The claims department is one of the key departments in an insurance company. The claims department has the following functions to perform:
- To provide the customers of insurance and reinsurance companies with high quality of service. This role gives a long-term edge to the company and hence is referred to as the strategic role.
- To monitor the claims and see that whether the benefits of insurance exceed the costs of claims. This role is referred to as the cost-monitoring role of the claims department.
- To see that the expectations of the customers are met with regard to speed, manner and efficiency of the service.