Enterprise Insurance Company (EIC) paid GHC69 million to over 5,600 customers in motor insurance claims in the year 2020.
Senior Quality Assurance Manager- EIC, Michael Larbi, who disclosed this at the company’s webinar on ‘Insurance Claims Process: A focus on Motor Insurance, said a total of 5,681 motor claims were settled in 2020, out of which 2,002 were Same Day Claims, which accounted for GHC3.2 million.
Michael Larbi said EIC is able to settle claims to that tune because it has the financial muscle and the widely known reputation for settling claims expeditiously.
He re-echoed the company’s superiority in the industry saying that EIC is rated number one for prompt payment of claims and has an AA+ rating for its financial muscle.
Michael Larbi noted that EIC’s commitment to giving clients value for money is manifest in its recent additions of the called Comp Extra and the Third Party Amplified policies to the motor insurance list.
Comp Extra (comprehensive extra) provide cover for loss-of-use, misfueling and personal cover for passengers under the comprehensive insurance category.
Michael Larbi explained that loss-of-use means while a customer’s car is in repairs, EIC will pay for their transportation daily until the car is fully repaired and returned to the customer. Misfueling cover pays for the damage caused to the car engine due to the wrong fuel pumped into it, while passenger insurance cover pays for injury to passengers in the vehicle instead of just the driver as in the case of the standard Comprehensive package.
Third Party Amplified
Additionally, the company has also introduced a third party amplified package that provides cover for damages to the windscreens, driving mirrors and minor scratches on a customer’s vehicle.
“These are all firsts on the market and it shows his innovative EIC is when it comes customer-centric policies in this country,” he said.
Same Day claims
Head of Same Day Claims, Bernice Davis hinted that EIC will soon extend the “Same Day Claims Payment” service to other parts of the country.
She said the company is aware of the demand for the service by clients in the other regions and it is working on establishing units purposely to run the service in identified regions.
“There have been numerous requests for the services and we have identified some regions to extend the same day claim payment service there,” she stated.
Bernice Davies explained that the “Same Day Claim Payment” service has demystified claim settlement by letting its customers and stakeholders know what is required to make a minor motor claim of up to Ghc5,000.
She said the service demonstrates the financial robustness and readiness of EIC to meet the needs and expectations of customers.
Enterprise Insurance introduced the Same Day Claim payment policy in 2018 to cover minor repairs for motorists particularly in Accra.
The move, which aims at improving the claims practice in the insurance sector, accounts for about 65 percent of motor claims lodged by clients of EIC and it facilitates the payment of claims, particularly in the case of minor accidents, provided all the necessary documents and evidence is made available.
Insured vehicles with broken windscreens, damaged bumpers, broken head or tail lights as well as dents are, for instance, required to present their repair estimates for their claims to be processed and paid.
Enterprise Insurance is a leading insurer in Fire, Marine, Motor, General Accident & Specialized Insurance solutions. The company is independently rated AA+ for its financial strength and claims paying ability by the GCR of South Africa.