Altrisk pays out R119 million life claim

15 July 2014 Susan Gonnermann, Altrisk

Specialist risk insurer Altrisk has paid out a R119 million life claim – its highest sum paid to date on a single life since its inception in 1999. The 47-year old client suffered a fatal accident on 31 May 2014.

The life cover was taken out only ten months prior in August 2013, covering both the policy holder’s family and business needs. Altrisk effected the payments in a matter of days after receiving the required documentation.

According to Altrisk’s Claims Manager, Susan Gonnermann, swift payment on such a large sum insured is made possible by thorough underwriting at the time of the inception of the policy and full disclosure by the client on the application forms.

“The claim payment has taken care of the policy holder’s family and allowed them to retain some sense of stability in an exceptionally difficult time, as well as enabled his business partner to continue running their company. This claim is a prime example of how the life industry secures financial stability for families and loved ones and saves jobs and businesses, by paying claims timeously,” explains Susan.

“The client had also made detailed and accurate disclosure on his application form, including advising us of his participation in a dangerous sport on a regular basis. Full and accurate disclosure is the single most important factor in ensuring a good claims experience and a fair underwriting decision for a client,” adds Susan.

“You never look forward to receiving a client’s claim because the reasons for claiming are oftentimes devastating. But when you see that your work makes the world of difference to the people your client loves the most and leaves behind, it makes all of it worthwhile. While the industry, financial advisors and regulators will always look at the black and white of solvency ratios and other accounting terminologies as a measure of an insurer’s financial stability, as a claims manager I also believe that the insurer’s claims ethos should never be taken for granted,” concludes Susan.

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