The Insurance Corporation of Barbados Limited (ICBL) has dismissed suggestions that that company was tardy in settling insurance claims.
Responding to questions from reporters on Monday at the launch of three life insurance products, senior vice-president and head of the life division, Henry Inniss, said the company had not received complaints regarding the settlement of health claims.
He said, though, “in a couple of months” the company would be making an announcement regarding new investment in its health claim processing and other aspects of its health insurance portfolio.
Not providing the average time for the processing of health claims, Inniss said: “We have not had complaints [but] that doesn’t mean that we are perfect”.
Meanwhile, deputy chief executive officer Goulbourne Alleyne said within the property and casualty portfolios there was a high amount of motor claims. He said, however, sometimes the process was delayed due to incomplete documentation which was no fault of the company.
“Once all the documentation have been received by us we tend to settle claims within a week,” reported Alleyne.
“Sometimes the documentation isn’t always forthcoming and that may prolong the settlement plan,” he added.
Alleyne said the high incidents of house fires were not affecting the company’s portfolio, adding that the experience with settling property claims has been “very good” over the last few years.
Chief executive officer and managing director Ingrid Innes said when compared with other companies ICBL was quicker in settling claims.
“One of the things that we have done is that we have been very prudent with our claims. I would say if you compare our claims area with other companies we pay claims faster,” she added.
Adding that there was a “fast-track area”, Innes said the company was seeking to be more effective in settling claims and would be investing more in technology, which would aide in the process.
“While our average turn around for health claims could be in the area of seven to ten days we will be able to collapse that with our new system down to less than five days or so,” she reported.
On Monday the company introduced three life insurance products – architect universal life, companion whole life and extendable term life insurance. Officials have reported a favourable response to the new products which went on sale earlier this month, adding that the new products were in response to market demands.