Channel NewsAsia - 1 hour 35 minutes ago
SINGAPORE: The General Insurance Association (GIA) has decided to postpone the implementation of changes to the motor claims insurance framework by one month to June.
Under the new system, motorists will have to report accidents to their insurance companies within 24 hours.
They will then enjoy a new one—stop service, where the insurers will handle all the necessary paperwork, inspection and repairs, even for third party claims.
But according to the GIA, the implementation date will be deferred till June. No other details were given, except that a news briefing will be held on 27 May.
Channel NewsAsia understands that the association held a briefing for insurance companies last Friday. — CNA/vm
Channel NewsAsia - 1 hour 11 minutes ago
SINGAPORE : From June 1, motorists who are involved in an accident with another vehicle will need to report to the insurer through a three—step process, regardless whether the damage is significant or not.
The General Insurance Association of Singapore (GIA) has standardised motor accident claims.
From next month, in case of an accident, a motorist must first exchange particulars with involved parties and then take a photograph of the scene.
This photograph can be submitted to the GIA’s management centre through a multimedia messaging service (MMS).
The motorist then needs to call the insurer’s hotline for further advice, before taking the accident vehicle to an approved reporting centre within 24 hours of the accident or by the next working day.
Motorists who fail to do this will be seen as breaching policy terms, and this will have a bearing on their "No Claims Discount".
GIA said it will publicise more details soon.
It added that motorists need to report all such incidents, even if there is no obvious damage. This will help rule out unnecessary disputes after the accident.
GIA said going through an authorised workshop will also prevent rogue charges.
Besides providing better customer service, the new framework is GIA’s answer to the problem of fraudulent claims.
GIA said such claims had led to more than S$100 million in losses last year, and this is unsustainable in the long run.
Derek Teo, President, General Insurance Association of Singapore, said: "In the year 2006, I think the motor results were slightly improving and at the end of 2006, we found that it improved to a point where insurers do have a positive result.
"And then subsequently what happened (was) 2007 saw a deterioration in result. Last year, the industry lost more than S$100 million. Such losses are not sustainable in the longer term.
"With this new framework, with more efficient claims management, the repair cost and cost of claims can be better managed. Insurers should be able to improve on their pricing and do not have to impose a higher rating on the motorists." — CNA/ms