Insurance companies claim to settle an insurance claim with just one click and refuse to claim a claim when claiming. Despite the directives of the High Court and the insurance regulator IRDA, so far the claims amount to Rs 10700 crore. This is one third of the total insurance claim amount. The total amount of insurance claims related to Kovid is more than Rs 29,000 crore. It has been at the forefront of data from the General Insurance Council.
Insurance regulators and hospitals are taking a long time to complete the claim process, regardless of IRDA’s directives. The IRDA has issued clear instructions to insurance companies to settle claims related to Kovid within an hour. However, instead of implementing it, the hospital and insurance companies are blaming each other for this and blaming the insurer. Because of this, nearly four lakh Covid-related insurance claims have not been settled. Not only that, but the speed of claims has slowed, the insurance companies on the other hand have slowed the pace of settlement, on the other hand, they have increased the speed of rejection.
The hospital has been waiting for patients for hours
Considering Covid’s increasing cases, the insurance regulator IRDA has directed the settlement of insurance in just one hour. Despite this, insurance companies are taking many hours to settle the claim. In the case of cashless insurance, hospitals can wait several hours until the patient is settled. They are blaming insurance companies for this.
The companies withhold the rights in the name of the documents
Insurers are worried about Kovid’s insurance solution from government and private sector insurance companies. The insurance regulator IRDA has instructed many times to settle the claim as soon as possible and without causing unnecessary harm to the insurer. All insurance companies are asking for different documents when making compensation. Not only that, but many records are being asked again. This has led to delays in claim settlement.
Double increase in covid claims
Regarding claims delay, a top official of the private sector insurance company said there are many reasons for this. In the last one year, there has been a double increase in covid claims, resulting in delays in settling related claims, he said. At the same time, insurers have already told hospitals to send more records to the insurance company 24 hours before discharge, keeping track of patient improvement. Send the remaining documents at the time of discharge. It takes less time, but not many hospitals do it.
Proceeding to reject the claim
Insurance companies are so sorry for the delay in claim settlement that the statistics raise questions about their motives. According to data from the General Insurance Council, the financial year 2020-21 will be Rs. 41713 claims worth Rs 361 crore were rejected. In the current financial year, from April 6 to August 6, insurance companies rejected 58,920 claims worth Rs 464 crore.