PSU Insurers Set Up Common Mechanism for Settlement of Third Party Claims

Public Sector Insurance (PSU) companies are planning to work on new ideas to initiate better claim settlement. Recently the four major PSU insurers namely National Insurance, New India insurance, Oriental Insurance, United Insurance have set up a common mechanism for settlement of third party claims in Kolkata. The common mechanism is to work on faster redress of third party motor claims on a mutual contact between insurance companies, the insured and their family.

Third party motor claims cover the claims of compensation against injury or death because of any third party like the driver, the passengers in a vehicle in case it meets with an accident. These four PSUs underwrite mainly 70% of the third party motor claims in the Indian market. For the first time such centers will be introduced by these companies.

However, these companies are planning to open similar centers in more parts of eastern India including Cuttack, Guwahati, Rourkela and Bhubaneswar. Currently, there are 20 such centers operating across India. An official from National Insurance Company said that they are planning to set up 3 more centers in Bengal; and a total of 9 centers in eastern region. These centers will grow up to 50 by March next year.

Comments are closed.