Falling fuel prices led to a significant increase in vehicle registrations in January, with 4,928 units being registered up from 4,311 in December and 1,958 units a year ago, a report from JB Securities said.
In the wake of this surge, purchasing a motor insurance policy tailored to your needs becomes vital. Those looking to purchase a motor insurance policy should always ensure that the vehicle is insured according to the correct prevailing market value and always remember to ask about policy conditions and benefits, said Janashakthi Insurance Chief Operating Officer Dayalanie Abeygunawardena.
It is also important to inform the insurance agents about the purpose an insured vehicle is being used for, as premiums and cover offered tend to vary. This in turn can lead to misunderstandings when making a claim, she added.
“At Janashakthi, we aim to offer the best to our customers. We do this not just through superior service but also by offering advice,” she said.
For instance, many customers are unaware of the documents necessary when signing up for an insurance policy. Third party insurance applicants need to bring only the vehicle registration, while for comprehensive insurance the vehicle registration book is a requisite along with the current and previous tax receipts if applicable. The vehicle is also inspected if it is a new insurance policy.
It is also important to know whom to call in the event of an accident or in an emergency. “Janashakthi, for instance, has a 24-hour call centre, which is fully equipped with trained staff, who are geared to guide the customers for any situation,” Dayalanie explained.
The innovative Full Option Locator App also allows customers to enter their vehicle or reference number to report an accident, with a dedicated customer care representative contacting them within a few minutes.
Customers also need to be aware of the types of claim settlements available. Janashakthi offers three options – rapid settlement, where the assessor estimates the damage on-site and communicates the amount to the customer, with claim settlement benchmarked at six hours. There is also cash in lieu settlement, where Janashakthi’s internal assessors evaluate the damage and provide an agreed amount upon discussion with the customer (with claim settlement benchmarked at 12 hours) and normal settlement, where customers raise a repair estimate, with claim settlement benchmarked within 24 hours. In all cases, the customers have to fulfil all the necessary requirements to qualify for the approved time frames.
Janashakthi has further revolutionised claim settlement, with the introduction of its new Easy Claim service. A customer whose claim falls within the stipulated value need no longer visit one of Janashakthi’s branches to pick up a claim but can pick up the approved claim payment within 24 hours or less from the ATM, eliminating the need to stand in queues at the bank.
Another vital point customers have to consider include the repair services insurance companies offer. Janashakthi facilitates to source spare parts and supply good quality spares to its customers thus expanding their value-added services. This service is offered free of charge to their customer base islandwide.
“Janashakthi has consistently been a first mover in the motor segment, entering the market when others were hesitant to do so. Over the years, we have established ourselves in the segment not just through our product but through superior service. Our aim is to be the guiding partner to our customers, especially during their troubled times. Our most popular free vehicle scan services conducted islandwide at key locations is testament to our true understanding towards our customers,” Dayalanie explained.
An Associate Member of the Chartered Insurance Institute, UK and a Chartered Insurer, Dayalanie also holds an MBA from Edith Cowan University, Australia and counts over 25 years’ experience in the insurance industry.