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Insurers Unclaimed Money Info

 

Insurers Unclaimed Money Info

Insurance companies are taking innovative measures to help policyholders claim their insurance money. The companies have already started displaying information about unclaimed policy money lying with them on their website. Besides, they are using tools such as National Electronic Fund Transfer (NEFT) to transfer such funds to the client's bank account. Further, customers, who are not traceable on their address or phone number, are also being contacted through the social media.

They have been very conscious about any unclaimed amount lying with them and have introduced instructions on their website. He added apart from regular reminders to customers through letters and text messages, details about such policies are available on their portal, which has enabled customers to encash them.

Insurance Regulatory and Development Authority (Irda) has said insurance companies would be required to display information about any unclaimed amount above ₹ 1,000 on their websites.

Policyholders would be given an option in the insurers website to check whether any amount of theirs is lying with the insurance company.

For this, the policyholder would be required to enter their PAN number, policy number, name and date of birth.

They are promoting payments through the NEFT mode to policyholders.

At the time of processing the payments, company has initiated a process to collect bank details of the policyholders so that payments can be made directly into their bank accounts.

For new insurance policies, companies will have to include bank details of insured in the proposal form. However, this is not applicable to term insurance (without return of premium), insurance policies with annualised premium up to ₹ 25,000 and those with bank accounts not linked to RBI Core Banking Solutions. This circular comes into force from October 1, 2014.

Insurers are also going over and above the mandated requirements to reach out to customers.

Apart from publishing data on unclaimed amounts on their corporate websites from May 1 this year, they have also tied up with credit bureaus to update our current records to enable us to trace these customers and facilitate payouts.

This has already led to a nearly 20 per cent reduction in the amounts lying unclaimed.

The regulator said insurers should provide this information up to December 31 this year by January 31, 2015. Subsequently, this will be uploaded on a half yearly basis as on March 31 and September 30, by April 30 and October 31, respectively.

Though unclaimed amounts are lesser in non- life sector, they will put up the relevant data on their website soon.

Over and above the regular initiatives, including regular follow- up, direct transfer to bank account, for non- contactable cases, they are planning to share details with Credit Information Bureau of India Limited (CIBIL) to get contact number from their database.

Further, they plan to get the NEFT activated against to be paid or in- forced polices at each customer touch point such as customer relationship management, branch walk- in customer, customer portal and cashier module.

To avoid clutter, companies are creating special segments for publishing such information, so that policyholders have an easier access to the information.

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