Claims Process

Prompt, efficient and equitable claims settlements are the hallmark of a good Insurance Broker.  Every effort would be made to ensure that minimum delay occurs and the process is simplified.

NOTIFICATION OF CLAIMS

1.         BY LETTER

            When a claim is notified by letter, the claim would be registered         and processed.

2.         PERSONAL VISITS

If a claim is reported personally by the insured or by phone, a record would be taken with the date and time noted.  Efforts would be taken to obtain information as possible from the insured. The claim would then be registered and processed.

REGISTERING A CLAIM

A claim is immediately registered in the claims register and a claim number is allocated.  Apart from a number, each claim is given a code to identify the class of insurance, the year of claim and the zone of the country where the claim occurred.  The zone code is for the benefit of LAGOON branch in the zone, so that the claim may be followed up at branch level.

NOTIFICATION OF CLAIM TO INSURERS

Immediately notification of every claim is given to the insurer or all co-insurers.

            I                       Our Claim Number

            II                      Policy Number

            III                     Insured

            IV                    Particulars of Loss.

ACKNOWLEDGEMENT OF NOTIFICATION TO INSURED

The insured’s notification of claim would be acknowledged immediately.  The letter of acknowledgement would be accompanied by the relevant claim form for completion by the insured.  The name of the insured, number of the policy under which a claim is being made would be written on the claim form before it is forwarded.  A list of the supporting documents required would also be given.

LATE NOTIFICATION BY THE INSURED

Where there has been late notification, the letter of acknowledgement must also request the reason for the late notification.

VISIT TO THE SCENE OF LOSS/DAMAGE

As soon as practicable after notification, a visit would be made to the scene of the loss/damage to determine what immediate action can be taken to minimize further losses and check whether a valid claim can be successfully made.

DOCUMENTATION

                        1.         The competed claim form would be carefully checked

                                    to ensure that all questions are fully answered and the

                                    form signed, stamped and dated.  The claim reference

                                   number of the insurers (the leading insurer for co-insured cases)

                                   would be written on the completed claim form in red before it is forwarded.  

                                   This will ensue that even if the form is accidentally detached from the

                                   covering letter in the insurer’s offices, the particular

                                    claim can be identified.

            2.                     OTHER REQUIREMENTS

                                    All supporting documents would also be checked for

                                    relevance to the claim.  From our experience, not all

                                    documents forwarded by the insured are relevant to

                                    the claim.  Copies of all documents forwarded to

                                    insurers would be made for relevant claim files.

                                    Acknowledgement of all documents received would

                                    be made to the insured.

CLAIM ADJUSTERS

Delay in settlement of claims in the Nigerian Insurance Market is mainly caused by Adjusters.  There are very few firms of Adjusters to serve all the

(over 100) insurance companies now operating in Nigeria.  As at December, 1997, there were only about thirty-five (35) registered Adjusters.  Only about Eight of them can be regarded as being able to

handle, to some extent, large and complex claims before calling on expertise from outside the country.  The rest are virtually one-man operations.  In view of the attendant delay as a result of the above, Lagoon must and will provide assistance in speeding up adjustment of claims in the following areas:

            I           Ensuring that quotations from Contractors/Manufacturers are

                        pursued vigorously for Adjusters approval.

            II          Speedy preliminary survey of losses and quantum; and there-

after to further assist in ensuring that supporting documents are up-dated and ready for inspection by Adjusters.

III         Seeing to it that temporary repair works approval are pursued with Adjusters.

            IV        Negotiating with insurers payment on account and ensuring

                        prompt payment thereafter.

            V         Ascertaining that amounts claimed and payments  recommended are in accordance with the terms of the

                        policy.

            VI.       Ensuring that Adjusters reports are submitted for insurer’s

                        approval promptly.