The Insurance industry in India has seen significant growth in the last decade. The Insurance Regulatory and Development Authority of India (IRDAI) governs this sector consisting of 58 insurance companies (24 Life insurers and 34 non-life insurers.)
The usual claim-settlement process:
Any incident that triggers an insurance claim settlement is a stressful one. The era of Covid-19 saw a massive surge of incoming health insurance claims. Living in metropolitans also necessitates the possession of accidental claims.
Fortunately, filing an insurance claim is a reasonably straightforward process. An insurance claim is usually settled through two popular methods – cashless claim and reimbursement claim.
The Cashless claim process holds that a policyholder does not have to pay at the time of services as the insurance company is responsible for settling it with its serviceable network of organizations such as hospitals in its panel or garage for car services etc.
For reimbursement claims, the policyholder settles the bill on their own and then submits the insurance claim application to the insurance company for applicable reimbursement.
In any case, the insurance company has to make payouts either to the organization under its panel network for cashless claims or directly to the policyholder in case of reimbursement claims.
When the dust has settled, and your customers have filed their claim, they may find themselves wondering, “When will I get my insurance claim amount?” Once your client files their claim, its evaluation for reimbursement begins.
The amount of time that this portion of the process will take can vary based on the claim’s complexity and the number of individuals involved.
An insurance company usually needs the insurance agent/broker, and the customer to process an insurance claim.
The law requires these companies to act in good faith, communicate with the client on an ongoing basis during the investigation and evaluation process, approve or deny a claim within a reasonable amount of time, and if it’s approved, remit payments promptly.
The challenge of customer-centricity:
However, there is a recognized lack of customer-centricity in the insurance industry, particularly in the claim-settlement area. Claim administration is the ‘shop window’ of the insurance world.
Clients ultimately judge insurers and brokers by the claims they provide while vying to provide the best customer service. As products focalize, the quality of service becomes the primary differentiator for the customer.
Usually, banks rely on regular banking hours to make settlements irrespective of an individual’s need for the claim, with no consideration for the urgency.
Added to this are the continued fluctuations of the beneficiary cool-off period and the multi-step processes that a claim goes through at many levels before the company can finally settle it.
Paytm Payouts – one-stop insurance claim settlement solution:
Paytm Payouts, with its sharp customer-oriented outlook, renders 24×7 instant disbursals within an automated payout service to provide your customers with the money when they need it the most, with no delays in the settlement process.
What’s more? It eliminates agent payments or broker commissions for you while acting as the agent and enabling you to operate and provide quick claim settlements to your customers on weekends and bank holidays through NEFT, RTGS, IMPS & UPI transfers. All this, with the highest success rates in the industry!
Paytm Payouts unifies the process of disbursing claims through varied platforms on one integrated dashboard.
With Paytm Payouts, the payment disbursement of course gets easy, but additionally, your insurance business will also get built-in validation of bank account details to ensure that the amount is being disbursed to the customer on record.
In cases where bank account details are incomplete or changed, Paytm Payouts allows you to send a payout link that allows customers to get the payments instantly through these payout links.
Also, the process of disbursement can be simplified as Paytm Payouts bring in features like customised multi-stage approval workflows. The approval flows can be customized based on claim amount and flexible access controls.
Therefore, with some well-knit functionalities like a customised approval workflow, insurance companies now get the ease of approval management from various business departments – all this with Paytm Payouts.
Of course, every business has relationships with suppliers, partners, affiliates, or publishers internationally – so there’s a good chance that a mass payout platform like Paytm Payouts will bring cost savings.
Businesses ranging from online startup marketplaces to enterprise software companies have saved time and money by implementing mass payment solutions like Paytm Payouts.
So, if you are an insurance company looking out for a generous solution for your needs, this is how Paytm Payouts can help you:
Mainly, there are two types of entities that can provide you with claims. The first one being the insurance company itself, and the second being a broker that represents you as the client.
Paytm Payouts can act as your agent in such situations. With traditional ways, there’s a single mode of payment with complicated onboarding and lengthy excels.
Paytm Payouts can offer you multiple payment modes, instant addition with built-in maker checker capabilities and reconciliation basis region with DSA, and more.
Quick insurance claim settlements
With traditional ways, you can only rely on settlements during banking hours, irrespective of your need.
Paytm Payouts featuring 24×7 automated transfers can allow insurance companies to settle mass claims to other organizations on its panel or individual clients in one go.
Whether it is a cashless claim settlement or an individual reimbursement settlement, Paytm Payouts can ease both for insurance companies.
Insurance companies can generate a payout link to each of their clients, and get the claims settled in a few easy steps.
Directed business expenses
With traditional ways, there is the complication of managing separate platforms and no visibility of profitability of a store.
Paytm Payouts offers you the ease of store/region-wise bills and expense management in one platform with easy reconciliation. Paytm Payouts thus enables you to be at peace while handling all your in-house expenses.
Trust us, Paytm Payouts is your way to go!