is a new website - it gives policy holders a public platform to air their
experience and grievances during the claim process.
Statistical 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.
Each 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 lines.
The 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 claims process.
According 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.
"The 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.
Hannah Punitha (IRDA Licence Number: 2710062
Proquest LLC, February 27 2013