Processing your insurance policy may take some time. Early this year, I encountered a client who needed a policy and believed it could be ready in minutes. To his disappointment, the policy was ready after three days. The policy in question was an insurance bond worth over GHC 10 million.
The truth is that the insurance company has to underwrite the bond. Let me explain for the sake of my readers who are unfamiliar with the word underwrite. Underwriting involves assessing the risk (in this case, the bond to be issued) to see whether it is a good risk or not.
A lot of work goes into assessing the risk before the insurer agrees to issue the bond. The documents supporting the bond application will be checked to see if they are genuine, among other considerations. After it has been reviewed and verified, the bond will be prepared and signed by an authorized signatory.
All of the above takes time. It takes time to issue some policies in an insurance company, and sometimes if it does not take some minimum time, you should check with the insurer to see if the document is genuine. Even though it may take some time, it doesn’t mean it will take forever. The insurer may process some policies in an hour, others under 10 minutes, whilst others may take a few days. For example, it may be odd for a bond sum worth GHC 10 million to be ready in an hour, but getting a travel insurance policy in 5 minutes is possible. The difference in timing lies in the complexity of the risk and the policy to be issued.
To the insurer, let your clients appreciate the minimum time required to process any policy, and manage their expectations.
To our customers, it is best to check with your insurance service provider on the time needed to process your policy to avoid disappointments.
If it is urgent, let them know but give them ample time to do an excellent job for you
#letsgetinsured
Isaac Kwakwa – Sarpong
+233 275 197 275
