Chinese Insurtech Company Insnail Launched Their First Solution to Solve the Difficulties of Claim Settlement for Policyholders

Promoted the flourishing development of the insurance networked, make the insurance industry enter one new historical time in many emerging countries, but also caused the emergence of a series of new problems at the same time, such as difficulties in understanding the claim settlement scope, choosing the suitable insurance product, and most of all, getting a fair claim settlement.

On August 26th, Insnail, a China’s raising Insurtech company, announced to launch their first solution to solve the difficulties of claim settlement and promise all the policyholders that they can actually “choose insurance products more easily and get compensation claim more securely”.

According to the data provided by China Banking and Insurance Regulatory Commission, in 2019, claims disputes accounted for 20.60% of the total number of complaints involving life insurance companies in mainland China, and the types of insurance involved were mainly disease insurance and medical insurance. A large number of cases of compensation claim denial have caused many potential consumers to worry about cannot actually get compensation after buying insurances for themselves and their families.  

Experts at Insnail found that the main reason causing the difficulties in claim settlement lies in the short development process of the insurance market in mainland market. Most consumers did not get fully and clearly health notification when choosing insurance products. Other reasons are also like sometimes the insurance salesmen might exaggerate the function and claim settlement scope of their products, or an understanding deviation of terms caused by product complexity, etc.

Chinese Insurtech Company Insnail Launched Their First Solution to Solve the Difficulties of Claim Settlement for Policyholders

As believed in the core of smooth claim settlement is based on clear health terms notification, Insnail decided to launch their solution as follows: as long as users promised to ruthfully submit their health status information when purchasing insurance products, if any compensation claim denial happened to the policyholders, Insnail will offer the policyholders free legal aid as well as up to 500,000 RMB separate compensation from Insnail’s side, and this amount will be gradually released to even higher in the future.

It is said that this special compensation is funded by an insurance company partnered with Insnail. “I hope to join hands with more industrial partners to help consumers ease their worries about claims and jointly promote the healthy and sound development of the industry.” said Shang Mengmeng, CEO of Insnail.

About Insnail

Found in 2013, Insnail is a personalized insurance service platform providing consulting services and solutions for customers. It provides online insurance consulting services through its APP (Insnail insurance), WeChat Columns (Dr Insnail /Dr DaMengmeng) and user communities.

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