seamless transition while respecting the pain that comes with the loss of a loved one. Nominees or Beneficiaries must provide the relevant paperwork along with the Claimant Statement Form, which can be a time-consuming process of gathering and verifying information from the appropriate authorities.
What we need now is easy-to-understand inheritance planning that allows us to keep our money and assets secure for our children.
The first step is determining what assets ought to be claimed. Details about ownership need to be ascertained such as whether it is held jointly or solely by one individual, as well as any nominees that have been appointed.
Legal beneficiaries must be listed, as well as proof of legal successors. Profile analysis services evaluate assets; prioritize claims based on their viability, and recommend additional information and next steps.
EasyInherit assists with legal paperwork as well as the compilation of submission-ready claim documents. They keep track of the process to avoid duplication of paperwork and misfiling, as well as pertinent authorities’ contact information.
The actual worth of a life insurance policy is only known at the time of a claim. In a life insurance policy, the claim notification and filing process are very crucial for a successful settlement. If the insurance company suspects foul play, the claim will most likely be delayed, if not rejected entirely. As a result, nominees must understand the claim settlement process.
The primary goal of a life insurance policy is to offer financial support. Claim settlement is a great milestone, and if the experience fails, the insurance is rendered useless. EasyInherit simplifies the process for you.
