is a new website - it gives policy holders a public platform to air their
experience and grievances during the claim process.
data is compiled on insurance claims - on this website, giving the public an
open forum to share their experience with insurance claims and look for
professional help also.
state has a Department of Insurance to manage their insurance market, but they
lack the resources to investigate all the complaints thoroughly, and also they
cannot investigate insurance companies with unfair practices across the State
With this target in mind InsuranceComplaint.com, collects
all the statistical data on complaints and then sorts out the data by insurance
Companies, brokers, agents, independent adjusting company and the type of cover
availed. Armed with this check list they investigate the underwriting, policy
holder service, in house claims, and field adjusting, along with sales and
founders of the website are Peter Nicolas and Michael Grady. Grady is an
insurance professional with experience in handling claims and Peter is a policy
holder who, went through a nightmare when he lost his house and possessions due
to a fire. They know firsthand the issues a policy holder can face during a
to Grady, "Although seemingly unfair, your policy is just your ticket to
the fight, no policy no claim." Mike explains that having an insurance
policy does not guarantee a worry free claim. "There are no policy
provisions that compel your carrier to educate you of your rights therein.
Simply put, if you do not understand how to administer your own claim the
carrier is not contractually obligated to do so on your behalf. This is not
meant to imply that carriers will not offer you any assistance, but the finer
points of adjusting the claim are your responsibility and ignorance is no
excuse," he says.
insurance industry has a powerful lobby that has strong influences at the state
and national level," states Grady. An individual policyholder cannot match
the power and resources of even the smallest carrier. But now, policyholders
can band together and level the playing field. There is power in numbers,"
says Grady. References
Hannah Punitha (IRDA
Licence Number: 2710062
Proquest LLC, February 27 2013