National Insurance to settle claims in a day

Getting one's money from insurance companies can be a major headache for most of us as settlement of claims take days and weeks, and sometimes even months.

But the National Insurance Company, India's second largest general insurer, seeks to change this practice, proposing to settle all claims "" big and small "" in a matter of just 24 hours.

A tall claim some might say, but that is what National Insurance Company chairman and managing director H S Wadhwa says will happen from June 15.

The board is meeting on June 12 to streamline the processes for settlement of claims. "We will issue a circular on June 15 stating that all claims will have to be settled by the person concerned in one day," said Wadhwa.

As per the Insurance Regulatory and Development Authority norms, insurance companies need to settle claims in 30 days. Today National Insurance Company professes that it settles claims in seven days, and wishes to reduce it to one day.

"This will apply to all claims, including motor," said Wadhwa. This will give National Insurance Company an edge over other insurers. Its tie up with Maruti has assured all Maruti owners that their claims will be settled in a record time of three days.

"We need to pay special attention to alliances like Maruti as this means bulk business," said Wadhwa.