State agency saves funds while also reclaiming money for consumers
The Ohio Insurance Department has announced that it has saved significant money in the wake of 2013 while also successfully recovering funds on behalf of consumers. According to the agency, it has saved some $23.5 million last year with the help of various community outreach initiatives. Consumer complaints also pointed the agency in the right direction, allowing state regulators to recover funds that had been taken from consumers either through fraudulent activity or other crimes involving insurance.
Consumers complaints help lead to $7.1 million in reclaimed funds
According to the Ohio Insurance Department, more than 5,400 consumer complaints were filed in 2013. This is somewhat lower than the number of complaints the agency had received in 2012, but the agency managed to save more money that year than in 2013. The agency notes that it has recovered some $7.1 million for consumers while the remaining $16.4 million was saved through new programs from the Ohio Senior Health Insurance Information Program as well as several other awareness-oriented programs.
Natural disasters may have created problems between insurers and consumers
The agency notes that the majority of the complaints coming from consumers had to do with unjustified claim rejections, delayed claim payments, and unsatisfactory settlement offers from their insurance providers. Many of the issues that consumers have been facing have to do with the damage caused by natural disasters and these disasters taking a costly toll on insurance companies. Many insurers were not prepared to handle some of the intense storms that Ohio experience during the winter months of 2013. Some fraudulent activity had also taken advantage of consumers in the state, but the Ohio Insurance Department has managed to resolve some of those issues effectively.
Agency offers suggestions concerning insurance coverage and claims
The agency suggests that the best way to avoid problems with insurance companies in the future is to know what an insurance policy does and does not cover. Understanding a policy can make the difference in whether claims are approved or denied in many cases. The agency also suggests filing claims as soon as possible with as much pertinent information as possible in order to expedite the claims process.
