Urgent Action Needed: Insurers Urged to Expedite Odisha Train Crash Claim Settlements

IRDAI directs insurers to expedite Odisha train crash claim settlements. Transparency and support are emphasised to provide prompt relief to affected individuals and their families.

 Swift Action Needed for Odisha Train Crash Victims
  • IRDAI urges insurers to expedite claim settlements for Odisha train crash victims.
  • Transparency and support are key in providing prompt relief to affected individuals.
  • Insurance companies called to prioritise the needs of the affected insured population.
  • Swift action is necessary to ease the claim settlement process and provide timely financial support.

Proactive Processing of Claims

The Insurance Regulatory and Development Authority of India (IRDAI) has called upon insurance companies to take immediate action in processing and expediting the settlement of claims related to the tragic triple train crash in Odisha's Balasore district on June 2. In a circular issued on June 5, the IRDAI emphasised the importance of proactively processing claims for individuals identified by government authorities as deceased or injured in the accident.

Also read: Why Do You Need Personal Accident Insurance If You Have Dependents?

Fast-Track Disbursement of Approved Claims

Recognising the urgent financial needs of the affected individuals and their families, insurance companies have been directed to fast-track the disbursement of approved claims. This directive aims to ensure that the beneficiaries receive the necessary financial support without unnecessary delays, providing them with some relief during this difficult time.

Transparency through Information Publication

To enhance transparency and keep the public well-informed, insurance companies are required to publish information regarding the Odisha train accident claims on their websites. Initially, the data should be updated on a daily basis for a week, and subsequently, on a weekly basis for a month. By providing granular details on claims received, settlements made, and outstanding claims under various insurance schemes, insurers can foster transparency and accountability.

Also readHow to Spot Insurance Frauds and Protect Yourself from Them?

Dedicated Helplines and Nodal Officers

Insurers are instructed to establish dedicated helplines staffed by senior officers who will serve as nodal officers responsible for addressing queries from affected passengers and their families. By designating specific individuals to handle these queries and concerns, insurers can ensure effective communication and provide timely assistance to those in need.

Designated Offices and Awareness Campaigns

Insurance companies are advised to designate offices or set up special camps to facilitate smoother claim settlement processes. These designated locations should be widely publicised through websites, media outlets, and state government channels, ensuring that affected individuals are aware of the available support and where to access it. Additionally, insurers are expected to conduct awareness campaigns to educate the public about the simplified process of filing claims, empowering them to navigate the system more effectively.

Industry Commitment and Support

Several insurance providers, including Life Insurance Corporation of India (LIC), Bharti-AXA Life, Bajaj Allianz General Insurance, and Liberty General Insurance, have expressed their commitment to proactively identify victims and their nominees. These insurers are dedicated to streamlining the claim settlement process, working towards a quicker resolution and providing the necessary financial support to the affected individuals and their families.

By implementing these measures, the IRDAI aims to prioritise the needs of the affected insured population, ensuring the expedited and simplified settlement of claims. This approach not only alleviates the hardships faced by the victims but also demonstrates the insurance industry's commitment to supporting those in need during times of crisis.

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