Settlement of insurance claims is one of the most important responsibilities of an insurer. Since its inception, South Asia Insurance Company Limited has been playing a leading role in the insurance industry by ensuring the prompt settlement of policyholders' claims and achieving a high level of customer satisfaction. Prompt claim settlement not only enhances customer confidence and satisfaction but also strengthens the Company's reputation and contributes significantly to the growth of its insurance business.
To make the claim settlement process more convenient, efficient, and customer-friendly, the following claim settlement procedure has been established:
Immediately after the occurrence of an incident, the insured must notify the Company of the loss at the earliest possible opportunity by telephone, e-mail, or written communication. In this regard, the 48-hour notification policy mentioned in the Important Notice must be strictly followed.
E-mail: claims.24@southasiainsurance.com (please verify the email address from the original document before publication, as the source text contains encoding errors)
Telephone: 02-8300716-21
Contact Person:
Md. Mahfuzur Rahman
Deputy Vice President & Head of Department
Claims & Reinsurance Department
Mobile (Personal): 01725-565069
Mobile (Office): 01713-082646
The insured must lodge a General Diary (GD) or First Information Report (FIR) with the concerned police station, where applicable, regarding the loss. A copy of the GD/FIR must subsequently be submitted to the Company along with the claim documents.
Upon receiving notification of the loss from the insured, the Company shall immediately verify the terms and conditions of the insurance policy and appoint a duly licensed surveyor to conduct a site inspection and assess the actual extent of the loss or damage.
However, for claims below BDT 5,000 (Five Thousand), the Company may settle the claim based on the relevant supporting documents and photographs of the incident submitted by the insured, without appointing a surveyor.
Simultaneously with the appointment of the surveyor, the Claims Department shall record the claim in the Claims Register with all necessary information and formally request the insured to submit the relevant supporting documents required for claim processing.
If the claim falls under a reinsurance arrangement, the Company shall also notify the reinsurer in accordance with the applicable procedures.
After examining the documents submitted by the insured, the appointed surveyor shall submit:
The concerned department shall certify copies of the claim documents and the Final Survey Report received from the insured and forward them to the reinsurer, where applicable.
The Claims Department shall carefully examine the documents submitted by the insured together with the survey report to ensure compliance with the terms and conditions of the insurance policy.
Upon verification, the claim shall be placed before the Company's competent authority, namely the Claims Committee, for approval.
Once the claim is approved, hard copies of the Loss Voucher and other relevant documents shall be forwarded to the insured and the concerned lending institution (if applicable) for signature.
If any discrepancy is found between the claim and the policy conditions, or if the claim is not payable for any reason, the Company shall notify the insured in writing, stating the reasons for repudiation.
Upon receipt of all reasonable and necessary claim documents, the Company shall settle the claim in favour of the insured within a maximum period of 90 (Ninety) days.
If the insured is dissatisfied with the amount of loss assessed by the surveyor and approved by the Claims Committee, he/she may apply to the Company's Management for reconsideration.
If such application is not accepted or the dispute remains unresolved, a Tripartite Claim Settlement Meeting may be arranged involving:
to resolve the dispute amicably.
If the dispute cannot be resolved through the tripartite meeting, the insured may lodge a formal complaint with the Insurance Development and Regulatory Authority (IDRA) for resolution.
Furthermore, where necessary, the insured may seek legal remedies before the competent court in accordance with the applicable provisions of the Insurance Act and other prevailing laws of Bangladesh.
Upon receipt of the duly signed Loss Voucher from both the insured and the concerned lending institution (where applicable), the Claims Department shall forward the necessary documents to the Company's Accounts Department for issuance of the claim cheque.
After the cheque is issued, it shall be delivered to the insured at the earliest possible opportunity, thereby completing the claim settlement process.
