The Insurance Regulatory and Development Authority (IRDAI) has asked insurers to process Covid19 claims expeditiously.
“Insurers are encouraged to adopt simplified claim procedures for such cases. In addition, other claims should also be processed within prescribed period by making special efforts,” the regulator said in a circular. It also asked insurers to display FAQs for Covid19 claims on their websites.
Insurers should set up a crisis management committee comprising key personnel to monitor the current situation on real-time basis and to take appropriate decisions on issues pertaining to the safety of staff, policy holders, intermediaries and agents, the regulator said.
They should also put in place a business continuity plan, a copy of which should be submitted to the authority.
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