FSA urges speedy settlement of insurance claims
Published: 05:05 PM,May 16,2024 | EDITED : 09:05 PM,May 16,2024
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MUSCAT: The Financial Services Authority (FSA) organized a workshop targeting those involved with health insurance administration and customer services in insurance companies in the Sultanate of Oman. It aimed at addressing the most prominent complaints and comments on the insurance claims that the FSA, represented by the Consumers and Policyholders Protection Department, has detected, and discussing claims that resulted from the effect of the recent weather conditions.
The organization of this workshop emphasizes the communication between the FSA and insurance companies that aims at facilitating the process of filing claims for policyholders, whether they were individuals or institutions. It also addresses the challenges encountered in order to speed up the procedures followed for damage compensation and ensuring compliance of providing the proper insurance coverage in a timely manner while maintaining the service quality.
The workshop shed light on many topics including handling claims filed via the online system of complaints, ensuring quality and accuracy of dealing with complaints related to vehicles like enhancing communication with complainants and complying with legal timelines for cash compensation after settlement, format of the forms used by the insurers, and dealing with issues related to life insurance.
In a previous circular, the FSA directed insurers to streamline the procedures of filing claims and speed up the process of handling such claims to contain the effects of the recent weather condition, “Al Mateer Depression” that resulted in damages in the properties of citizens and residents. It also emphasized the importance of settling the claims in the governorates effected by the recent weather condition and make double the efforts through increasing the number of human cadres in those areas. The FSA clarified that there is no need for requesting damage proof reports from the Royal Oman Police except where fraud is suspected, to speed up the processes of claim settlement, compensation and repairing damages.
The organization of this workshop emphasizes the communication between the FSA and insurance companies that aims at facilitating the process of filing claims for policyholders, whether they were individuals or institutions. It also addresses the challenges encountered in order to speed up the procedures followed for damage compensation and ensuring compliance of providing the proper insurance coverage in a timely manner while maintaining the service quality.
The workshop shed light on many topics including handling claims filed via the online system of complaints, ensuring quality and accuracy of dealing with complaints related to vehicles like enhancing communication with complainants and complying with legal timelines for cash compensation after settlement, format of the forms used by the insurers, and dealing with issues related to life insurance.
In a previous circular, the FSA directed insurers to streamline the procedures of filing claims and speed up the process of handling such claims to contain the effects of the recent weather condition, “Al Mateer Depression” that resulted in damages in the properties of citizens and residents. It also emphasized the importance of settling the claims in the governorates effected by the recent weather condition and make double the efforts through increasing the number of human cadres in those areas. The FSA clarified that there is no need for requesting damage proof reports from the Royal Oman Police except where fraud is suspected, to speed up the processes of claim settlement, compensation and repairing damages.