Lorne’s Comment: RBC Insurance Announces Paperless Express Claims

Posted on July 3, 2009 and updated August 9, 2010 in Life Insurance Canada News 2 min read
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RBC Insurance is pleased to announce a simplified process for life claims.

Express Claims is a new service RBC Insurance is offering clients that will help speed up the proces life claims up to $25,000.

How Does it Work?

As long as the policy has been inforce for 5 years or more and has a named beneficiary, (policies listed with an estate are not eligible) there is no paperwork required. All we need to process the claim is:

  • A simple phone call advising us of the date of death.

  • The contact information for the funeral home.

Why the change?

With this new, client-friendly approach, we’ll be able to pay those claims within five business days, an 85% efficiency [improvement] compared to last year. This will allow us to focus our more experienced resources on adjudicating larger claims that require more investigation while providing superior service to all clients. 

Lorne’s Comment:

This is great news for brokers and clients. It insures the beneficiary will receive his/her money fast, without the headaches. It would be terrific if the face amount on Express Claims was extended beyond $25,000.

 

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Sandra Phekoo
Sandra Phekoo

The Co-operators does the same for policies up to $50 000 but has to be inforce for 10 years. Great product and most of the policies are held for 1o years and longer.

LSM Insurance
LSM Insurance

Thanks for sharing Sandra. That’s good information.

LSM Insurance
LSM Insurance

Thanks for the note. I agree it’s a great initiative one caveat it only applies to policies up to $25,000.

Cheap Insurance Life Policy
Cheap Insurance Life Policy

Sounds like an excellent little initiative, when my family made our claim; we had to wait for almost two months.

5 days sounds like a breath of fresh air.