What is TAT Full Form in Insurance?
The TAT full form in Insurance is Turnaround time. Turnaround time is the time taken to complete a process or a request for either issuing the policy or rendering the insurance claims.
Significance of TAT in insurance:
Every day, an insurance business receives thousands of applications for new policies and claims. To avoid upsetting clients, each process must have a turnaround time. It displays the time differential between when a service request enters a queue and when it is completed. Every day, an insurance business receives thousands of applications for new policies and claims. To avoid upsetting clients, each process must have a turnaround time. It displays the time differential between when a service request enters a queue and when it is completed.
Elements that are involved in computing the turnaround time
The elements that are involved in determining the turnaround time are the time of submission of the loan applications, time taken for verifying the documents, valuation of the property involved in the insurance process, loan disbursal, verification call from the bank representatives etc. The insurance companies will generally give specific TAT for their different processes to the insured.