Don’t let claims defaulters frustrate you, report to NAICOM

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Chuks Udo Okonta

Osato Peter got to his supermarket to observed that it has been burgled the previous night. He was astonished by the level of damage done to his business.

He quickly drove to the nearby Police station to report the incident. While at the Police State, he was asked by the Police Officers if he insured the supermarket? It was then he remembered that he actually insured the business.

He then reached out to the marketer that sold the policy to him and all the required documents were submitted to the insurer through the marketer.

Peter felt relieved, thinking the claims would be paid without delay as the insurer came and took stock of goods stolen.

His patience began to wane when the claims payment progressed from one month, to two months and in the sixth month, he couldn’t hold his peace any longer. He then went to the social media to call out the firm. The outcry on the the social media forced the firm to settle the claims in the seventh month.

As at the time the claim was paid, an item which was evaluated at N20,000, the market price had gone to N40,000 due to inflation.

The delay made useless the claims received by Peter.

Oluwatosin Akintade bought an education insurance policy for his son. The policy was due at the time his son got admission offer into university.

He reached out to the insurer, submitted all the relevant documents and was told that his bank account would be credited.

One month turned to two and and to three. While the insurers was dribbling him, the admission deadline elapsed and his son missed the admission offer.

Akintade took his anger to social media which cut the attention of people who helped him to reach out to NAICOM. With NAICOM’s intervention, the claim was settled a day after the complaints was lodged at NAICOM. But that didn’t get his son into school.

Oluwatoba Babafemi subscribed to takaful insurance, he was faithful to his contributions which spanned for two years.

Before the maturity, he took a loan from a friend in anticipation that the claims would be used to settle the loan.

At the maturity of the policy, he informed the insurer through the agent that sold the policy. All relevant documents wereh submitted and his waiting period began to count.

He was almost frustrated when the National Insurance Commission intervened after about four months. With the intervention of NAICOM, the claims was settled within two days.

All these claimants would have continued to lament, if not that cases were brought to the attention of NAICOM.

You should never allow defaulting underwriters rob you, but take your case to NAICOM which is established to see to you insurance wellbeing.

What to do

If you have genuine claims don’t de despondent, lamenting that insurance don’t pay claims.

The Commissioner for Insurance Sunday Thomas, had at different fora said one of his major mandates is protection of policyholders and he has being living up to this as I’m a witness, having reported unsettled claims to him and the claims were settle within 24 hours.

The Bible says: People perish because of lack of knowledge. Having secured this knowledge today, that NAICOM has a complaints bureau set up to help resolve claims issues.

Don’t be frustrated about non payment of claims by few defaulters, leverage the opportunity created by NAICOM for aggrieved policyholders to seek redress on that unpaid claims.

To contact NAICOM, check its website on your browser and lodge your complaints via the website.

You could also contact us for assistance on how to lodge your complaints.

Insurance remains one of the best mechanism to mitigate risks, don’t bear risks that should be handled for you by professionals. Embrace insurance today and sue that claim defaulter to NAICOM, for claims settlement is your right once the premium is paid and you have a genuine case.

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