Business And Markets

IIC Eases Car Insurance Claims

Iran Insurance Company, the largest and the only state-owned insurance company on Wednesday unveiled a new platform allowing personal auto policyholders to file claims online.
The platform is developed in line with the IIC move towards digitalization of operations in the personal auto category mandated by the Central Insurance company last month.
Policyholders only need to upload photos of video footage of car accident scene needed for insurance company inspectors. If  total loss does not exceed 30 million rials ($170), the money will be paid within 24 hours. However, for claims over and above this amount inspectors will visit the damaged vehicle. 
The CII, the domestic insurance industry's top regulator, requires insurance firms to transfer the process of sale, renewal  and claims issuance of auto policies to an online platform.
Most insurance companies have started issuing online personal auto policies, even though the decision has given rise to new concerns in the sales network.  
Personal auto policies are the chief source of income for insurance firms, alone accounting for one third of insurers’’ income. It generated premiums amounting to 179 trillion rials ($1.1 billion) in the first eleven months of the previous fiscal year (March 2019-Feb 2020) -- up 41% compared to the same period last year. 
Third party auto insurance is mandatory in Iran.


Add new comment

Read our comment policy before posting your viewpoints