Southeast Insurance vows to settle claims
Southeast Insurance has pledged to clear up 8,000 accumulated claims for the Covid-19 insurance policies within two weeks as the company has already finished installing the digital process and increased the number of staff handling claims to speed up clearing the claim documents.
Thakorn Piyapan, chief executive of Thai Group Holding (TGH), the holding company of Southeast Insurance Co, said the company received around 23,000 claims for Covid-19 insurance and related outbreak policies.
Currently, there are around 8,000 accumulated cases waiting for the claim procedure, accounting for compensation worth 860 million baht.
The company expects to spend around two weeks to completely clear up these 8,000 accumulated claim cases.
Mr Thakorn said the claims process was delayed after claims flooded the company after rising infections during the third wave of the Covid-19 outbreak.
This overloaded the company's capacity to handle the claims. Normally, its capacity for claim service is around 200 cases per day, while during the pandemic crisis claims peaked at around 1,200 daily.
With the overloaded capacity, Southeast Insurance has increased claim staff by 180 and raised capacity per day to 1,500 cases. It also apologised to policy holders for the delay which caused much dissatisfaction, he said.
Actually, the company developed the digital platform to offer all services and the platform was originally scheduled to get off the ground in the fourth quarter this year.
Given the unexpected situation, the company sped up the digital platform development and this platform has been up and running from this month. As well, the company has been developing the digital infrastructure system to improve services in the long run.
In addition, the company has also launched its official Line app to help speed up the claim service.
Last week some policy holders for Covid-19 insurance and related outbreak protection gathered at Southeast Insurance's headquarters on Silom Road to demand payment for their claims. Some clients have waited for compensation for 1-2 months but have yet to be paid.
Mr Thakorn affirmed that the firm will compensate all claims. With the firm's solid financial conditions, it can handle the large number of claims.
The capital adequacy ratio of Southeast Insurance is at around 170%. As well, the company has prepared liquidity for existing and the additional compensation payment in total worth around 2.3 billion baht.