Promoting the development of insurance networks brings the insurance industry enter a new historical phase in many emerging countries, but at the same time this also causes the emergence of a series of new problems, such as difficulties in understanding the claim settlement scope, choosing suitable insurance products, and most of all, getting a fair claim settlement.
On August 26th, Insnail, a Chinese growing Insurtech company, announced the launch of their first solution to solve the difficulties of claim settlement promising all policyholders they can actually “choose insurance products more easily and get compensation claim more securely”.
According to the data provided by China Banking and Insurance Regulatory Commission, in 2019, claims disputes accounted for 20.60% of the total number of complaints involving life insurance companies in mainland China, and the types of insurance involved were mainly disease insurance and medical insurance. A large number of cases of compensation claim denial has caused many potential consumers to worry about not actually getting compensation after buying insurances for themselves and their families.
Experts at Insnail found that the main reason causing the difficulties in claim settlement lies in the short development process of the insurance market in the mainland market. Most consumers did not get full and clear information when choosing insurance products. Other reasons can be that the insurance salespeople can exaggerate the function and claim settlement scope of their products, or lack of understanding of the terms, caused by product complexity, etc.
Believing the importance of smooth claim settlement is based on clear health terms notification, Insnail has decided to launch their solution as follows: as long as users promise to truthfully submit their health status information when purchasing insurance products and if any compensation claim has been denied to the policyholders, Insnail will offer the policyholders free legal aid as well as up to 500,000 RMB separate compensation from Insnail’s side. This amount will gradually increase in the future.
This special compensation is funded by an insurance company partnered with Insnail. “I hope to join hands with more industrial partners to help consumers ease their worries about claims and jointly promote the healthy and sound development of the industry.” said Shang Mengmeng, CEO of Insnail.
About Insnail
Founded in 2013, Insnail is a personalized insurance service platform providing consulting services and solutions for customers. It provides online insurance consulting services through its APP (Insnail insurance), WeChat Columns (Dr Insnail /Dr DaMengmeng) and user communities.
