SECP asks insurers to facilitate policyholders amid corona pandemic

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SECP

ISLAMABAD: Amid outbreak of COVID-19 (coronavirus) in Pakistan, the Securities and Exchange Commission of Pakistan (SECP) has issued guidance to insurance companies for imparting maximum facilitation to insurance policyholders and claimants during this difficult time.
In a press statement, the SECP said that outbreak of coronavirus has caused disruption to everyday lives and routine of all persons including insurance policyholders, hence, it is felt important that the insurance policyholders are provided with maximum relief and facilitation in all operational aspects related to insurance policies in such testing times.
The SECP has encouraged insurance companies to use digital or online payment modes for receipt of insurance premium and disbursement of claim payments. Insurers have been advised to consider utilization of electronic mediums such as SMS, emails, WhatsApp or mobile phones, etc, for handling claims, delivery of policy documents, and issuance of pre-authorizations for treatment in hospitals.
The Commission further advised the insurers to consider waiving off non-mandatory documentary requirements for claims processing and have been encouraged to use alternative methods for verifying the authenticity of claims in case claimants are unable to furnish a particular document due to unavoidable circumstances.
The SECP believes that such measures will aid in improving the policy servicing to insurance policyholder in current scenarios and will ultimately lead towards creation of healthy relationship between insurers and insurance policyholders. – TLTP