Both parties have signed a compensation agreement. Does the insurance company have the right to delay or refuse compensation?

There are provisions in the insurance company’s compensation agreement, and the insurance company must follow this agreement.

As early as 2009, Huatai Life had written the promise of "closing the case within 3 days" into its insurance contract. Recently, it upgraded this promise again and shortened the time to close the case to "two days", becoming the insurance company's claim settlement policy. Time requires minimal commitment.

The core service of insurance is claims settlement, and one of the criteria for good claims settlement is fast claims settlement. Since the promulgation of the new Insurance Law in 2009, the Insurance Industry Association has made a reference provision on the time limit for claims settlement, that is, non-complex cases (commonly known as non-investigation cases) should be settled within 5 working days. On this basis, Huatai Life Insurance raised its requirements and was the first in the industry to make a commitment to "close the case within 3 days" and make it clear in the form of policy clauses. To date, Huatai Life Insurance is still the only insurance company in the industry that has written the commitment to settle claims within 3 days into its policies. . In order to ensure the implementation of the claim settlement time limit commitment, the company has also proposed self-regulatory regulations on "delayed compensation", that is, for claim cases that are not settled within the prescribed time limit, double current interest and double interest compensation will be compensated for the delayed part based on the claim amount. It is also the first and exclusive compensation standard proposed by Huatai Life Insurance in the industry.

In the two years since this commitment was implemented, Huatai Life’s personal claims settlement rate for non-complex cases has reached 100 within three days, with no delayed compensation. Up to now, the company's personal claims processing time for non-complex cases is 0.2 days, and the processing time for all claim cases is 1.5 days. While ensuring the timeliness of claims settlement, no error-free cases have occurred. In a market survey conducted by a third-party organization in 2010, Huatai Life's claims processing time also ranked first among life claims.

According to a person from Huatai Life Insurance, Huatai's claim settlement timeframe is the first of its kind in the industry. The claim settlement start time is calculated from the time when the customer submits the claim settlement materials, rather than when the industry officially opens the case in the system. In addition, innovative measures such as the company's active development and application of intelligent claims systems, SMS notification of key claim settlement processes, and claim settlement follow-up visits have ensured the implementation of its commitment to rapid claims settlement.