Insurance professionals predicted that the Supreme Court’s ruling on Tuesday, which asked judges and tribunals to order insurance firms to deposit motor accident claim payments straight to the claimants’ bank accounts, would speed up claim payment.
When the amount of the compensation is not contested, the insurance companies often deposit it before the tribunal. The SC stated on Tuesday that a directive to deposit the funds into the claimant(s)’ bank account(s) with notification to the tribunal might always be given in lieu of going through that procedure.
“Any effort to expedite the settlement of claims is highly appreciated,” stated Ashwani Dhanawat, Executive Director & Chief Investment Officer, Shriram General Insurance. We applaud the Supreme Court’s orders to expedite the claims procedure, particularly its requirement that insurance firms deposit auto claims straight into the bank accounts of claimants in order to guarantee prompt payment.
“We have a strong commitment to giving claims quick and easy settlements. Twenty percent of the claim value has been paid directly to claimants as of FY 24–25, with the remaining eighty percent going to the tribunal. We continue to concentrate on speeding up the settlement process and making sure it is easy and effective because we understand that claimants may become frustrated by delays in the claims process. Our ultimate objective is to make sure that claimants get the money they are due, as soon as possible,” Dhanawat stated.
