In the wake of a devastating cyclone hitting West Bengal, Jafpa Comfeed faced significant challenges as their manufacturing facility suffered extensive damage, leading to substantial losses. With their factory insured at various locations, navigating the complexities of insurance documentation and coordinating with surveyors presented daunting obstacles. However, through strategic solutions and proactive measures, Loop, a seasoned insurance intermediary, stepped in to streamline the claims process for Jafpa Comfeed. This case study illustrates how Loop effectively managed the challenges, implemented solutions, and delivered tangible results in facilitating a smooth and successful resolution for the client.
- Factory insured at various locations with a fire policy sum insured at 500 CR.
- Severe damage occurred due to a cyclone in West Bengal, impacting manufacturing operations and causing substantial material loss.
- Lack of clarity regarding insurance documentation and communication with the insurance company.
- Difficulty in preparing and submitting required documents due to location restrictions and communication barriers with surveyors.
- Leveraged strong relationships with insurance companies to appoint experienced surveyors with nationwide presence, ensuring expertise and efficiency in loss assessment.
- Utilized industry experts within Loop with extensive experience in commercial insurance to facilitate communication and coordination with surveyors and insurers.
- Maintained continuous communication with surveyors, Loop, and the client throughout the claim process, ensuring transparency and alignment in understanding.
- Facilitated in-person meetings between the client and surveyors to streamline communication and address concerns effectively.
- Provided timely reminders and updates to the client regarding claim status, required documentation, and assessment progress.
- Engaged in thorough analysis and follow-up on the final assessment to ensure accurate and fair settlement for the client.
- Prompt initiation of the claim process by Loop on the day of the incident, leading to efficient handling and resolution.
- Regular communication and coordination facilitated smooth progress and resolution of the claim within 7 months.
- Successful negotiation and settlement of the claim amount, with the final settlement reached at around 1.95 CR, despite the initial estimation of 2.20 CR.
- Arrangement of advance payment of 1 CR to the insured, demonstrating Loop's commitment to supporting clients throughout the claims process.
- Extensive engagement with surveyors, including approximately 15 visits to the location, ensured thorough assessment and resolution of the claim.
- Effective representation of the client's interests by Loop, including assistance with documentation, meetings, and resolving queries, contributing to a satisfactory claim settlement outcome.
Challenges
The factory of Jafpa Comfeed faced significant challenges following a cyclone in West Bengal, resulting in damage to manufacturing operations and material loss. Despite being insured, the complexity of insurance documentation and communication barriers with surveyors posed significant hurdles for the client. Additionally, the restriction on access to the location compounded the difficulties in preparing and submitting the required documents within the stipulated timelines.
Solutions
To address these challenges, Loop leveraged its strong relationships with insurance companies to appoint experienced surveyors with nationwide presence, ensuring expertise and efficiency in loss assessment. Loop's industry experts provided valuable support in coordinating communication between the client, surveyors, and insurers, ensuring clarity and alignment in understanding. Timely reminders and updates were provided to the client to facilitate smooth progress in the claim process, while in-person meetings were arranged to streamline communication and address concerns effectively.
Result
Despite the initial challenges and complexities, Loop's proactive approach and effective coordination resulted in the successful resolution of the claim within 7 months. Through continuous engagement with surveyors and insurers, Loop ensured a fair and accurate settlement of around 1.95 CR, providing much-needed financial relief to the insured. The arrangement of advance payment further demonstrated Loop's commitment to supporting clients throughout the claims process, while extensive engagement with surveyors, including approximately 15 visits to the location, ensured thorough assessment and resolution of the claim. Overall, Loop's dedicated efforts and expertise led to a satisfactory outcome for Jafpa Comfeed, highlighting the importance of effective claims management in navigating complex insurance scenarios.
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