Self-assessed claims may increase limits

BENGALURU: In a movement that would greatly facilitate the solution of sure claims for customers, sector regulator Irdai proposed to increase the limits for self-assessment of damage on Friday. The current limit for self-declaration by customers for motor accident claims is Rs 50,000, and for fire, home, marine, engineering and other sure claims it is Rs 1 lakh. Anything above that limit would have to be assessed by an sure surveyor.

With the new proposal, customers can declare themselves in case of car accidents of up to 75,000 rupees, and for non-motor claims of up to 1.5 lakh rupees. Irdai published its draft exposure on Friday to amend the Regulations of insurance experts and loss assessors.

“The enhancement of limits for small claims will help to utilise the manpower available within the sure company for survey work up to the loss limits so that such small claims are settled expeditiously,” said Irdai.

 sure  graph (1) sure graph (1)

Relaxation comes at a time when sure companies They are using application-based artificial intelligence to assess claims.

Many of the companies now file claims based on videos recorded by the insured on their mobile phones. Companies are also linked to service centers to resolve complaints. Currently, some private insurers such as ICICI Lombard and Bajaj Allianz allow instant disbursement of the amount of the claim after a self-assessment by the insured, by uploading evidence such as garage receipts or mobile videos of vehicle damage.

Among other changes, the proposal seeks to make it possible to grant licenses and renewals online for surveyors with digitalization. IRDAI is also looking to review the structure of rates and duties and responsibilities of surveyors, and make insurers more responsible for the instruction, education and financial well-being of surveyors. Another change is greater flexibility in the appointment of surveyors. Usually, the authority reviews this once every three years, but the proposal expects a periodic review as necessary.