INTRODUCTION ON GENERAL INSURANCE :

One of the most important principles, indemnity, can be quoted to be the cornerstone of insurance. The need to be compensated, or at least indemnified, for loss or damage suffered is the very basis of insurance. In insurance parlance, this is the bread and butter of insurance, or the second face of marketing.

What if the unthinkable occurs-a fire takes place, there is an accident, a burglary or an illness occurs? What if…? Contemplation of the negative aspects makes a prospect introspect on the need for adequate insurance cover. But once the policy is availed of, the most important aspect is the speed and ease with which the insured is compensated or indemnified in the event of a claim.

That is why, claims servicing is the second face and even more important face of marketing. It is the actual delivery of the product – tangible delivery of an intangible service.

Servicing of customers at the time of claim is the most important and vital aspect of any insurance service. A satisfied customer is the best public relations officer of an insurance company. An insured having suffered a loss, is always in a damaged or vulnerable condition; alleviation of some of the suffering by ensuring speedy processing and settlement of the claim is the best and most excellent aspect of any insurance. Here in this lesson, we will discuss various aspects of claim settlement in different forms of general insurance