Insurers told to fast-track COVID-19 claims

The Insurance Commission has ordered insurers to fast-track claims related to COVID-19 and make their processes easier for plan holders afflicted by the disease.

Insurance Commissioner Dennis B. Funa on March 16 issued Circular Letter No. 2020-13, which listed the guidelines to strengthen claims management policies of insurance and reinsurance firms, mutual benefit associations (MBAs) and health maintenance organizations (HMOs).

Funa asked all insurance and reinsurance firms, MBAs and HMOs to relax and streamline procedures and mechanisms to facilitate immediate processing and payment of COVID-19-related claims.

Funa also sought to relax claims processes.

Insurer Sun Life of Canada (Philippines) Inc. said it would help plan holders stricken by COVID-19.

It said policy holders diagnosed with COVID-19 may avail themselves of daily hospitalization benefits, first aid and hospital income benefit rider.

Benedict C. Sison, Sun Life Philippines CEO and country head, said the company was offering plan holders a grace period of 60 days for payment and acceptance of soft copies of requirements for claims related to COVID-19. The payment grace period would be available until April 30.

Sison added that more options would be made available for payment of premiums, like paying through banks or remittance facilities of BPI.

“Our fund managers are working tirelessly to ensure that our client’s investments are rightfully managed,” Sison said.

Edited by TSB