Everyone is aware that claim settlements are a cumbersome process that requires several meetings with insurance company officials to get a single process completed, or even to get it initiated. However, modern consumers want everything at their disposal and they want it yesterday. Thankfully, insurance companies have been very helpful in catering to their requirement and making this process way less time consuming than before. With the help of technological innovations, now you can easily get your two wheeler or car insurance claims settled within a day without the hassle of fixing appointments and running to and fro from the garage and the company office.E-claims via video streaming are here to make car insurance much easier. It has allowed the consumer to file for claim settlement up to Rs. 50,000 within a day. It is hassle-free, cost effective, time-effective, and possibly everything we ever wanted from an insurance company. We might witness more companies using this facility to increase the ease of access for their clients and get better engagement as well.Let's find out how you can file an e-claim with your car or two wheeler insurance company! What is an E-claim?E-claim is the procedure of filing for a claim settlement online, without the need to visit the insurance company office. With this new technology, a representative or surveyor will be able to assess your car via video streaming, and advice you on next steps, and get the claim settled, that is, get the amount sent to your account within a day. It is just as easy as the process of buying car insurance online.The current technology in use for this process is known as 'Intelligent Video Streaming and Settlement' or 'i-ViSS'. Process of E-claimingWith the i-ViSS system in place, the claim settlement process has obviously been simplified multifold. It involves a five-stage procedure that offers a streamlined solution to the consumer.Here's how you can use it for your vehicle: * Car owner needs to intimate the insurer about the claim by connecting with the call center or the agent. * The company will then forward an i-ViSS link to the owner via text message * Clicking on the link allows launching the live stream connecting the surveyor and the car owner. The official will assess the car through the stream and advise the next steps accordingly. * The surveyor then goes on to upload the stream recording or photographs of the repaired vehicle along with claim details to avail the future claim on the said vehicle. * Within 24 hours, the sanctioned amount is disbursed by the insurance company to the owner's bank account as registered with them. This amount can be used to get all the damages repaired at any time and at any service center of the customer's choice.This process has proved to be a boon for all. Now it is easier to get more done in less time. However, there are some factors that limit its efficiency but the companies are taking extra care to not let it become a barrier in user experience and satisfaction.Also see:Branded Content: What You Need to Know Before You Renew Your Motor InsuranceA taxing time for the auto industryBranded Content: Lesser known insurance add-on covers we bet you didn't know about
As a thumb rule one should not take loan for an asset which depreciates like a vehicle. On the other hand, loans can be considered for assets which appreciate like a house.
New Delhi, Sep 28 (PTI) Moody's Investors Service on Monday downgraded IIFL Finance corporate family rating (CFR) by a notch to B2 from B1 on the company's asset quality concerns.