The reputation and image of an insurance company depends on the speed and efficiency by which it settles a claim. Managing claims in a systematic and comprehensive manner is essential for all Insurance Companies. In this sense the claim department also acts as a Customer Care Department, since customer retention and loyalty is shaped during the claim administration process. Claim handling is a part of reputational risk. Good claim handling brings reputation while bad claim handling can bring disgrace for an insurance company. A successful claim management should try to design an internal claim process that shall be simple and robust.

When an Insured party incurs Loss a claim is made &/or lodge to the Insurer to cover the loss as stipulated in the Insurance Contract. For an Insurance Company, the settling of the losses and adjustment difference between itself and the Insured is known as claims management. Attention is necessary by the Insurer because under payment call leads to loss of a customer, yet over payments can lead to bankruptcy.

Our claim management system at DGIC includes a business process management capability that enables us to settled claims quickly. Claims processing is a crucial service component for insurance companies. Its component helps to simplify the claims process for client’s and business partners. The claims processing components are a comprehensive system designed to provide claims management and processing support and make it possible to receive initial notification(s) from a variety of sources, including mail, fax, email and call center. Notifications from the claimants are recorded and properly notified to the regulator. Claims Management provides support for defining parties and designations, information requirements ordering and follow-up, claim and benefit calculations. Although, certain Claims also require special handling, such as contestable claims or claims are requiring more investigation.

Claims Settlement:

Insurance is a means of protection from financial loss and a form of risk management to an uncertain loss. So claims settlement bears paramount importance for an insurance company. Claims are a formal request by Insured to Insurer for coverage or compensation for a covered loss or policy event. The insurance company validates the claim and, once approved, issues payment to the insured. Intrinsically, the Claims Department of Desh General Insurance Company Limited (DGIC) manages the settlement of claims through a detailed procedure.

Claims Settlement Procedure:

Claims settlements are the most important aspect of the functioning of an insurance company. The claim procedure and settlement of any insurance company requires being very simple and having to be very transparent. Quick settlements of claims play a vital role in building goodwill for an insurance company and make bonding with the clients and solidify relationships.

The underwriting and the claims department of Desh General Insurance Company Limited (DGIC) is composed of a highly qualified, experienced and clients friendly workforce. Due to their client’s centric approach and cooperative mindset no complexities arises in claims settlement. It is also happening in the procedure of proper underwriting. DGIC follows the aspects below for claim settlement:

*To make the clients satisfied

*To use the claim settlement as a tool of marketing

* To avoid defects in underwriting

As the settlement is through the process and requires documentation and proper intimation. At Desh General Insurance Company Limited (DGIC), we act on the client’s intimation and instantly we appoint surveyors as per the Insurance law and got the report and settled the claim by 5 to 10 working days after having all related documents. In addition if require DGIC remind the clients for submission of the papers and documents. The team of the claims department tries their level best to send every service to meet the client expectations.

Alpha Rating has attributed AA (pronounced Double AA) to Desh General Insurance Company Limited (DGIC) for its high claims-paying ability. DGIC strictly follows the guidelines of the Insurance Development Authority of Bangladesh (IDRA) in settling claims.