How this AI-based app can help you avoid insurance claim rejection

livemint.com:

NEW DELHI : Insurance is the first step towards financial planning. We buy policies to insure ourselves against unfortunate events. However, having insurance does not always guarantee protection.

Claim requests are often rejected, citing non-disclosure of pre-existing diseases, lifestyle habits, or having multiple policies. Most of the time, policyholders are caught unawares as it's an age-old practice in the insurance business to bury disclosure requirements in the fine print. Besides, sometimes insurance agents do not disclose complete information in the proposal form despite clients' insistence.

This happened with New Delhi-based IT professional Kanish Kalra, 30. Luckily, he ran a quality check and discovered that material information was missing in his policy. "I got to know about an app called Polyfix by Insurance Samadhan.

I uploaded my health insurance policy document on the app. It fetched my policy details and asked me questions about my health and habits. It alerted me that even though I consume alcohol, it was not mentioned in the proposal form.

I had told my agent to do it. I connected with the insurer and got it rectified," said Kalra. New Delhi-based marketing professional Aamir Shafiq, 34, did it for his life insurance policy.

"I have an alignment issue on the lower back due to a sports injury from football. This information was missing in the policy document. The app identified it because I mentioned it in the app during the quality check," said Shafiq.

The premium slightly increased for Kalra and Shafiq after their disclosures. In some cases, the disclosure may also lead to the cancellation of the policy. Nevertheless, it is better than paying premiums and facing claim rejection when the time comes.