Insurance - Compensation process to become easier in India

In order to facilitate the settlement of claims, the Insurance Regulatory and Development Authority of India (IRDAI) has proposes to raise the threshold for self-assessment of damage.

The limit will increase from 50 000 INR (780 USD) to 75 000 INR (1 175 USD) for motor claims, and from 100 000 INR (1 566 USD) to 150 000 INR (2 350 USD) for non-motor claims such as fire, homeowner's, marine and engineering. Beyond this limit, an expert will be commissioned by the insurance company to assess the damage. This relaxation comes at a time when insurance companies are increasingly opting for new technologies (mobile applications) to assess claims.

Several companies, such as ICICI Lombard and Bajaj Allianz, are already using the self-report method resting on videos shots taken by the insured. This procedure is intended to speed up the compensation process.

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