The procedure for submitting and managing a claim with an insurance company consists of several steps. The first step is to immediately report the event that caused damage, after which the claim for compensation should be filed. The National Bank of Moldova, in partnership with the Independent Think Tank “Expert-Grup”, explains how to correctly ask for compensation and what mistakes to avoid in the discussion with the insurer. The presented information is part of a set of informative materials on various financial topics intended for consumers of all ages, IPN reports.
The insurance company guides the person through the compensation process. It will ask the client to fill out a claim form either online or on paper. This will indicate accurate and detailed information about the damage, including photographs, videos, receipts, estimates, or any other evidence to support the claim. From the moment the application is registered, the legal payment deadlines for the insurer begin to run. If these deadlines are not met, the insurance company will bear material liability.
The insurance company will assess the extent of the damage. An insurance adjuster or claims representative is appointed for the purpose. Damage assessment experts estimate the cost of repairing or replacing destroyed property, i.e. the amount of compensation. They document the findings and prepare a report on the detailed assessment, which also includes a detailed description of the claims covered by the policy. Based on this report, the claims file is drawn up, which is subsequently examined by the insurance company. From the issuance of the decision to pay the damage, the insurance company has seven days to make the payment.
After assessing the damages, the insurance company presents its compensation offer based on the provisions of the insurance contract and the estimates in the claim file. The person has the right to negotiate the amount to be paid if he/she does not agree with the initial offer. If both parties agree with the amount of compensation, the insurance company pays the amount to cover the damages, according to the provisions of the insurance contract.
Once the amount of compensation is decided, the repair or replacement of he damaged goods can start. It is recommended to keep, as a proof, a record of all expenses related to repairs, replacements or services. Once the damage is repaired and all relevant documents are submitted, the insurance company closes the claim file.
The insurance companies most often thoroughly analyze claims to avoid possible fraud. At European level, it is estimated that 14% of the paid insurance is obtained fraudulently, but the situation is much worse in Moldova, especially in the case of car insurance, which accounts for over 60% of the total insurance. Most insurance companies employ people who specialize in detecting insurance fraud.
Throughout the compensation process, it is essential to maintain communication with the insurance company. It is recommended to keep records of all interactions that took place in writing and documentation related to compensation. If the person encounters difficulties or has doubts about the payment of compensation, he/she can ask for support from the insurance intermediary who participated in the purchase of the insurance policy, a lawyer or for the assistance of the National Commission for Financial Markets (NCFM) which has responsibilities in the field of consumer rights protection.
